Purchase of foreign exchange shall not be used for overseas purchase and investment.
It is worth noting that this year, the State Administration of Foreign Exchange also restricted the use of foreign exchange purchases. The Beijing Morning Post reporter noted that in this year's new version of the "Application Form for Personal Purchase of Foreign Exchange", it was clearly stated that "it should not be used for capital projects that have not yet been opened, such as buying a house overseas, investing in securities, purchasing life insurance, and investing in dividend insurance".
In fact, in recent years, with the continuous depreciation of RMB against USD, more and more investors have converted RMB into USD or other currencies for overseas asset allocation. Especially 20 16, many investors have set their sights on insurance in Hong Kong.
According to the regulations of the State Administration of Foreign Exchange, the purchase of foreign exchange by individual residents is only used for external payment under the current account, including private travel, study abroad, going abroad on business, visiting relatives, overseas medical treatment, trade in goods, purchasing non-investment insurance and consulting services.
With regard to investment, the State Administration of Foreign Exchange said that at present, China's capital account has not been fully convertible, and individual foreign investment under capital can only be realized through prescribed channels, such as QDII (qualified domestic institutional investor).
Extended data
Illegal use of foreign exchange to buy a house will be included in the credit record:
"ants moving" will be included in the attention list.
In the future, individuals illegally cross-border flow of funds by splitting up and using other people's annual foreign exchange quotas, also known as "ant moving", will be included in their "attention list" by the foreign exchange bureau.
According to the State Administration of Foreign Exchange, individuals who make false declarations, cheat foreign exchange, cheat foreign exchange, launder money, illegally use and illegally transfer foreign exchange funds will be included in the "watch list", and the purchase of foreign exchange will be restricted or prohibited in a certain period of time in the future, and will be included in their personal credit records.
The new version of the application for personal purchase of foreign exchange states that "you shall not falsely apply for personal purchase of foreign exchange information", "you shall not lend your own convenience line to help others purchase foreign exchange" and "you shall not borrow other people's convenience line to implement split purchase of foreign exchange".
People's Daily Online-State Administration of Foreign Exchange: Foreign exchange shall not be used for overseas house purchase and investment.