Regulator denies reports about China to hike individual forex purchase quota

10:26, March 16, 2011      

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The State Administration of Foreign Exchange (SAFE), China's foreign exchange regulator, on Tuesday denied media reports saying that China would substantially lift the annual quota allowed for individuals when buying foreign exchanges.

The SAFE said it currently has no plans to raise the quota. The announcement came after media reports said that China would raise the current quota of 50,000 U.S. dollars to 200,000 US. dollars.

China has the world's largest foreign exchange reserves. As of the end of last year, the country's total foreign exchange reserves amounted to 2.8473 trillion U.S. dollars.

Source: Xinhua
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