China's Investors Get Creative About Capital Controls
- PBOC trying to tighten rules as pressure significant: Mizuho
- Credit card company limits transactions, Bitcoin curbs seen
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China’s policy makers are playing catch-up as investors get more creative in evading capital controls.
The authorities are taking a series of steps to plug loopholes, such as a potential plan to curb transactions that use the bitcoin digital currency to take funds out of the country, as well as a statement from UnionPay Co. limiting mainlanders from using its cards to buy insurance in Hong Kong. These add to more traditional measures, including an order seen as asking mainland banks to reduce foreign-exchange sales.