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From the AFR late yesterday:
At a meeting this week in the finance capital, Shanghai, the People’s Bank of China (PBOC) pledged to “severely crack down” on illegal foreign currency transactions, including underground banks, which are used by investors to sidestep foreign exchange quotas.
It also said it would “strengthen checks on the validity and legality of documents” on all foreign currency transactions, according to a statement released by the PBOC’s Shanghai branch.
…”It is getting harder for them to send money out…I’ve been told since the start of the year it has tightened up,” said Lu Lu Pallier from Sotheby’s International Realty.
Better get used to it. It’s going to get much harder still.
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