China Tightens Capital Controls

Regulators tell banks to be suspicious if 5 or more people try to send money out of the country to the same foreign account.

Sina: 独家:外汇局下发特急文件加强蚂蚁搬家式购汇管理
 1, to strengthen corporate customers to purchase foreign exchange management.

  Strengthen current business purchase and payment management, including trade in goods, trade in services and personal spin and repeat purchase and payment management. For occasional customers, especially remote customers increased audit efforts to prevent unreasonable beyond large scale, high-frequency purchase and payment. Prevention of cross-border business without real background arbitrage trading.

  2, to enhance trade exchange audit services

  For large purchase of foreign exchange business, you should review contracts, invoices, etc., for the same business overseas shortly pay the same payee multiple pen near the equivalent of $ 50,000 and payment services demanding audits.

  3, enhance personal spin and repeat purchase of foreign exchange management

  811 since the exchange rate reform frequently purchase and payment of accumulated large user strengthen supervision. Rigorous examination of individual spin-off purchase of foreign exchange situation and not handle.

  Every two months the bank should review the content once the spin-off, for the first 90 days, five or more different individuals on the same day, or every other day for several days each purchase of foreign exchange, purchase summary amount exceeding the equivalent of $ 200,000, and to foreign currency exchange the same person or institution outside, will be included in the list of concerns.
Everything is fine. There is no worries, no reason for renminbi to decline. All is well.

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