China's Overseas Travelers Allowed to Carry More Foreign Exchange

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Last updated at: (Beijing Time) Saturday, August 30, 2003

China's Overseas Travelers Allowed to Carry More Foreign Exchange

People entering or leaving China will be allowed to carry foreign currency in cash equal to 5,000 US dollars after a new regulation comes into effect on Sept. 1.

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People entering or leaving China will be allowed to carry foreign currency in cash equal to 5,000 US dollars after a new regulation comes into effect on Sept. 1.

The sum is much higher than the current level of 2,000 dollars, in accordance with a regulation jointly issued by the State Administration of Foreign Exchange (SAFE) and the General Administration of Customs.

A spokesman for the SAFE said the move was aimed at catering to the new situation in China's further reform and opening-up, facilitating business and helping combat illegal activities such as money laundering and currency smuggling.

The rule stipulates that people who enter China must declare any foreign currency in cash exceeding the equivalent of 5,000 US dollars.

Those who want to carry more than 5,000 dollars abroad need special permission from local banks or foreign exchange administrations.

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