Wall Street Journal | By: Liyan Qi and Chao Deng | June 2, 2017 4:48 a.m. ET:
China is facing increased capital-outflow pressures.
China’s foreign-exchange regulator said it would launch a new system to monitor overseas spending using domestic bank cards, the latest move in a broader effort to curb capital outflows.
The system will cover all overseas cash withdrawals and card transactions exceeding 1,000 yuan ($147), the State Administration of Foreign Exchange said Friday.
Faced with increased capital outflow pressures, Beijing has made it more difficult for individuals and companies to move funds offshore by stepping up compliance checks and banning some investment projects.
To read original article – please click here.
