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US dollar transfers cut back by Chinese bank as Beijing steps up scrutiny of capital outflows

Summary:
[unable to retrieve full-text content]China Merchants Bank has suspended some of its US dollar remittance services as Beijing steps up its efforts to scrutinise funds flowing out of the country amid the trade war with the United States.China Merchants notified customers on Thursday last week that new transfers under the bank’s “Overseas Remittance Programme” would no longer be accepted from December 2, and the entire programme would be shut down on December 30. On Friday, in response to a large market and customer reaction, it…

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[unable to retrieve full-text content]
China Merchants Bank has suspended some of its US dollar remittance services as Beijing steps up its efforts to scrutinise funds flowing out of the country amid the trade war with the United States.China Merchants notified customers on Thursday last week that new transfers under the bank’s “Overseas Remittance Programme” would no longer be accepted from December 2, and the entire programme would be shut down on December 30. On Friday, in response to a large market and customer reaction, it…

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