BOC halts cross-border yuan business
Print Edition
THE Bank of China is said to have suspended cross-border yuan business for individuals at sub-branches in Guangdong Province after China Central Television reported alleged money laundering committed by the nation’s biggest foreign exchange bank.
A branch employee at BOC in Guangzhou said the service has been suspended and there’s no timetable for its resumption, said news portal Sina.com.
One of the bank’s branches in North America told Shanghai Daily the service was suspended months ago, without giving the reason.
CCTV said earlier that BOC ignored the annual cap on foreign exchange for individuals and helped Chinese emigrants to transfer as much money as they want overseas without determining the source of the money.
The current regulations allow individuals to convert yuan into a maximum of US$50,000 worth of foreign currency per year.
But an opaque trial in Guangdong allowed individuals to transfer 300,000 yuan (US$48,647) overseas without administrative approval.
The bank denied the allegation in the TV report and said the service was a legal investment program.
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