Beijing: China will further tighten controls on individuals' foreign currency purchases to try to curb massive capital flight from the country as the yuan falls sharply against the dollar.
Individuals wishing to convert yuan to foreign currencies will now have to provide more detailed information to their bank, including an explanation of the funds concerned in addition to their identity papers, said the State Administration of Foreign Exchange (SAFE).
Each year individuals can convert up to the equivalent of $50,000, a maximum sum that will not change, it said on its website.
The tighter controls are aimed at preventing attempts to circumvent this quota.
The idea is to "combat illegal transactions, money-laundering and clandestine banks", the agency said, vowing to multiply random checks and toughen its sanctions.
