June 2, 2017 / 8:11 AM / 2 months ago

China asks banks to report overseas transactions on Chinese bank cards

1 Min Read

BEIJING, June 2 (Reuters) - China will start collecting information on overseas transactions on Chinese bank cards from Sept. 1, the country's foreign exchange regulator said in a notice on Friday.

Chinese banks are required to report daily their bank card holders' overseas transactions that exceed 1,000 yuan ($146.7) each to the State Administration of Foreign Exchange (SAFE), the notice said.

$1 = 6.8151 Chinese yuan Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Jacqueline Wong

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