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China tightens rules for domestic, overseas cash transactions

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China tightens rules for domestic, overseas cash transactions

The People's Bank of China has reduced the size of transactions to be reported to regulators to 50,000 yuan from 200,000 yuan as part of its efforts to curb large and suspicious transactions, Reuters reported Dec. 30, citing a statement published on the central bank's website.

The central bank directed banks and other financial institutions to report all domestic and overseas transactions larger than 50,000 yuan to regulators. Banks are also required to report every overseas transfer by individuals worth at least US$10,000.

The new rules will take effect from July 2017.

As of Dec. 29, US$1 was equivalent to 6.95 Chinese yuan.