China’s New Cash Transaction Rules Raise Capital Control Concerns

[kreslik.news]

China’s new regulations on cash transactions and overseas transfers just published by the People’s Bank of China have raised concerns somewhat that the government is imposing capital controls in a disguised form.

However, according to a report in Bloomberg, Ma Jun, chief economist of the central bank’s research bureau, has clarified: “It is not capital control at all. The $50,000 annual foreign exchange purchase quota for individuals is unchanged, and the rules won’t affect normal activities such as business investment and operations abroad or overseas travel and study.”

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