BEIJING Dec 30 Banks and other financial
institutions in China will have to report all domestic and
overseas cash transactions larger than 50,000 yuan ($7,195),
compared to 200,000 yuan previously, the central bank said on
Banks will also need to report any overseas transfers by
individuals of $10,000 or more, People's Bank of China (PBOC)
said in a statement on its website.
The changes will take effect from July 2017 and are part of
adjustments to rules for large and suspicious transactions.
The required reports are sent to China's anti-money
laundering supervision center, the PBOC said.
($1 = 6.9488 Chinese yuan renminbi)
(Reporting by Beijing Monitoring Desk; Editing by Richard