China Union Pay has banned Chinese customers from buying overseas insurance , to prevent investments flowing out of China . Mainland Chinese clients using debit and credits cards issued by UnionPay are only allowed to buy accident, illness, and tourism-related insurance policies, while other programs are “strictly banned,” according to a statement released Saturday by UnionPay International,... In a statement , UnionPay International said mainland Chinese residents using UnionPay - issued insurance and credit cards could only purchase " accident , illness , and disability - related insurance " abroad and investments would be capped at $ 5,000 . The weak yuan has prompted Chinese residents to invest in overseas policies , while also bypassing the $ 50,000 investment limit .
China Union Pay has banned Chinese customers from buying overseas insurance , to prevent investments flowing out of China . In a statement , UnionPay International said mainland Chinese residents using UnionPay - issued insurance and credit cards could only purchase " accident , illness , and disability - related insurance " abroad and investments would be capped at $ 5,000 . The weak yuan has prompted Chinese residents to invest in overseas policies , while also bypassing the $ 50,000 investment limit .