CHINA’S CENTRAL BANK TIGHTENS SUPERVISION ON CASH TRANSFERS

Images Of Chinese Yuan Banknotes
BEIJING (Alliance News) – China’s central bank said it is set to tighten the supervision on cash transactions and overseas transfers from the middle of 2017.

Financial institutions should report all domestic and overseas cash transfers exceeding CNY 50,000 instead of existing CNY 200,000 to the People’s Bank of China.

Also, the banks need to report any overseas transfers in other currencies of USD10,000 or more.

Copyright RTT News/dpa-AFX

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