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China: Banks Ordered to Report Overseas Transactions of Chinese Bank Cards

(Aug. 10, 2017) In June 2017, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), ordered banks in China to collect information, on a daily basis, of overseas transactions made on Chinese bank cards. Starting September 1, 2017, any overseas cash withdrawal or single purchase made with an amount of more than RMB1,000 […]