China is stepping up supervision of the use of bank cards overseas, a move the foreign-exchange regulator says is needed to fight money laundering, terrorist financing and tax evasion.Imagine you are a Chinese citizen. Do you feel the renminbi is worth more or less with the rule change? Are you less inclined to move cash out of renminbi knowing the government is cracking down, or are you more inclined to get out expecting tighter restrictions in the future?
Starting from Sept. 1, banks will be required to report on a daily basis all cash withdrawals made via overseas ATMs and spending of more than 1,000 yuan ($147) made abroad with domestically issued bank cards, the State Administration of Foreign Exchange (SAFE) said on Friday.
The administration said the new rules are aimed at combating illegal activity and do not represent a change to current foreign-exchange policies, seeking to address concerns that the move is part of its campaign to curb capital outflows.
波士顿中国留学生因骚扰民主活动人士被判入狱
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4月24日,来自中国的前伯克利音乐学院学生吴啸雷被美国法院判处九个月监禁。法院要求吴啸雷6月7日前往指定的监禁 […]...
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