China capital outflow-SAFE limits yuan cash withdrawals at overseas ATMs

Author: Eamonn Sheridan | Category: Central Banks

MNI reports on the latest from SAFE (State Administration of Foreign Exchange:

  • Putting a cap on annual cash withdrawals, of CNY100,000 for Chinese citizens using bank cards at overseas ATMs
  • (The current limit is CNY10,000 daily, but no annual limit)
  • China is facing pressure from capital outflows
  • The SAFE has called on banks to step up checks to limit outflows but cash withdrawals at overseas ATMs create a loophole for people to move money overseas

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