New Rule to Restrict Individual Cross-Border Fund Transfers

Posted by China Sourcing Commentator

Nov 27

Nov. 27 – The State Administration of Foreign Exchange (SAFE) has announced a new rule restricting cross-border money transfers by individuals to protect the foreign exchange market from speculative activity.
Under the new rule, individuals will not be allowed to transfer from one overseas account into five or more bank accounts owned by individuals in China [...]

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