Forex

BEIJING (XFN-ASIA) - China is gradually reducing controls on offshore investment by companies and individuals as an outflow of funds is necessary, central bank governor Zhou Xiaochuan said.

Zhou did not disclose specific plans but he said China would move ahead with outward investment plans at the 'appropriate time and with appropriate limits.'

Zhou made the remarks in a nationally televised news conference.

He was responding to a question about the timing of a scheme dubbed the 'through train,' allowing individuals living on the mainland to invest directly in Hong Kong equities. The plan was announced last August but it has not been launched yet.

Zhou did not say if or when the plan might kick off.