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Chinese banks told to report overseas cash withdrawals on daily basis

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Staff Writer | Saturday June 3, 2017 8:13AM ET
Chinese bank
Asia   Under the new regulation

China’s foreign exchange administration issued a notice requiring banks to report every cash withdrawal made outside its borders, and every overseas card transaction valued over 1,000 yuan ($147).


Under the new regulation put out by the State Administration of Foreign Exchange, banks must submit a report of overseas transaction information on a daily basis from September 2, even on holidays and weekends.

China’s foreign exchange regulator is trying to put together a detailed picture of how Chinese are spending abroad.

Most Chinese use bank cards to make payments overseas and such transactions surpassed $120 billion in 2016, the regulator said in a statement.

 

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