China is strengthening its oversight on Chinese overseas transactions under new rules announced by the State Administration of Foreign Exchange (SAFE) on Friday, Reuters reports.
From September 1, Chinese banks will be required to report their bank card holders’ overseas transactions on a daily basis, plus every transaction exceeding CNY1,000 (US$146.7), according to a notice from SAFE.
"With increasing requirements to fight money laundering, terrorist financing and tax avoidance, measures for cross-border transactions need to be enhanced in terms of trading transparency and quality of statistics," the statement read.
While the regulator also noted that the new rules will not affect the country's foreign exchange management policy, analysts at JP Morgan said that perceived stricter measures will at least cause “a modest negative on player psychology.”
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