Chinese banks lower daily limit of USD withdrawals to $3,000

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.

Original source
https://www.theblockcrypto.com/tiny/chinese-banks-lower-daily-limit-of-usd-withdrawals-to-3000/?utm_source=rss&utm_medium=rss&utm_campaign=default

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