Chinese banks have lowered the amount of US dollars people can withdraw daily from $5,000 to $3,000, South China Morning Post reports. The increased scrutiny may be linked to the US-China trade war.
Before last year’s changes, people could make daily withdrawals of $5,000 without presenting a required proof of need, such as a plane ticket for overseas travel. Although people are legally allowed to withdraw up to $50,000 a year, banks have been instructed to compile watchlists of customers who make withdrawals often. According to scmp, the instructions come from China’s central bank People’s Bank of China.