China UnionPay Co. on Saturday banned Chinese customers from purchasing overseas insurance products other than accident and medical-related policies, as authorities move to stem capital outflow by narrowing a popular gateway for shifting money abroad. UnionPay International has banned Chinese customers from buying overseas insurance policies to prevent investments flowing out of China . In a statement, China Union Pay said mainland Chinese clients using UnionPay -issued debit and credit cards could only purchase "accident, illness, and tourism-related insurance" abroad and transactions would be capped at $ 50,000 . The weak yuan has prompted Chinese residents to invest in overseas policies, while also bypassing the $ 5,000 investment limit.
UnionPay International has banned Chinese customers from buying overseas insurance policies to prevent investments flowing out of China . In a statement, China Union Pay said mainland Chinese clients using UnionPay -issued debit and credit cards could only purchase "accident, illness, and tourism-related insurance" abroad and transactions would be capped at $ 50,000 . The weak yuan has prompted Chinese residents to invest in overseas policies, while also bypassing the $ 5,000 investment limit.