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. The yuan fell nearly 7 percent against the dollar last year, the biggest decline since 2009 as worries about the economy and expectations of a faster pace of U.S. interest rate increase triggered an outflow of funds. 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. 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.