“The gatekeeper of China’s foreign exchange has moved to plug a loophole in the capital account by capping the value of overseas withdrawals on bank cards, amid rising concerns over capital outflows and illicit money transfers. The State Administration of Foreign Exchange has slapped an annual cap on overseas cash withdrawals for UnionPay cardholders at 100,000 yuan or its equivalent per card. SAFE requires banks to add accounts that exceed the cap to a watch-list and forbid further cash withdrawals outside of China. Still, the withdrawal cap did not address another obvious escape route, the number of cards for which an individual can apply.”
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