The city of Wenzhou, Zhejiang has introduced a pilot program to allow residents to invest up to US$200 million a year overseas, the Wall Street Journal reported. The Wenzhou Foreign Trade and Economic Cooperation Bureau said individual residents will not be permitted to invest more than US$3 million in a single project, and will be barred from investments in overseas property and equities. The limited program, which applies only to Wenzhou residents, comes as China gradually reduces controls on its currency. The State Administration of Foreign Exchange announced last month that exporters would be permitted to keep foreign currency earnings overseas; certain exporters were also given freedom to determine when to repatriate offshore income.