Posted inBeijing, China, Hong Kong

China tightens ‘capital flight’ rules on buying HK insurance

China’s biggest bank card provider UnionPay said on Saturday it will tighten regulations over how mainland customers can use its debit and credit cards to purchase Hong Kong insurance products, potentially restricting another gateway for capital flight. Beijing, which has intensified a crackdown on illegal outflows this year, is concerned that buying overseas insurance has […]