Financial Repression In China:
China Begins To Ban Buying Of
Overseas Insurance Policies To Curb
Money Leaving China"China's UnionPay bans Chinese residents' use of credit & debit cards supported by its payments network to purchase capital investment type insurance products in Hong Kong, as authorities move to further stem capital flight by narrowing a popular gateway for shifting money abroad and prompted the latest move higher in Bitcoin as a capital flow alternative to traditional channels. Strict enforcement of the pre-exiting upper purchase limit of $5,000 on applicable products (e.g. travel-related accident and illness policies) was imposed, an amount imposed by China’s foreign-exchange regulator earlier this year. There is still no limit on how many times customers can swipe their cards to complete transactions."
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