China’s government is poised to impose new restrictions on outbound foreign investment in a bid to curb capital outflows that are putting downward pressure on the renminbi and draining foreign exchange reserves, according to sources.

据消息人士称，中国政府计划向对外投资施加新的限制，以遏制资本外流，该趋势不仅对人民币施加下行压力，并导致外汇储备持续流出。

The State Council, China’s cabinet, will ban outbound investment deals worth more than $10bn or mergers and acquisitions above $1bn if they are outside the Chinese investor’s core business, according to two sources who have seen a draft document outlining the new rules.

据两拨曾见过新规草案要点的消息人士透露，中国国务院将禁止交易额在100亿美元以上的对外投资交易，以及在中国投资者核心业务以外的、10亿美元以上的并购交易，

State-owned enterprises will also not be allowed to invest more than $1bn in foreign real estate, according to the sources.

国有企业也不准投资10亿美元以上的境外房地产项目。

Separately, the State Administration of Foreign Exchange, which approves conversion of renminbi into foreign exchange, held meetings with bankers in multiple cities to inform them of new approval requirements for large outbound deals, China Business News reported.

根据《第一财经日报》(China Business News)报道，中国国家外汇管理局（负责批准人民币兑换外汇）已在多个城市与银行业者举行会议，向他们通报新的大型对外交易批准要求。

China’s foreign dealmaking has surged this year.

今年中国对外交易激增。

Non-financial outbound investment by Chinese companies totalled $146bn in the first 10 months of 2016, above the record-high $121bn total for all of 2015, according to commerce ministry data.

据中国商业部数据，2016年头10个月内，中国企业对外非金融类投资总额达1460亿美元，超过2015年全年创纪录的1210亿美元。

Due largely to capital outflows, the renminbi has fallen 5.8 per cent this year, on track for its worst year on record.

在资本外流的主要作用下，人民币今年下降5.8%，即将成为表现最差的一年。

China has sold dollars from its foreign exchange reserves to try to curb downward pressure on the currency, with reserves hitting $3.12tn at the end of October, the lowest level since March 2011.

为遏制人民币下行压力，中国已从外汇储备中出售美元，10月底外汇储备触及3.12万亿美元，降至2011年3月以来最低水平。

If formally issued, the State Council document would make explicit a policy shift already under way informally.

如果国务院正式颁布文件，将明确化这一已经非正式运行的政策转变。

Bankers have said in recent months that Safe has applied existing rules more strictly in order to delay or reject forex approvals that were once routine.

银行从业者在近几个月表示外汇局已加强执行现有规则，以推迟或拒绝一度例行的外汇审批。

In a joint statement by four agencies including Safe and the central bank on Monday, the government said it would combine increased convenience of outbound foreign investment with prevention of foreign investment risks.

本周一，包括外汇局、央行在内的四部门在联合声明中表示将把推进对外投资便利化和防范对外投资风险结合起来。

China is on pace to record its first ever net foreign direct investment deficit this year, according to balance of payments data.

根据国际收支数据，中国的外国直接投资(FDI)今年将首次录得净额赤字。

Inbound FDI exceeded outbound flows every quarter from 1998 until the midpoint of last year but China has reported FDI deficits for four of the last five quarters, including a record $31bn deficit in the third quarter of 2016.

自1998年至去年年中，中国每季度FDI流入都要超过对外流出，但中国报告近5个季度中有4个季度FDI呈赤字，包括2016年第三季度310亿美元的赤字纪录。

Despite the increase in FDI outflows, such investments remain only a small slice of China’s broader capital outflow.

尽管FDI流出增加，但此类投资仅是中国更广泛资本外流的一小部分。

Excluding FDI, China suffered a capital and financial account deficit of $176bn in the third quarter — much higher than the $31bn of FDI outflows.

除FDI以外，中国第三季度资本和金融账户赤字达1760亿美元，远高于FDI外流的310亿美元。

These so-called hot money outflows include investment in stocks and bonds, as well as trade credit and other bank loans.

这些所谓的热钱流出包括股票和债券投资，以及贸易信贷和其他银行贷款。