China’s foreign exchange regulator said it would impose a maximum of 100,000 yuan ($ 15,370) a year for overseas withdrawals using local Chinese bank cards.
The foreign exchange authority said in a statement posted on its website Saturday that individuals who exceed the annual limit will be prevented from foreign transactions for the rest of the year and an additional year.
The Chinese government is seeking this measure to curb money laundering, terrorist financing and tax evasion.
According to the new rules, the foreign exchange authority will provide a daily list of individuals who are prohibited from carrying out external withdrawals using bank cards.
He added that users of local cards will also prevent the withdrawal of more than ten thousand yuan a day abroad. The new rules will take effect from early January, and banks will have to apply the amendments by April 2018.
(USD = 6.5063 yuan)
