Chinese banks have halted a trial program letting customers bypass capital controls to transfer large sums of money overseas after an expose by state television last week, The Wall Street Journal reported, citing unnamed sources. The program was launched by the People’s Bank of China two years ago and allowed approved banks including Bank of China (3988.HKG, 601988.SHA) to offer the service in Guangdong. The halt comes after criticism from China’s state broadcaster, underscoring the political sensitivity of wealthy Chinese moving money abroad. Officials close to PBOC believe the program will continue, as it is in keeping with Beijing’s efforts to promote the yuan’s use overseas.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved