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China lowers hurdle for overseas money transfers

Shanghai and Beijing among cities looking to reduce government regulations

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 2020.   © Reuters

SHANGHAI -- China has begun simplifying overseas remittance procedures, with at least four cities having reduced the documentation required for sending money abroad for trade in services.

Authorities are trying to show their commitment to deregulation as the economy recovers and capital inflow resumes.

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