Published: 3:23pm, 29 Nov, 2016 Updated: 2:54pm, 20 Jul, 2018
The People’s Bank of China has issued guidance to several Chinese commercial banks to verify sources of capital and their purpose for usage overseas to ensure the practicality of outflows and their legal alignment. In a notice published on its website, China’s central bank said it would require all financial institutions operating in China, including state-owned banks, private companies, insurance companies and pension funds, as well as foreign exchange dealers, to submit