UnionPay forex controls tightened

New rules to be introduced to limit amount that can be withdrawn overseas via cards

China will tighten management of cross-border cash withdrawals by UnionPay bank card holders to prevent money laundering. Cardholders are advised not to withdraw large amounts of cash overseas, said the country's foreign exchange regulator, the State Administration of Foreign Exchange, at a news briefing.

In addition to the current daily restriction of 10,000 yuan ($1,573), each UnionPay card will have an annual withdrawal limit of 100,000 yuan or its equivalent in other currencies starting Jan 1, SAFE said. From Oct 1 to the end of the year, each card may be used to withdraw no more than 50,000 yuan.