China's Forex Regulator Asks Bank Card Issuers to Report Personal Overseas Consumption from Aug. 21
Chen Juan
/SOURCE : Yicai
China's Forex Regulator Asks Bank Card Issuers to Report Personal Overseas Consumption from Aug. 21

(Yicai Global) Aug. 4 -- Following an announcement in June that China is to collect domestic bank cards' cash withdrawal and consumption information occurring outside the country from Sept. 1, China's foreign exchange regulator is initiating another move to up the supervision of overseas consumption by Chinese residents.

The State Administration of Foreign Exchange (SAFE) again issued a notice on Aug 3, asking issuers to submit the bank cards' overseas transaction information, effective Aug. 21.

The submission time for overseas transaction information thus now comes 11 days ahead of the originally scheduled Sept. 1. The information to be collected mainly includes the cash withdrawal transactions of domestic bank cards occurring at counters or cash machines of offshore financial institutions or other foreign places and equipment of single-consumption transactions with domestic bank cards that are equivalent to more than USD15 (CNY1,000) occurring in foreign entities and special online merchants.

The notice is merely routine monitoring work that has no effect on the current foreign exchange situation and does not involve a substantial change in the existing foreign exchange administration policy, SAFE stressed. "SAFE will collect data directly from the issuing financial institutions, and personal declarations will not be involved. Therefore, the level of the collection standard will not affect the actual use of bank cards for personal transactions," a SAFE official said.

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Keywords: Forex , REGULATION