China is cracking down on money laundering, as it aims to ensure compliance with international standards. Recent measures greatly increase the level of reporting on overseas transactions by Chinese bank customers in order to collect data for analysis.
Starting August 21 and according to rules originally announced in June, banks are now required to report overseas spending via domestic Chinese bank accounts of over 1,000 RMB (about $150 USD).
Domestic bank card withdrawals over that amount are also to be monitored. Unionpay card users are permitted to withdraw up to 10,000 RMB (about $1,500 USD) per day, per card. The reporting measures do not change withdrawal and transaction limits, but may flag transactions that are deemed suspicious.