China Merchants Bank (CMB) is expected to tighten its eligibility rules for mainlanders looking to open new accounts at its Hong Kong branches. The move comes as the bank has been struggling with a cash crunch and faces pressure from regulators in China. Chinese banks are presently searching for ways to cut capital outflows as Beijing increases its focus on the yuan, which fell almost 7% against the US dollar in 2016.
China Merchants Bank (CMB) is expected to tighten its eligibility rules for mainlanders looking to open new accounts at its Hong Kong branches. From 1 February, applicants for new accounts at CMB in Hong Kong must have had assets totalling CNY5m ($727,000) at the bank for a minimum of three months. Chinese banks are presently searching for ways to cut capital outflows as Beijing increases its focus on the yuan, which fell almost 7% against the US dollar in 2016.