China imposes restrictions on currency exhange
Chinese authorities have imposed new restrictions on the purchase of foreign currency, hopimg to slow the Yuan fall, Kazinform has learnt from bbc.com
Starting January 1, China tightened control over the purchase of foreign currency by its citizens.
From now on, people who want to exchange their Yuan's to other currencies will have to provide additional information regarding their identity and the origin of money.
The annual quota on foreign currency exchange in the amount of 50 thousand dollars remains unchanged.
As stated on the website of the Chinese State Administration of foreign exchange, by applying these measures authorities hope to reduce the scale of capital flight from the country.
Analysts say that in 2015 the capital outflow from China has reached $1 trillion.
According to Bloomberg Intelligence data, in period from January to September 2016 $ 690 billion has been exported from China.