Reduced demand from all the layoffs will only be exacerbated by the capital controls.
Nonetheless, the question remains: Will Beijing actually go ahead and dismantle all capital controls?
Capital controls are about government keeping your money within easy reach should they ever want it.
Russia has no capital controls, so when investors are jittery, capital flies out of Russia.
As industrial countries have removed their capital controls, this is exactly what has happened.
In a year's time, fund managers will have forgiven and forgotten the capital controls saga.
Some have tried capital controls instead but it is not clear such measures are effective.
The comeback Marxism Today reprints a radio interview about capital controls with Mr Blair last month.
The distortions and costs associated with capital controls are rising as emerging economies become more globalised.
The currency war appears to be escalating with even greater currency depreciation, trade restriction, and capital controls.
You needed capital controls, so people could not easily move their money from one country to another.
In a fast-globalising world even countries with strict capital controls saw an increase in actual capital flows.
Beijing can continue to work its magic as long as strict capital controls keep money inside the country.
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Trying to use capital controls to slow the tide, the IMF said, would do more harm than good.
Now, the official IMF position is that countries can impose certain kinds of capital controls, in certain circumstances.
It turns out capital controls and an imploded banking sector aren't particularly healthy for a small, open economy.
If Malaysia can stabilize its currency and kick-start its economy, why should the IMF oppose its capital controls?
Capital controls and even travel restrictions would be needed to stanch the bleeding of money from the economy.
The Shanghai and Shenzhen exchanges still form a world apart, separated from Hong Kong by strict capital controls.
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Had the capital controls been imposed at an early stage in the crisis, Malaysia would now be struggling.
What is your reaction to the growing acceptance in Asia of capital controls and other forms of interventions?
Since he ring-fenced the currency, the ringgit, with capital controls in September last year, the economy has recovered.
Some people thought he might have a plan to introduce some sort of capital controls, as Malaysia did.
Since they will be in a foreign currency, the issue will not be affected by Malaysia's capital controls.
But the main feast of China's financial assets is onshore and off-limits, thanks to its strict capital controls.
Larger trade flows make it easier for firms to evade capital controls, by over- or under-invoicing their transactions.
That would result in capital controls and perhaps limits on bank withdrawals, which in turn would strangle commerce.
These practical difficulties, let alone the dangerous side-effects, have received little attention in the renewed debate over capital controls.
Finance Minister Michalis Sarris said he expects a decree implementing these capital controls to be ready by midday Wednesday.
Indeed the distinction between capital controls and sensible bank regulation can become blurred.
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