China said to be drafting rules for a Tobin Tax on FX trading - Bloomberg

Headline crossing the wires via Bloomberg that China is said to be drafting rules for a Tobin Tax on FX trading.

Liu Jian, a Shanghai-based researcher specializing in cross-border capital flows at Bank of Communications Co noted, “A Tobin tax is useful in curbing short-term capital outflows, but won’t benefit the yuan trading in the long run, as high-quality capital might find investing in the currency more expensive.”