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Foreign companies hit by China capital controls, sterling ‘flash crash’ investigation embroils Citi and the business of rewiring brains

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China’s war on capital flight is working — on the wrong targets. Beijing’s latest crackdown on outbound M&A has already hit foreign businesses in China. The EU Chamber of Commerce in Beijing said several European companies have been unable to remit dividends abroad following the introduction of “disruptive” new exchange controls designed to stop downward pressure on the renminbi. (Separately, here is an in-depth look at the pros and cons of a renminbi devaluation.)

One company based in Shanghai had a dividend payment of several hundred million renminbi “stuck”, while another in a southern Chinese city was told last week that a Rmb900m ($131m) payment needed more time for approval. Such dividend payments would have been routine two weeks ago. (FT)

Citi embroiled in plummeting pound inquiry The UK investigation into October’s “flash crash” in sterling has focused heavily on the Japanese trading operations of Citigroup, which fired off repeated sell orders that exacerbated the pound’s fall, according to bankers and officials involved in the inquiry. (FT)

China bails out 1MDB Malaysia’s troubled state investment fund is preparing to make a repayment, with Chinese assistance, to Abu Dhabi’s state-owned International Petroleum Investment Company, as it seeks to settle a dispute in which the Emirati fund is claiming about $6.5bn. (FT)

Beef with Boeing Incoming US president Donald Trump called for a Boeing contract to build the Air Force One aircraft that carries the US president to be cancelled. He cited “out of control” costs, in a fresh...