Monday, January 08, 2007

law - New restrictions for foreigners exchanging RMB

A strong, but unconfirmed rumor in the market suggests that the rules for foreigners to change Renminbi into foreign currency might be tightened. Tellers of a bank in Beijing were told in a meeting today that the maximum a person per year could change from Renminbi to US dollar would be 50,000 USD.
As the new forex rules are tied to your passport, having accounts with different banks is not going to help. Again: it is just a rumor, but if you want to change substantial amounts of money, better try to do it today.
Recently, Chinese citizens got the right to change up to 50,000 per person, per year and what was 20,000. It would mean that foreigners and Chinese are now treated in the same way.

Update: The rumor has been confirmed. The new measure will start at February 1, so you still have some time to change your money.

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