News & Policies


Foreign currency purchase loophole closed by regulator

Since January 1st 2017, Chinese residents need to fill an application form indicating the purpose of foreign exchange purchases, reflecting strengthened scrutiny from the nation’s top currency regulator amid renewed pressure from capital flight.

The application form includes 11 purposes residents can check, including travel and medical care. The form specifies that residents will not be approved to purchase foreign currency if they hope to make overseas purchases not yet open to domestic individuals, such as overseas housing and insurance with investment returns.

Residents who violate the rules will be put on a watch list by the currency regulator and will face cancellation of their right to buy foreign currencies for one to three year years, according to the State Administration of Foreign Exchange.

News & Policies, AC Business Consulting,AC Business Consulting Shanghai Company Limited

News & Policies- AC Business Consulting

News & Policies, AC Business Consulting