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China to tighten scrutiny on individuals’ forex purchases

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China steps up scrutiny on individual forex purchases in the new year

China steps up scrutiny on individual forex purchases in the new year*/

– China’s foreign exchange regulator said it would step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows from January 1.But it said the $50,000 annual individual quota would remain unchanged.The announcement by the State Administration of Foreign Exchange (SAFE) late during the weekend comes amid worries that the yuan, which fell nearly 7 per cent against the dollar in 2016, could face renewed pressure in the new year as foreign currency buyers start afresh with a new $50,000 annual quota.
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China to tighten scrutiny on individuals’ forex purchases

China to tighten scrutiny on individuals' forex purchases*/

– You are here: HomeChina will tighten information scrutiny to improve management of individuals’ foreign currency purchases, an official statement said on Saturday.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 U.S. dollars will remain unchanged.
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China steps up scrutiny on individual forex purchases in the new year

China steps up scrutiny on individual forex purchases in the new year*/

– FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016.REUTERS/Kim Kyung-Hoon/File Photo – RTX2VY48SHANGHAI China’s foreign exchange regulator said that, starting Jan. 1, 2017, it will step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows, but the $50,000 annual individual quota will remain unchanged.The announcement by the State Administration of Foreign Exchange (SAFE) late on Saturday comes amid worries that the yuan, which fell nearly 7 percent against the dollar in 2016, could face renewed pressure in the new year as foreign currency buyers start afresh with a new $50,000 annual quota.
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