China’s authority announced two measures on the last two days of 2016 in an attempt to curb capital outflow. Meanwhile Bitcoin soars to around 7,400 RMB, 600 yuan away from its record high of 8,000 yuan in 2013.
On 30th December, PBOC announced that banks were required to report all yuan-denominated cash transactions exceeding 50,000 yuan ($7,200) to the People’s Bank of China (PBOC). Prior to the change, the threshold was 200,000 yuan. The measure will be effective starting in July 2017. Insurance agencies, insurance brokers, consumer finance companies and loan companies, which are not required to report large and suspicious transactions, are also included in the scope of management. They are required to submit large transactions and suspicious transactions to comply with anti-money laundering obligations.
http://news.8btc.com/bitcoin-soars-as-chinas-curbing-capital-outflow
