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Individuals hit by Beijing's efforts to stem capital flight

New restrictions added, but loopholes abound

SHANGHAI -- In the latest attempt to curb capital outflows, the Chinese government now requires individuals to disclose details of their foreign currency purchases and large yuan-denominated transactions, but the new measure will be vulnerable to a host of loopholes.

An official in charge of planning at a large Shanghai bank received a message from the People's Bank of China during the evening hours of Dec. 30. The central bank had scheduled an informational session for the next day. The topic: new reporting requirements, including for daily transactions by individuals exceeding 50,000 yuan ($7,270).

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