China restricts capital outflows

Baku. 4 January. REPORT.AZ/ China’s foreign exchange regulator toughened the rules of cash withdrawal from personal bank cards abroad.

Report informs citing the Interfax, the official Xinhua news agency reported.

The government has said its checks on transactions are meant to target money laundering, terrorism financing and fake outbound investment transactions, and not normal, legitimate business activities.

According to new rules, it will not be possible to withdrawal limit will be 100,000 yuan ($ 15,340) from the local bank cards per person. In case of exceeding annual limit abroad, then the same operations will be suspended for the next year.

The new rules came into force on January 1.