This will be the first of such notice as China is trying to manage outflows of capital it would seem. The report says that Beijing has prohibited domestic brokerages and their overseas branches from accepting new mainland clients for the purpose of offshore trading. Meanwhile, new investments by existing mainland clients will be "strictly monitored" to prevent any skulduggery in relation to China's foreign exchange controls.
The notice is said to have been issued at the end of last month, with regulators enforcing the ban immediately, while there is an end-October deadline for the removal of apps and websites that are being used to solicit mainland clients for the above purpose.
