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Friday, October 21, 2016, 17:04

China: Individual forex purchase cap stays

By Xinhua

BEIJING -- Chinese foreign exchange authorities have not rolled out policies to terminate the foreign exchange purchase quota of $50,000 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 per person to $50,000 starting Feb 1, 2007.

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