The Chinese government has capped overseas credit card withdrawals in an effort to prevent capital outflows.
The move marks the country’s latest effort to restrict devaluation of the yuan, which has suffered record capital outflows in recent months amidst a sluggish economy.
Under the new rules issued by China’s State Administration of Foreign Exchange, offshore cash withdrawals from China’s Union Pay service has been capped to a RMB50,000 ($7,867) from 1 October to 31 December 2015.
For the full year in 2016, the foreign-exchange regulator has capped the amount at RMB100000 ($15,734).
The new cap comes on top of an already existing RMB10,000 ($1,573.4) daily withdrawal limit.