The relevant person in charge of the central bank said that with the improvement of the living standards of Chinese residents, personal contacts with foreign countries have become increasingly frequent, and the current entry and exit quota of 6,000 yuan per person can no longer meet the needs of Chinese residents for traveling, doing business and studying abroad. In addition, the exchange rate of RMB is stable, the value of RMB is firm, the demand of neighboring countries and regions is increasing, and the circulation scale of RMB is also expanding, so it is necessary to adjust the entry and exit quota of RMB.
At present, mainland residents carrying RMB into and out of the country are mainly used for consumption in Hong Kong and Macao. In addition, with the development of border trade, RMB has become the main currency for border trade settlement in neighboring countries such as Russia, Mongolia, Vietnam, Myanmar and Nepal.
In fact, as early as last year, Hong Kong realized the free travel of UnionPay cards in the Mainland, and Macao also opened this service not long ago. Mainland residents who hold UnionPay cards issued by local banks can spend freely in merchants with UnionPay logo in Hong Kong and Macao, and spend as much as they have in their cards. This has actually exceeded the upper limit of 6000 yuan for entry and exit.
However, the use of bank cards for cross-border consumption is still subject to some restrictions. For example, in Hong Kong and Macao, only merchants with UnionPay logo can swipe their cards. Using bank remittance or traveler's checks also has some disadvantages, such as high service fee and few exchange outlets. Because residents do not understand the services provided by overseas financial institutions when traveling abroad, and are limited by language, they are more accustomed to using RMB for cash consumption abroad.
The central bank said that in the future, while objectively looking at the cash consumption preferences of entry-exit personnel and adjusting the entry-exit quota standards, it will also actively develop and promote non-cash settlement methods to minimize the carrying and use of cash.