Banks Deploy Capital Controls By Stealth

The central bank in China is now the latest to roll out capital controls. Credit: Carpkazu via Wiki
Following a worldwide trend towards capital controls by major banks, the Central Bank of China has now ordered its commercial banks to suspend cash transfers for three days and foreign currency conversions for nine days, starting Jan. 30. Affecting every commercial bank in China, the ban will stop domestic renminbi transfers from Jan. 30 to Feb. 2 and conversions of renminbi to foreign currency from Jan. 30 to Feb. 7. Citigroup recently sent the following notice for its customers in China, according to Forbes: More


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