China 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

China 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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