China to boost scrutiny of foreign currency purchases

At present, there is no change to current policy regarding foreign exchange purchases by individuals

China plans to step up its monitoring of how citizens use their annual quota for changing yuan into foreign currencies, according to four people familiar with the matter.

The State Administration of Foreign Exchange will require extra documentation for people seeking to sell yuan from Jan. 1, while keeping each person’s annual $50,000 allowance unchanged, said the people, who asked not to be identified as they’re not allowed to speak publicly. Banks will be asked to increase scrutiny of transactions, they said.

At present, there is no change to the current policy regarding foreign exchange purchases by individuals, SAFE said in a