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The Chinese central bank is set to hand in more than 1 trillion yuan ($158.3 billion) of its profits to the central government this year, in a move to help alleviate local governments' pressures from falling fiscal revenues and to stabilize the economic growth.
The profits mostly come from the central bank's proceeds from its foreign-exchange reserves operations, which won't add to tax burdens and aren't tantamount to fiscal deficits . . .
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