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