‘China’s foreign exchange regulator has tightened controls on overseas transactions as it tries to stem the risks of continuous capital outflow and safeguard the national currency.
Under a new regulation, Chinese banks will be required to report any overseas credit card transactions of over 1,000 yuan ($147) to the State Administration of Foreign Exchange (SAFE). The data should be submitted to the regulator on a daily basis starting from September.
Chinese yuan’s rapid depreciation against the US dollar has prompted the government to introduce support measures, including the sale of foreign exchange reserves. Authorities added strict capital controls after forex reserves fell to the lowest level in over five years in October.’