The Chinese government intensified its efforts to stem capital flight from the world’s second-largest economy on Thursday, as it simultaneously moved to slow renminbi outflows and restrict gold imports.

Curbs on international renminbi payments and gold imports are the latest in a string of capital control measures intended to relieve downward pressure on the currency and protect dwindling foreign exchange reserves. Days earlier, China’s cabinet circulated draft rules restricting large foreign acquisitions, while its foreign exchange regulator began to vet outward remittances as low as $5m, compared with a previous threshold of $50m.

The People’s Bank of China will restrict net renminbi transfers by China-domiciled companies to 30 per cent of shareholder’s equity, according to a document seen by the Financial Times. Previously, there was no limit on the value of such transfers, which were encouraged by Beijing as part of its larger effort to internationalise the renminbi.