China's State Administration of Foreign Exchange (SAFE) announced new foreign exchange regulations for Chinese residents allowing them to convert up to US$10,000 of foreign currency without proof of a source. For amounts between US$10,000 to US$50,000 residents are required to submit certificates proving an origin of the funds. For amounts above US$50,000, SAFE requires residents to apply with local foreign exchange administration bureaus for exchange approval. The move is in response to fears of possible RMB inflation, according to analysts.
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