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China to improve management of individuals’ foreign exchange purchases

Updated: Jan 1,2017 10:31 AM     Xinhua

BEIJING — China will tighten information scrutiny to improve management of individuals’ foreign currency purchases, an official statement said on Dec 31.

Individuals have to provide more detailed information before changing the Chinese yuan into foreign currencies, and banks will step up checks on the authenticity, according to the website of the State Administration of Foreign Exchange (SAFE).

The SAFE stressed that each person’s annual exchange limit of a maximum of $50,000 will remain unchanged.

The move aims to fix loopholes in the current management, and curb foreign exchange purchase violations and other illegal activities, such as fraud, money laundering and underground banks, said the SAFE, which expects strict information scrutiny to improve its supervision.

The SAFE said it will increase random checks and toughen penalties.

Overseas trips and study will not be affected by the new rules, the SAFE said.