China SAFE adopts fresh measures to stem capital outflows - RTRS

Reuters quoting sources with knowledge of the new rules, cite that China’s FX regulator, the State Administration of Foreign Exchange (SAFE) is unveiling new measures to curb capital outflows after the Yuan hit more-than eight-year lows last week.

Sources with direct knowledge of the rules noted:

"Previously, only forex transfers worth $50 million or more needed to be reported to SAFE. Now, the threshold has been drastically lowered to $5 million, and covers both foreign currency and yuan"

"All we can do is to ask clients to be patient, and tell them that the transaction is being vetted by SAFE for authenticity and may not be approved"

However, the SAFE declined to respond to a Reuters request for comment.