China Imposes Rules On Foreign Currency Conversion To Yuan

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Wednesday, China's State Administration of Foreign Exchange issued new rules on individuals' transfers of foreign currency into yuan.

According to the new rules, a foreigner or overseas institution is not allowed to send foreign currencies to five or more Chinese individuals to convert it into the yuan on a single day or on consecutive days. Meanwhile, Bloomberg news service reported that Hong Kong residents are not allowed to buy more than 20,000 yuan a day.

The currency regulator said new rules are designed to promote a standardized foreign exchange environment and to resist irregular capital flows, in the wake of speculation about currency appreciation and rising asset prices.

Wednesday, China's State Administration of Foreign Exchange or SAFE has issued new rules on individuals' transfers of foreign currency into yuan. (Market News Provided by RTTNews)