Weekend press – China FX boss Yi Gang suggests Tobin tax on foreign exchange

Author: Eamonn Sheridan | Category: News
  • Yi Gang , head of the State Administration of Foreign Exchange (SAFE), wrote in an article for the Communist Party theoretical journal Qiushi that China should “study in depth” the so-called “Tobin tax” on financial transactions

(A “Tobin tax” is named for James Tobin, who proposed the levy in 1972 as a means of reducing speculation in global markets. In a nutshell, it’s a transaction tax, originally proposed for spot FX transactions).

In the article, Yi also called for studying measures including fees on foreign exchange trading and curbing short-term speculative fund flows

APF, via the South China Morning Post