(RTTNews) - 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.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases.

Subscribe by RSS Subscribe by Email