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Phead128

Phead128

Captain
Staff member
Moderator - World Affairs
solarz said:
It is hindering them though. The most visible example of this is WeChat. Their payment system has to be tied to Chinese financial institutions, making it impossible for people who don't have a Chinese bank account to use it.

Remember that the GFW is first and foremost a legal framework.
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The inability to top off WeChat wallet with non-Chinese credit card/bank account has more to do with China's capital controls and convertibility of RMB. You can still send RMB to foreigners using WeChat pay, just good luck withdrawing that RMB or converting it without a Chinese bank acct. Think of the capital flight with massive WeChat user base if non-China bank accounts and convertibility was allowed.
 
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A

AndrewS

Brigadier
Registered Member
Phead128 said:
The inability to top off WeChat wallet with non-Chinese credit card/bank account has more to do with China's capital controls and convertibility of RMB. You can still send RMB to foreigners using WeChat pay, just good luck withdrawing that RMB or converting it without a Chinese bank acct. Think of the capital flight with massive WeChat user base if non-China bank accounts and convertibility was allowed.
Click to expand...

I've always though one-way convertibility would make sense.

So you can convert into RMB for spending on Chinese goods and services, but not to convert RMB into a foreign currency.
 
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