According to a notice issued by the State Administration of Foreign Exchange (SAFE) on June 2, titled "Notice on Financial Institutions Reporting Overseas Bank Card Transaction Information," starting from September 1, banks will be required to report all cash withdrawals and single transactions of 1,000 RMB or more that occur abroad using domestic bank cards. The new regulation does not involve adjustments to individual foreign exchange policies, so consumers need not worry about their normal transactions abroad being obstructed.

SAFE pointed out that bank cards have become the primary payment tool for individuals traveling abroad. According to statistics, in 2016, the total value of overseas transactions made by domestic individuals using bank cards exceeded 120 billion USD. The current international balance of payments statistics for overseas bank card transactions mainly adopts a total volume statistical model. With the increasing demands in international cooperation regarding anti-money laundering, counterterrorist financing, and addressing tax base erosion, there is a need to further enhance the transparency of financial transactions and the quality of statistical data related to cross-border bank card transactions. The collection of overseas bank card transaction information does not involve any adjustments to the foreign exchange management policies for overseas card usage, and SAFE will continue to support and ensure that individuals can use their bank cards abroad for regular transactions in a compliant and convenient manner. The overseas transaction information of bank cards will be reported by the issuing financial institutions, and individuals will not need to make separate declarations, nor will it increase their card usage costs. SAFE will legally protect the security of cardholders' information.

Currently, the annual foreign exchange purchase limit for Chinese citizens is the equivalent of 50,000 USD. According to the foreign exchange-related bank card statistics published by SAFE in March 2016, Chinese residents' overseas card expenditures in 2015 amounted to 133 billion USD, primarily for shopping consumption, with 83.6 billion USD spent on shopping, accounting for 63% of the total overseas card expenditures. In response to some UnionPay cardholders frequently making large withdrawals abroad, in September 2015, SAFE issued regulations on managing cash withdrawal limits abroad, capping withdrawals to the equivalent of 10,000 RMB per card per day. Additionally, starting from January 1, 2016, the total annual withdrawal limit per card was set at the equivalent of 100,000 RMB. These policies have had some effect in anti-money laundering efforts.