CHINA’S second-largest insurer, Ping An Insurance Group Co. of China Ltd., has seen some of its overseas investments impacted by the government’s measures to stem capital outflows, its group chief financial officer (CFO) said Friday.

    After facing difficulties converting yuan into foreign currencies and shifting capital offshore, Ping An is seeking to raise debt capital in overseas markets in a bid to overcome the funding issues, CFO Jason Yao said.

    Ping An plans to sell U.S. dollar-denominated bonds and borrow from banks offshore to finance its outbound deals, Yao added.

    “The government’s move to tighten capital outflows has an impact on Ping An in the short-term,” Yao said, as it has become more difficult to purchase foreign currency.

    China has been stepping up measures to stem capital outflows as it battles to reverse outflows that undermine its currency and eat into its foreign exchange reserves. Record outbound investments from China this year has put deal flows under the spotlight.

    Regulators, however, reiterated Tuesday that there is “no change” in government policies to encourage companies to “go global,” according to a statement jointly released by the National Development and Reform Commission, Ministry of Commerce, the People’s Bank of China and the State Administration of Foreign Exchange.

    Apart from seeking capital offshore, Yao said Ping An is teaming up with foreign private equity firms and property funds, including Blackstone Group LP, for its outbound deals.

    Despite uncertainty due to Donald Trump’s U.S. presidential election win and Britain’s vote to exit the European Union, United States and Europe will remain the key markets for Ping An’s overseas investments. Ping An is targeting investments in property, infrastructure and aviation leasing, Yao said. (SD-Agencies)