For years, the Chinese people and government have been at odds with foreign currencies. Therefore, Chinese people are trying to transfer as much of their yuan as possible into foreign currencies to keep the value of their wealth.

According to the Chinese government, banks and financial institutions in China have to report all domestic and overseas cash transactions of 50,000 yuan (about 7,600 dollars) since July 2017. The threshold was previously set at 200,000 yuan (30,500 dollars). Any overseas transfers by individuals of 10,000 dollars or more will also be reported.
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