July 13, 2018 / 6:52 AM / 3 days ago

China central bank requires non-banking payment firms to report large transactions from 2019

BEIJING, July 13 (Reuters) - China’s central bank issued a notice on Friday asking non-banking payment firms to report large transactions from the beginning of next year, as it steps up its monitoring of capital movements.

New requirements include reporting on cash transactions greater than or equal to 50,000 yuan ($7,503.00) for single transactions or cumulative transactions within one day, the central bank said on its website. ($1 = 6.6640 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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