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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding
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To: DinoNavarre who wrote (2400)5/6/2019 3:06:02 AM
From: elmatador1 Recommendation

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DinoNavarre

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Chinese banks quietly lower daily limit on foreign-currency cash withdrawals
The issue was thrust into the spotlight on Friday when a viral video clip showed a bank cashier unable to answer a furious customer demanding to know why she was not allowed to withdraw US$200 from her dollar-denominated account, even though she was within her quota.


Lenders have reduced the ‘scrutiny benchmark’ for US dollar withdrawals to US$3,000 from US$5,000 on the instructions of the central bank.
The change means a withdrawal of US$3,000 or more in a single transaction requires proof of need, such as an airline ticket for overseas travel, or a health certificate.

China’s currency is non-convertible on the foreign exchange markets because the country keeps its capital account closed. That allows the central bank’s currency regulator to maintain the yuan’s exchange rate within a tight range, and to stem capital flight.

full article here
scmp.com
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