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- Index number:
- 000014453-2015-00493
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- Dispatch date:
- 2015-11-26
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- "Foreign Exchange Receipts and Payments for the First Three Quarters of 2015" Press Conference Transcript
· Mr. Hu Kaihong, Press Spokesperson of the State Council Information Office:
Good morning, ladies and gentlemen. Welcome to the press conference of the State Council Information Office. The economic and financial environment both at home and abroad was still complex and changing in the first three quarters of this year. Globally, the uneven economic recovery continued, the monetary policy continued to diverge among major economies and the international capital flows became more fluctuating. Domestically, the economy was stable and improved, and the RMB exchange rate formation mechanism became further market-oriented. Due to the combined impacts of the afore-said factors, domestic players adjusted the structures of assets and liabilities in both domestic and foreign currencies, and the volatility of China's cross-border capital flows became heightened, with more outflows recorded by phase.
These issues have drawn wide concern from the media and society. To deepen your understanding, we have invited Mr. Wang Xiaoyi, deputy administrator of the State Administration of Foreign Exchange or the SAFE to unveil the data on foreign exchange receipts and payments for the first three quarters and take your questions. We also have here with us Ms. Wang Chunying, press spokesperson of the SAFE.
First, let's invite Mr. Wang for some opening remarks.
2015-10-22 09:53:49
· Mr. Wang Xiaoyi, Deputy Administrator of the State Administration of Foreign Exchange:
Good morning, ladies and gentlemen. Welcome to today's press conference. First of all, I would like to brief you on the data on foreign exchange receipts and payments for the first three quarters and then I will take the questions of your concern.
Banks settled foreign exchange of RMB 8.26 trillion (USD 1.34 trillion) and sold foreign exchange of RMB 10.15 trillion (USD 1.64 trillion) in the first three quarters, with a deficit of RMB 1.88 trillion (USD 301.5 billion). Meanwhile, according to the data on foreign-related receipts and payments through banks, in the first three quarters of 2015, banks registered cumulative foreign-related income of RMB 15.28 trillion (USD 2.48 trillion) and made external payments of RMB 15.70 trillion (USD 2.54 trillion) on behalf of clients, with a deficit of RMB 413.9 billion (USD 63.6 billion).
2015-10-22 10:00:21
· Wang Xiaoyi:
China’s foreign exchange receipts and payments for the first three quarters show the following characteristics:
First, foreign exchange settlements and sales by banks, and foreign-related receipts and payments through banks were both in deficit.In the first three quarters of 2015, in US dollar terms, the foreign exchange settled by banks was down by 6% year on year, while the foreign exchange sold, up by 31% year on year, leading to a deficit of USD 301.5 billion or USD33.5 billion per month on average. In the first three quarters, foreign-related receipts through banks were up by 1% year on year, and foreign-related payments through banks were up by 6% year on year, resulting in a deficit of USD 63.6 billion, or USD 7.1 billion per month on average. The much lower deficit in foreign-related receipts and payments than the deficit in foreign exchange settlements and sales shows that Chinese market players adjusted the structures of assets and liabilities in both domestic and foreign currencies, including receiving and keeping foreign exchange as deposits rather than settling foreign exchange, and purchasing foreign exchange to increase foreign exchange deposits or repay domestic foreign exchange loans.
2015-10-22 10:03:31
· Wang Xiaoyi:
Second, cross-border capital flows became more fluctuating. In the first quarter, foreign exchange settlements and sales posted a deficit of USD 91.4 billion, or USD 30.5 billion per month on average; in the second quarter, the deficit plummeted to USD 13.9 billion, or USD 4.6 billion per month on average. In particular, a small surplus was registered in May and June. But in the third quarter, the deficit surged to USD 196.1 billion, or USD 65.4 billion per month on average. Foreign-related receipts and payments through banks on behalf of clients went through similar ups and downs.
Third, market players' willingness to settle foreign exchange was strong at first but weakened afterwards, indicating the reform to encourage people to hold foreign exchange was carried forward stably. Foreign exchange settled by companies and individuals as a percentage of foreign-related foreign exchange income, or the foreign exchange settlement rate, which measures the willingness of companies and individuals to settle foreign exchange, was 69% in the first quarter, climbed to 74% in the second quarter and then dropped to 67% in the third quarter. From 2007 through 2011, when the RMB was appreciated, the foreign exchange settlement rate remained above 70%, suggesting companies' willingness to settle foreign exchange is weak now. In the first three quarters, the balance of foreign exchange deposits held by non-financial companies in China accumulatively increased by USD 46.1 billion and the balance of those held by individuals went up by USD 11.9 billion.
Fourth, market players' motive to purchase foreign exchange was weak at first but strengthened afterwards, revealing that the size of borrowings was reduced in a good order. Foreign exchange purchased by companies and individuals as a percentage of foreign-related foreign exchange payments, or the foreign exchange sales rate, which measures the motive to buy foreign exchange, was 79% in the first quarter, dropped to 75% in the second quarter and then climbed to 91% in the third quarter. From 2007 through 2011, when the RMB was appreciated, the foreign exchange sales rate was just between 50% and 60%, indicating companies' and individuals' willingness to buy foreign exchange is strong now. Accordingly, in the first three quarters, the outstanding domestic foreign exchange loans of companies were down by USD 41.8 billion on a cumulated basis, compared with an increase of USD 39.6 billion the same period last year; the balance of import financing such as refinancing and forward L/C dropped by USD 72.8 billion on an accumulative basis, compared with an increase of USD 6.3 billion the same period last year, which suggests that companies have accelerated deleveraging.
2015-10-22 10:06:04
· Wang Xiaoyi:
Fifth, forward foreign exchange settlements and sales by banks were in deficit, which had fallen significantly though. In the first three quarters of 2015, the number of contracts signed between banks and clients for forward settlement of foreign exchange was down by 50% year on year, while the number of contracts signed for forward sales of foreign exchange was up by 52%, recording a deficit of USD 167.9 billion, compared with a surplus of USD 50.8 billion for the same period last year. In the first quarter, a deficit of USD 47 billion was registered, which dropped to USD 21.5 billion in the second quarter and then surged to USD 99.3 billion in the third quarter. More recently, the forward contracts for foreign exchange settlements and sales recorded a deficit of USD 15.4 billion in September, down by a staggering 77% month-on-month.
These are the major statistics I want to disclose regarding the foreign exchange receipts and payments in the first three quarters of 2015. You can also find the relevant data released on the SAFE's official website.
Now we would like to take your questions.
2015-10-22 10:21:46
· Hu Kaihong
Now we will take your questions and please remember to tell us where you are from before raising your questions.
2015-10-22 10:22:51
· CCTV:
Hello, Mr. Wang. According to the data disseminated just now, both foreign exchange settlements and sales by banks and foreign-related receipts and payments have been in deficit since the beginning of this year. What's your view of the recent capital outflows and the decline in foreign exchange reserves? Is there a risk of capital flight? What will be the future? Thank you.
2015-10-22 10:23:28
· Wang Xiaoyi:
I'd like to answer this question from four aspects: Firstly, since the beginning of this year or the second half of last year, China does have witnessed outflows of foreign exchange funds. Secondly, there are reasons behind such capital outflows, which are not capital flight. Thirdly, foreign exchange reserves do have dropped but are within control for the moment. Fourthly, such volatility should be viewed sensibly and we are confident in achieving the equilibrium of balance of payments in the future. To help you better interpret the data of different coverage that are disseminated by the SAFE, I would like to make an explanation on the three sets of data we usually release, which all involve the monitoring of inflows and outflows of cross-border capital.
2015-10-22 10:25:09
· Wang Xiaoyi:
The three sets of data include foreign-related receipts and payments through banks and foreign exchange settlements and sales, which were released just now, and balance of payments, where there is a longer timelag before the data are released. First, foreign-related receipts and payments through banks reflect the receipts and payments of funds, RMB or foreign currency funds that are involved in international trade, by banks on behalf of their clients including companies and individuals. Such international trade includes trade and investments, but excludes banks' cross-border transactions. Once occurring, these transactions will be included in the statistics of foreign-related receipts and payments. In the first three quarters, foreign-related receipts and payments recorded a deficit of more than USD 60 billion. Second, foreign exchange settlements and sales by banks involve banks, companies and individuals. When they receive or are required to pay foreign exchange, they will settle or purchase foreign exchange with banks. After the mandatory sales and settlements of foreign exchange were canceled, companies and individuals can choose to settle foreign exchange or keep it as deposits at their discretion after receiving foreign exchange from abroad, which are based on their judgment of the current exchange rate and economic conditions. In the first three quarters, foreign exchange settlements and sales posted a deficit of more than USD 300 billion, indicating net purchases of foreign exchange by companies and individuals. However, this does not mean immediate external payments, but suggests that the purchased foreign exchange is used to pay for imports or outbound investments, or to repay domestic foreign exchange loans, or to be deposited in banks. Therefore, the large gap between the deficit in foreign exchange settlements and sales and the deficit in foreign-related receipts and payments shows companies' and individuals' expectations of exchange rate and judgment of economic conditions.
2015-10-22 10:31:19
· Wang Xiaoyi:
Third, the balance of payments (BOP) is released on a quarterly basis, with a timelag of more than one month. BOP data are recorded by resident and non-resident, and some can better measure China's cross-border capital flows. BOP data fall into two categories, namely, current account and capital and financial account. Assuming there is no net error or omission, the sum of current account and capital and financial account is zero. In other words, current account surplus is equal to capital and financial account deficit, with the latter including the changes in reserve assets. According to the official data for the first half, the current account surplus was USD 148.6 billion, or 3.1% of China's GDP, while the deficit in the capital and financial account excluding reserve assets was USD 125.6 billion. If direct investment, including ODI and FDI, was excluded from the deficit, then the non-direct investment deficit was USD 217.2 billion, more accurately reflecting cross-border capital flows under portfolio investment, external debt, trade finance and trade credit. The data for the third quarter are not yet disseminated, and the net outflows under non-direct investment for the first half amounted to USD 200 billion or so.
2015-10-22 10:49:56
· Wang Xiaoyi:
This is a normal case when it comes to the balance of payments, and China is no exception. China recently posted a current account surplus and a capital and financial account deficit, compared with twin surpluses often seen in the period when the RMB is appreciated, which results in significant growth in foreign exchange reserves. Foreign exchange reserves are a kind of capital outflows that are in the hands of the central bank. Germany and Japan have seen surpluses in one account and deficits in the other account for years, indicating such adjustment in China's balance of payments is normal.
Secondly, the recent capital outflows are essentially different from panic-driven capital flight. First, these outflows indicate the shift of foreign exchange assets from the hands of the central bank to the hands of companies and individuals, or the effect of encouraging companies and individuals to hold more foreign exchange, who are more willing to hold foreign exchange or make outbound investments. Meanwhile, to cope with the deficit in forward settlements and sales of foreign exchange posted since the beginning of this year, banks bought enormous amounts of foreign exchange position. In the first three quarters, banks' foreign exchange position increased by more than USD 100 billion, and foreign exchange deposits held by companies and individuals went up by more than USD 50 billion. Second, driven by the "Belt and Road" initiative, domestic enterprises are becoming much more willing to make outbound investments, quickening their pace to go global. In the first three quarters, non-financial ODI amounted to USD 87.3 billion, up by 16% year on year. Last but not least, some capital outflows were the result of companies cutting their external debt to reduce the high-leverage risk facing them. Overall, the recent changes are normal and not capital flight.
2015-10-22 11:05:02
· Wang Xiaoyi:
Thirdly, volatility of the balance of payments should be viewed sensibly. In the case of capital outflows, market players may follow suit and make irrational adjustments, leading to higher expectations of RMB depreciation. But given China's macroeconomic fundamentals, there is no foundation for continued RMB depreciation, so the irrational factors in the market will vanish along with the stabilization of the economy. China's balance of payments is highly pro-cyclical and is therefore vulnerable to the changes in economic fundamentals. The National Bureau of Statistics recently released that GDP growth for the first three quarters was 6.9%, which was high among major economies, and the economic structural optimization is accelerating, suggesting China's development potential remains strong. Meanwhile, the current account remains in surplus, and its ratio to GDP is still within a rational range of around 3%. It is an international standard that it is normal that the ratio of current account to GDP is between plus and minus 4%. Last, foreign capital inflows for long-term investments remain unchanged. In the first three quarters, China used foreign capital of nearly USD 95 billion, up by 9% year on year; compared with the end of March, the outstanding middle and long-term external debt grew by 3% as at the end of June, indicating overseas investors are still optimistic about China's middle and long-term prospects. Therefore, we firmly believe that the short-term volatility in cross-border capital flows is the result of different market expectations, and given China's fundamentals, we are fully confident in the long-term stable operations of China's balance of payments.
2015-10-22 11:20:16
· Japanese TV Asahi:
An official US report predicts that China intervened heavily in the foreign exchange market in the third quarter to prevent RMB depreciation. Is this true? Will the Chinese government continue to do so in the future?
· Wang Xiaoyi:
According to the media coverage on the Semi-Annual Report on International Economic and Exchange Rate Policies recently published by the US Department of the Treasury, the US Department of the Treasury no longer believes that the yuan is significantly undervalued, which is an important signal. The previous reports always believed that the RMB exchange rate was undervalued and the RMB should be appreciated. I would like to answer your questions in two aspects. Firstly, any country intervenes in its foreign exchange market, but in different ways. Generally speaking, the exchange rate volatility in the third quarter was the voluntary action of market players. In the first seven to eight months of this year, the RMB was under depreciation pressure. Irrational fluctuations were seen in the market after the improvement of the central parity rate formation mechanism on August 11, but the market has been stabilized after the one-time central parity rate modification was completed. The players that trade foreign exchange in the domestic market are banks and enterprises, and when foreign exchange is in short supply, the central bank needs to intervene to replenish liquidity, which is one of the reasons behind the decline in foreign exchange reserves in August. However, this is not a heavy intervention, but a normal transaction to stabilize market sentiment based on market demand.
2015-10-22 11:34:04
· Wang Xiaoyi:
Secondly, the market was stabilized through September and October, which was also a process of self-modification of the market. When the RMB exchange rate expectations were stabilized, people came to agree that there was no foundation for long-term RMB depreciation and as a result, excessive speculative trading would be discouraged, which is normal. There are many factors that will impact foreign exchange reserves, and it is normal to fill in the short-term market gap with foreign exchange reserves, which is also the function a country's monetary authority must perform. But after the market is stabilized, market supply and demand tend to be adjusted automatically.
2015-10-22 11:52:10
· China News Service:
The IMF pointed out at its recent annual meeting that the Fed's increase of interest rates may severely impact emerging economies. What's your view of the impact of the interest rate hike on China's cross-border capital flows?
2015-10-22 11:53:25
· Wang Xiaoyi:
The impact of the Fed's monetary policy orientation on the global economy and the financial market is not negligible. Given that the US is the world's largest economy and an issuer of the most important international currency, we have been paying attention to the impact of the US' monetary policy orientation on China, especially on the balance of payments. First, the normalization of the Fed's monetary policy, including the QE exit and expectations of interest rate rise, is exerting increasing impact on China's cross-border capital flows. In the first three quarters, the market's expectations of the Fed's increase of interest rates and the trajectory of the US dollar had different impacts on China's cross-border capital flows at different stages. In the first quarter, China was under heavy cross-border capital outflow pressure; in the second quarter, as the US dollar's momentum for appreciation was weakened, China's cross-border receipts and payments were basically balanced; but in the third quarter, the outflow pressure became heavier.
2015-10-22 11:55:03
· Wang Xiaoyi:
The Fed's monetary policy, especially before the interest rate hike, has a strong impact on the world economy and emerging markets, which, however, should not be over-interpreted as the interest rate hike does not mean collapse of the world economy or flows of all capital into the US. Historically, the Fed's policy had different impacts on the world. The interest rate hikes in mid and late 1990s respectively did trigger heavy capital outflows from some emerging economies. But between 2004 and 2006, Fed's increase of interest rates did not lead to capital outflows from emerging economies, most of which saw continued capital inflows instead. Therefore, the Fed's increase of interest rates has not direct causal relationship with global capital flows. Historical experience shows that there are three factors that impact a country's cross-border capital flows: first, good macroeconomic fundamentals are the basic guarantee to withstand external impact. Second, the coordination between the flexible exchange rate regime and orderly opening of the capital account is also important. Third, macro-prudential management of cross-border capital flows should be strengthened to prevent excessive inflows and outflows.
2015-10-22 12:05:16
· Wang Xiaoyi:
Given China's reality, the normalization of the US' monetary policy will have an impact on China's cross-border capital flows, but we are able to cope with the external impact and are fully confident about that. A stronger dollar will increase the foreign exchange financing cost, thereby putting companies that are beset by heavy external debt, and serious maturity and currency mismatches at heavy operating risks and under heavy adjustment pressure. On the other hand, the US dollar interest rate hike or the normalization of the Fed's monetary policy will have positive impact on China. Firstly, if the Fed decides to raise interest rates, it means that the US economic recovery has been on the right track, while the Fed's recent hesitation indicates that the US economic recovery remains tepid. The sustained US economic recovery will be favorable for China to expand external demand. Secondly, the normalization of the Fed's monetary policy will further diverge the expectations of the international community including investors of the trajectory of the RMB exchange rate, which will be favorable for us to capture opportunities to press ahead with and accelerate relevant reforms. In addition, the Fed's increase of interest rates will be a gradual process, quoting the Fed chairman as saying that raising interest rates cannot be achieved overnight but is a long-term process, with relevant impact digested and absorbed gradually. Last but not least, as I stressed previously, with good economic fundamentals, China is fairly capable of withstanding external impact.
2015-10-22 12:15:18
· Wang Xiaoyi:
We surely will pay close attention and actively respond to the spillover effect and impact of the Fed's increase of interest rates. First, we will focus on our own business to make sure the domestic economy is running within a reasonable range. Second, as the foreign exchange authority, we will continue to intensify monitoring and warning of cross-border capital flows, accelerate the promotion of relevant reforms, especially the development of the foreign exchange market, and enhance education and guidance of market players against risks, and further increase data transparency to help market players make rational judgment.
2015-10-22 12:26:23
· Ta Kung Pao:
China has recently seen more outflows of cross-border capital and a higher deficit in foreign exchange settlements and sales. Is this related to China's central parity rate reform? What impact does this reform have on China's foreign exchange receipts and payments?
2015-10-22 12:31:18
· Wang Xiaoyi:
The increase in cross-border capital outflows is not directly caused by the August 11exchange rate reform. The reform was conducted to improve the central parity rate formation mechanism, effectively helping release the pressure from cross-border capital outflows in the first 7 to 8 months. The cross-border capital did fluctuate sharply a few days after the reform was launched. But this does not mean the massive capital outflows were attributed to the reform. Instead, this shows that the RMB exchange rate was under depreciation pressure before modification. Since the second half of last year, the US dollar index has risen by more than 20%, and the absolute majority of other currencies have depreciated, except that the RMB have appreciated slightly against the US dollar, which suggests that the RMB exchange rate needs adjustment. In a word, the one-time modification of the exchange rate reform just released the pressure of the previous months but did not contribute to the excessive outflows of cross-border capital.
2015-10-22 12:31:53
· Wang Xiaoyi:
It currently seems that some irrational factors of the cross-border capital outflows have been eliminated and the outflows are decelerating. In late September and October, corporate behaviors such as holding more foreign exchange, purchasing foreign exchange in advance, repaying debt in advance, and substantially increasing hedging became much less. The RMB exchange rate was being stabilized, with the gap between CNH and CNY shrinking in late September, even closing to zero in some time. All this shows that the central parity rate reform is a key adjustment to boost the RMB exchange rate toward equilibrium, but is not directly related to the short-term volatility in cross-border capital flows. This reform will play a more positive role in stabilizing the future cross-border capital flows.
2015-10-22 12:42:01
· Bloomberg:
How far are we from QDII2? Can you brief us on the changes in the capital account convertibility process in China in the 13th Five-Year Plan?
2015-10-22 12:46:24
· Wang Xiaoyi:
There is no definite schedule for QDII2 yet. This issue has been questioned many times over the past few years and has drawn wide concern from society. But as a supporting department rather than a dominant department, we have been cooperating with other relevant departments in carrying out related studies.
The way forward for the opening of the capital account in China has not been changed in the 13th Five-Year Plan. President Xi Jinping recently told the Wall Street Journal prior to his visit to the United States that China has been striving for capital account convertibility over the past 20 years since the goal was proposed in the early 1990s. According to the 7 categories of 40 criteria set by the IMF, we don't have many items that are not opened, and China is marching confidently toward the convertibility of the RMB capital account. The capital account convertibility has been the item and task we have been promoting.
2015-10-22 12:47:56
· Wang Xiaoyi:
Recently, the capital account convertibility tended to accelerate in China. Some media, including the international community, think that China's economy is now in difficulty or faced with volatility, which will impact the process of capital account convertibility. But we believe the way forward for the capital account convertibility in China will not be affected. We have been following the principles of overall planning, controllable risks and step-by-step implementation to boost the capital account convertibility. The SAFE, responsible for formulating convertibility policies, will cooperate closely with other departments to support the two-way opening of the capital market, and facilitate external debt and capital flows management under the macro-prudential framework, to enhance the level of convertibility of cross-border and financial transactions. At the same time, we will effectively manage risks during the opening up.
2015-10-22 12:55:08
· Economic Daily and ce.cn:
We have noted that the central bank and the SAFE have recently introduced a series of policies against the volatility in cross-border capital flows. What would you say about the effect of these policies? If the volatility continues to be heightened, will the SAFE adopt capital controls to control such volatility?
2015-10-22 13:03:03
· Wang Xiaoyi:
Guarding against the risks associated with the volatility in cross-border capital flows has always been a top priority of the SAFE. Recently the People's Bank of China and the SAFE did have taken some measures against the abnormal volatility in the foreign exchange market. But what is sure is that the policy orientation of foreign exchange administration to support the development of the real economy and promote trade and investment facilitation remains unchanged. Second, the SAFE remains committed to reducing administrative intervention in micro economic trading behaviors despite recent measures for reinforcing ongoing and ex-post regulation. Third, while controlling abnormal capital flows, the SAFE has been dedicated to prudential management by economic and market means, and will continue to do so in the future. Overall, we have been committed to promoting reforms to boost trade and investment facilitation and preventing risks to maintain the equilibrium in the balance of payments.
2015-10-22 13:03:48
· Wang Xiaoyi:
The measures taken include: firstly, the frequency of monitoring has been enhanced. We require the SAFE branches to check key enterprises with abnormal spending, but do not intervene in their behaviors except requiring them to clarify the reasons behind. Secondly, in accordance with the existing laws and regulations, we urge banks to follow the three principles of "knowing your customer", "understanding your business" and "due diligence" to intensify verification of the authenticity and compliance of their clients' transactions, without imposing administrative restrictions or regulations on true and legitimate cross-border receipt and payment needs.
2015-10-22 13:14:04
· Wang Xiaoyi:
The policies have taken effect, with the deficit in foreign exchange settlements and sales falling and cross-border capital outflows dropping in September.
This way of administration will continue for ongoing and ex-post regulation, so as to build a macro-prudential management framework, rather than the traditional capital control model. Unlike capital control that is to impose mandatory restrictions on the financial transactions by residents and non-residents, macro-prudential management is to impact borrowing behaviors of market players by economic means or legal authorization, and increase the cost for speculation by those who make excessive speculation, so as to curb impulse for making excessive loans and crack down on asset price speculation. Along with the capital account liberalization and the RMB internationalization, China will improve management under the macro-prudential framework in the future.
2015-10-22 13:18:17
· Wang Xiaoyi:
Administrator Yi Gang stressed recently that market regulation means such as Tobin tax, URR, and foreign exchange transaction fees should be studied to contain abnormal short-term fluctuations of arbitrage funds.
2015-10-22 13:28:00
· Beijing Youth Daily:
Why does the SAFE choose to introduce at this moment the policy that a limit of RMB 100,000 per year will be imposed on overseas withdrawal using a bank card? What are your major considerations?
2015-10-22 13:30:36
· Wang Xiaoyi:
The introduction of this policy is indeed related to the recent capital outflows. In addition to this short-term factor, the policy is also introduced to improve policy design. During our day-to-day monitoring, we have found from the information from banks and international organizations that some Chinese individuals withdraw large amounts of money overseas that have apparently exceeded the reasonable requirements for tours, shopping or studying abroad and are suspicious of assets transfer, money laundering or speculation. Improving cash management is an international practice. Many countries and regions including Europe and the US provide only a small amount of cash in ATM, also in order to restrict large-sum cash transactions. Overseas withdrawal with a foreign currency bank card issued by a domestic bank is subject to daily, monthly and semi-yearly limit management, while overseas withdrawal with an RMB bank card is only subject to daily limit management for technical reasons. However, as China UnionPay updates its technologies, it now has the above capabilities, and it is time to enhance management of overseas withdrawals with RMB bank cards. The annual limit that is the equivalent of RMB 100,000 is imposed mainly to inhibit overseas withdrawals of large amounts of cash by a small number of Chinese individuals, and more than 90% of cardholders' normal consumption and withdrawal requirements will not be impacted.
2015-10-22 13:34:44
· Hu Kaihong
This is the end of today's conference. Thank you, Mr. Wang and Ms. Wang! Thank you, all reporters!
2015-10-22 13:36:13
(The original text is available at china.com.cn)
