The China shut down of fleeing capital continues, from Forexlive:
MNI reports on the latest from SAFE (State Administration of Foreign Exchange):
- Putting a cap on annual cash withdrawals, of CNY100,000 for Chinese citizens using bank cards at overseas ATMs
- (The current limit is CNY10,000 daily, but no annual limit)
- China is facing pressure from capital outflows
- The SAFE has called on banks to step up checks to limit outflows but cash withdrawals at overseas ATMs create a loophole for people to move money overseas
They’re going to shut every channel, every portal, every pipe that they can. Australia’s China property bid is in trouble.