Is MasterCard cash withdrawal subject to foreign exchange control?
Be regulated. Official website, a foreign exchange network in China, said that MasterCard can withdraw cash at the bank counter, and it needs to comply with foreign exchange management regulations and meet individual foreign exchange purchase limits. Foreign exchange control refers to the restrictive measures taken by a government to balance the international payments and maintain the exchange rate of its own currency. In China, it is also called foreign exchange management. A government restricts international settlement and foreign exchange transactions through laws and regulations, which is an international trade policy to restrict imports. Foreign exchange control refers to any form of intervention by the government or the central bank in foreign exchange holding, foreign trade or capital flow to avoid excessive expansion of the national money supply or depletion of foreign exchange reserves.