China Is Broke, Capital Blockade Starts! People’s Money Can’t Leave, Digital Currencies Banned

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The People's Bank of China has reduced the threshold for mandatory review of overseas remittances from $10,000 to $1,000. Under the new rules, any transfer above $1,000 will require banks to create a complete record of the transaction. The requirements apply not only to traditional banks but also to payment platforms such as Alipay and WeChat Pay, as well as prepaid card issuers. All related records must be preserved for a minimum of 10 years, or longer if the transaction becomes part of an anti-money laundering investigation. Even transfers below $1,000 may be blocked if they raise suspicion. Authorities may examine both the source of funds and the stated purpose of each remittance. Monitoring can extend to transactions that do not involve a Chinese bank account or phone number.

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