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Finance

Follow the money: China adds scrutiny to deposits, withdrawals

New rules on $8,000 bank transactions said to target money laundering

An employee counts yuan notes at a bank in Nanjing, China. New reporting requirements will be introduced for deposits or withdrawals exceeding 50,000 yuan.   © Reuters

BEIJING -- China will require people making a single deposit or withdrawal that exceeds 50,000 yuan ($7,870) to report the source of such cash and how it will be used, part of a renewed clampdown on money laundering activities.

A similar restriction will apply to foreign currency transactions in the equivalent of more than $10,000, targeting unlawful capital outflows.

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