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