Economic review

ICBC denies reports of U.S. dollar restrictions

2017-09-13 10:01:00 (Beijing Time)         Global Times

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Industrial and Commercial Bank of China (ICBC) on Tuesday denied earlier media reports suggesting that it had put new restrictions on the frequency of withdrawals of U.S. dollars.

News website toutiao.com on Tuesday cited an employee at ICBC as saying that single-day withdrawals of the greenback have been limited to $10,000, that withdrawal on two consecutive days is not permitted, and that only two withdrawals a week are allowed.

The employee added that these are "new regulations issued just a month ago and there are still certain restrictions on withdrawing U.S. dollars."

Considering possible fluctuations in the yuan, some investors may want to purchase dollars to hedge against risks, media reports noted.

In responding to questions from the Global Times on Tuesday, a public relations representative for ICBC said reports about the bank's dollar withdrawal rules were "untrue" without elaborating.

The representative questioned the veracity of the identity of the ICBC employee. The State Administration of Foreign Exchange also denied on Tuesday that any new regulations for withdrawal of foreign currencies had been issued.