HONG KONG: China is cracking down on a popular method of moving money out of the country, putting a limit on purchases of insurance products in Hong Kong using the country’s ubiquitous UnionPay credit and debit cards, sources said.
A slowing economy, roller-coaster stock markets and a slide in the yuan fuelled record capital outflows of US$676bil from China in 2015, creating a boom in demand for outbound investment products but prompting regulators to crackdown on loopholes.
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