China Gets Strict on Forex Transactions to Stop Money Exiting Abroad
Regulator targets outflows for property, money laundering
Bank customers must pledge to stick to currency rules
At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies.
The State Administration of Foreign Exchange, the currency regulator, said in a statement Dec. 31 that it wanted to close loopholes exploited for purposes such as money laundering and illegally channeling money into overseas property.