Lol, I thought Stockolio would come up with half a dozen unrelated links but not even... Dunno how China could hope to extend autosales btw, with severe restrictions on auto purchases in all/most tier 1 cities, and tier 2 cities following suit About every parent I know I China has gone or is about to go on expensive overseas summer holidays, luxury cars are all over the place as it has been the case for many years now (traffic seems slightly better than 5 years ago though, despite the never ending roadworks) and there is no problem withdrawing up to 10k usd a day in local banks here btw, I just tried. The annual conversation max is still around 50k usd I think. Not sure about current restrictions on wiring USD out of the country WITHOUT exchanging it from CNY, a couple fo years ago it was perfectly fine to wire out up to 200k USD a day through HSBC global transfer (between a china based HSBC acct and overseas HSBC acct in the same name). it was also fairly easy to receive and send USD overseas through HSBC, although much harder through local banks. This might have changed recently though, as restrictions on money leaving teh country seem to ahve increased. Again i've heard several times lately people here feel the trade war with the US, it causes problems to businesses and create opportunities to lawyers. https://www.forbes.com/sites/jackpe...try-points-to-lower-tier-cities/#4ba5c0c51ece
It doesn't sem to have changed much either, this is a current link from HSBC China, fwiw HSBC and probably other international banks like Standard Chartered in China have a special status, they are better to deal in foreign currencies ime, but way below local bal banks when it comes to local cny transactions, they don't seem to be quite incorporated in the local payment network : https://www.hsbc.com.cn/1/PA_ES_Con.../documents/HSBC_China_Global_Transfer_Eng.pdf Stockolio is living in (dark) fantasy world, one shouldn't give too much weight to what he calls Word on the Street or his interpretation of whatever he is reading/hearing.