China simplifies personal FX exchanges, tightens supervision of laundering
Reuters
Published May 26, 2016 05:04AM ET
China simplifies personal FX exchanges, tightens supervision of laundering
SHANGHAI (Reuters) - China's foreign exchange regulator issued new rules on Thursday simplifying procedures for individuals exchanging foreign currencies but keeping net purchase quotas unchanged.
In a minor reform, the State Administration of Foreign Exchange (SAFE) said that financial outlets designated by banks for such exchanges will no longer need its approval to conduct such business, effective immediately.
SAFE, a unit of the central People's Bank of China, also required banks to tighten supervision of foreign exchange management while preventing possible money laundering, according to the new rules.
The new rules, replacing related regulations promulgated in 2007 and 2008, "will not have any impact on the normal foreign currency exchange activities for individuals, including their annual exchange quota of an equivalent of $50,000," the regulator said.
China has been reforming its complicated and rigid administrative approval mechanisms for financial activities, abolishing some approval requirements and replacing them with a registration system in which operators just need to register for conducting the businesses.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.