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exchange control |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.01 sec. |
exchange controlGovernmental restrictions on private transactions in foreign money or claims on foreign money. Residents are required to sell foreign money coming into their possession to a central bank or specialized government agency at exchange rates set by the government. The chief function of most systems of exchange control is to maintain a favourable balance of payments. See also foreign exchange. |
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? Mentioned in | ? References in periodicals archive | |
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But Chinese officials have indicated that they plan to introduce a system of exchange control comparable to Taiwan's that will permit registered institutional investors to purchase the A shares of Chinese companies. Government spending provided all the happy effects of mild inflation; while political dictatorship, with its destruction of trade unions and rigorous exchange control, prevented such unfortunate consequences as a rise in wages, or in prices. Twenty years ago, when even advanced countries were suffering from double-digit inflation, when intrusive foreign exchange control was a source of major economic distortions and wide-spread corruption, to preach the virtues of price stability and currency convertibility was clearly to move the world in the right direction. |
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exchange control