BEIJING -- China has walked back a new rule that would have increased surveillance on cash deposits and withdrawals just over a week before it was to take effect, suggesting a nod to public sentiment ahead of the twice-a-decade Communist Party congress this fall.
China's banks had been poised to begin registering transactions of over 50,000 yuan, or the equivalent of $10,000 in foreign currency, as well as how customers planned to spend withdrawals above the same threshold, starting March 1.
