The headquarters of the People's Bank of China in Beijing. Photo: Reuters

China’s capital outflow controls have gone to the ‘extreme’, former central bank adviser says

  • Yu Yongding, a former adviser to the People’s Bank of China, was unable to transfer US$20,000 abroad after being told by an unnamed bank that he was too old
  • The case adds fresh evidence that China is tightening controls of personal purchases of US dollars despite a US$50,000 personal allowance each year
Topic |   China economy

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The headquarters of the People's Bank of China in Beijing. Photo: Reuters
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