China may raise quota on foreign exchange purchases
Updated: 2011-03-15 14:49
By Ren Jie (chinadaily.com.cn)
The State Administration of Foreign Exchange (SAFE) may increase its annual quota on individuals' foreign exchange purchases from $50,000 to $200,000, the Economic Information Daily reported Tuesday.
SAFE did not make any comment on the report, but it was supported by some analysts, according to the newspaper.
Chen Bingcai, senior researcher from China National School of Administration and a former SAFE official, told the paper that the increase may benefit individuals' overseas trading and investments.
China eased control on foreign exchange purchases by individuals in 2007. The annual quota was raised from $20,000 to $50,000 on Feb 1, 2007, according to a 2007 report.
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