China to tighten controls to curb capital flight

China will further tighten controls on individuals' foreign currency purchases to try to curb massive capital flight from the country as the yuan falls sharply against the dollar. Individuals wishing to convert yuan to foreign currencies will now have to provide more detailed information to their bank, including an explanation of the funds concerned in addition to their identity papers, said the State Administration of Foreign Exchange (SAFE). In addition, from July, financial institutions will