Trial currency exchange program announced

China will allow authorized non-financial institutions in Beijing and Shanghai to offer currency exchange services to individuals, AFP reported. The State Administration of Foreign Exchange said in a statement on Wednesday that the trial program will allow Chinese individuals to buy or sell foreign currency at authorized non-financial institutions with an annual limit of US$50,000 per person. Foreign individuals will be allowed to convert foreign currency into yuan with the same yearly limit of US$50,000 and foreign residents will be allowed to exchange the yuan equivalent of US$500 into foreign currency daily. Exchange rates will be set in line with central bank rules. Currently only commercial banks can provide currency exchange services.