A day after the state-run CCTV accused Bank of China of  breaking foreign exchange rules by helping people take money out of the country and, in effect providing a money laundering service, Hong Kong's South China Morning Post on July 10, claimed that China Citic Bank, which is directly controlled by the PRC State Council, also facilitated the movement of currency overseas. The paper said that "Both BOC and Citic Bank have been able to do this business (officially called Youhuitong service) only after they got approval from the Guangzhou branch of the People's Bank of China. So the PBOC definitely knows what the business is about." Under Chinese law, citizens are allowed take only the equivalent of US$50,000 out of the country each year.