Chinese investors and financial advisers on Tuesday shrugged off stricter government vetting of foreign exchange purchases, saying the measures were unlikely to have a dramatic impact on overseas spending.
Chinese citizens have been restricted for years to an annual forex purchase quota of $50,000, which reset for the new year. If exercised by even a fraction of China’s affluent and middle-class households, quota purchases could drain the country’s forex reserves and put further downward pressure on the renminbi, which fell 8 per cent against the dollar last year.
The new rules specify for the first time approved uses for forex, such as overseas travel and education, while banning offshore property purchases and other investments.
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