The Chinese government has capped overseas credit card withdrawals in an effort to prevent capital outflows.
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The move marks the country’s latest effort to restrict devaluation of the yuan, which has suffered record capital outflows in recent months amidst a sluggish economy.
Under the new rules issued by China’s State Administration of Foreign Exchange, offshore cash withdrawals from China’s Union Pay service has been capped to a RMB50,000 ($7,867) from 1 October to 31 December 2015.
For the full year in 2016, the foreign-exchange regulator has capped the amount at RMB100000 ($15,734).
The new cap comes on top of an already existing RMB10,000 ($1,573.4) daily withdrawal limit.
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By GlobalData
