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China hasn't scrapped individual forex purchase cap: official

2016-October-25       Source: Xinhuanet.com

Chinese foreign exchange authorities have not rolled out policies to terminate the foreign exchange purchase quota of 50,000 U.S. dollars a year per person, a senior official said Friday.

Chinese foreign exchange authorities have not rolled out policies to terminate the foreign exchange purchase quota of 50,000 U.S. dollars a year per person, a senior official said Friday.

Wang Chunying, spokesperson for the State Administration of Foreign Exchange (SAFE), made the remarks at a press conference when refuting market rumors that some cities have scrapped the cap on a pilot basis.

The SAFE has tried to strike a balance between providing convenient foreign exchange services and preventing risk, said Wang, adding that authorities will continue to strengthen supervision on cross-border capital flows.

The SAFE increased the quota for individual forex purchases from 20,000 U.S. dollars per person to 50,000 U.S. dollars starting Feb. 1, 2007.

Editor: Chan

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