China moves to impose more capital controls

Tuesday, 6 June 2017

This just ain’t going away, via Caixin:

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.

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.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.