China may raise quota on foreign exchange purchases

16:49, March 15, 2011      

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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.

It is possible that officials may ease on controls of individuals' foreign exchange purchases and may relax the growth pressure on the nation's foreign exchange reserves, said Zhao Qingming, a senior analyst in Beijing at China Construction Bank Corp, the country's second-largest lender.

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.

Source: China Daily
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