China: increasing capital outflow control for investors
The State Administration of Foreign Exchange of China has issued new rules to tighten the annual limits that a person can withdraw from an ATM or pay with a Chinese Bank card. Currently there is a limit of 100,000 yuan and with the new rules, this limit will apply to each person regardless of how many different bank cards they have.
According to state news agency Xinhua the State Administration of Foreign Exchange said that the new rules will prevent withdrawing a large amount of cash with different cards from different banks.
Anyone exceeding the limit will be barred from withdrawing cash overseas for the remainder of the year and the following year.
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