Thursday, December 26, 2019

MONEY LEAVING CHINA AT RECORD RATE


Crackdown
   The agency has already started cracking down on capital flight. In November, it fined Chinabank Payments $4.2 million — one of the largest-ever fines SAFE has imposed — for moving money overseas.
  Major corporations aren't the only ones linked to the flight of money out of China. Earlier this month, a Bank of China (BACHF) customer took out $50,000 in cash from his bank account over the course of a week. SAFE fined the bank nearly $6,000 for breaking a government rule limiting how much foreign currency people can take out of their accounts within a short period of time.
 
Serious Concern
   You know it's serious when a county with a $13+ trillion GDP is overly concerned over $50,000.

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