Chinese Government Imposes Stricter Controls On Foreign Currency Exchange
But there is more, as financial institutions will have to report international transfers exceeding 200,00 yuan. China has been imposing various degrees of curbing capital outflow throughout 2016. Not all of these attempts have been successful, but the government has come up with a new plan. Foreign currency purchases will be restricted even further moving forward. In doing so, the government aims to reduce the amount of money leaving the Chinese economy. Converting Yuan to foreign currency will become more difficult for everyone living in China. Additional information needs to be provided....
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China has stepped up yet another round of capital controls. It's central bank has just suspended some foreign exchange related services of several foreign banks. How will it impact the business of local Bitcoin exchanges and the overall bitcoin market? The Chinese government hopes to stop ongoing capital outflows, mostly related to the depreciating yuan currency. Only a few months ago the government lowered withdrawal limits for credit cards. Besides the obvious reasons for every fiat currency being inflated, after its recent entry into the global IMF reserve currency club, China needs to....
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