China to cap overseas withdrawals using domestic bank cards

BEIJING (Reuters) – China’s foreign exchange regulator says it will cap overseas withdrawals using domestic Chinese bank cards at 100,000 yuan ($15,370) per year in an effort to target money laundering, terrorist financing and tax evasion, it said on Saturday.

Individuals who exceed the annual quota will be suspended from overseas transactions for the remained of the year and an additional year, the State Administration of Foreign Exchange said in a notice posted on its website.

The adjustments must be adopted by banks by April 1, 2018, it said.

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