ICBC Suspended Personal Foreign Exchange Business

On April 13, the Industrial and Commercial Bank of China (ICBC) announced that, from June 12, 2022, it will suspend personal foreign exchange trading business for new signed-up customers, as well as opening transactions for all trading securities.

After last year’s China Merchant Bank and HuaXia Bank, ICBC is another Chinese bank suspended its foreign exchange trading business, and the first major state-owned bank in China to announce a suspension of its personal foreign exchange business. Although the bank stressed in the statement that the adjustment only involves personal foreign exchange trading business, personal settlement and sale of foreign exchange business can be handled normally, but the suspension will block means of wealth transfer for people in Communist China.

As Miles Guo stated earlier, in the current situation of the CCP internal epidemic is out of control, in order to cope with the upcoming global economic sanctions and economic disaster, the CCP is “closing down the country”.

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Translator: MOS Translation Team – cosmo
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