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Banks to report all $150 overseas transactions

Chinese banks will be required to report any transactions of more than 1,000 yuan ($150) per day made overseas with Chinese debit or credit cards, said a notice (in Chinese) issued by the State Administration of Foreign Exchange (SAFE) on August 3.

The new rules, originally announced in June, were set to take effect on September 1, but the announcement advanced the effective date by 11 days to enhance the monitoring and management of illegal transactions abroad, according to a SAFE official.

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