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China Imposes Rules On Foreign Currency Conversion To Yuan
11/25/2009 7:19 AM ET
(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.
by RTT Staff Writer
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