China Merchants Bank ( CMB ) is seeking to tighten its eligibility rules for people 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 CNY5 m ( $ 727,000 ) at the bank for a minimum of three months . Mainland applicants need to wait for four to five months to open Hong Kong accounts via Industrial and Commercial Bank of China (ICBC), according to ICBC’s Shanghai branch, and three of the city’s outlets. Chinese banks are presently searching for ways to cut cash outflows as Beijing increases its reliance on the yuan , which fell almost 50 % against the US dollar in 2016 .
China Merchants Bank ( CMB ) is seeking to tighten its eligibility rules for people 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 CNY5 m ( $ 727,000 ) at the bank for a minimum of three months . Chinese banks are presently searching for ways to cut cash outflows as Beijing increases its reliance on the yuan , which fell almost 50 % against the US dollar in 2016 .