China Capital Controls just became stricter
Chinese policymakers have added yet another round of capital account control measures this week as they try to stem the accelerating capital flight out of the country.
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On the last day of 2016, China's State Administration of Foreign Exchange introduced a new round of regulation on information reporting of individuals’ foreign exchange. While the $50,000 limit has not been reduced (yet), individuals are now required to produce a more detailed description of what the funds will be used for after exchange.
China Capital Controls - New Measures
Individuals are now required to give more detailed proof of their activities falling under the approved areas: tourist travel, education, business travel, visiting relatives, medical treatment, imports of goods, buying non-investment insurance products and consultation services.
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