New Year’s Money Curbs May Prompt More Use of China Outflow Pipe

On the day bank branches reopened after China imposed restrictions on citizens trying to spirit money out of the country, Wendy Chen went to her branch in Shanghai and peppered staff with questions about how to get around the new controls. She was asking after the Jan. 1 rules required people converting yuan into dollars to provide detailed information on how they planned to use the money abroad and restricting its use.