China Merchants notified customers last week that new US dollar transfers would be suspended. Photo: Bloomberg

US dollar transfers cut back by Chinese bank as Beijing steps up scrutiny of capital outflows

  • China Merchants Bank suspends programme that allowed customers to set up automatic transfers to overseas accounts in US dollars
  • Beijing has tightened rules on overseas transfers by individuals in recent years to ensure control of capital outflows
Topic |   China economy

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China Merchants notified customers last week that new US dollar transfers would be suspended. Photo: Bloomberg
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.