[2015-12-13] UnionPay Crackdown on PoS Terminals May Turn into Bitcoin’s Gain

[secone]

China has been known for its strict control over capital outflow. The government has introduced regulations that limits capital outflow to 50,000 yuan per year per individual. However, the Chinese have been innovative and finding different ways to move money out of the mainland to invest in overseas assets. In the wake of the recent devaluation of yuan, the Chinese government has woken up and tightened the screws around illegal overseas transactions.

http://www.newsbtc.com/2015/12/13/unionpay-crackdown-pos-terminals-may-turn-bitcoins-gain/

[Rostadom]

The capital outflow is actual $50,000 not 50,000 Yuan. But that is still not enough for rich Chinese. They have a lot of money to spend overseas.