According to Article 2 of the Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange, the annual total amount management is implemented for individual foreign exchange settlement and domestic individual foreign exchange purchase. The annual total is equivalent to 50,000 dollars per person per year. The State Administration of Foreign Exchange may adjust the annual total according to the balance of payments.
The settlement and purchase of foreign exchange within the individual's annual total amount shall be handled at the bank with his valid identity certificate; If it exceeds the annual total, it shall be handled in accordance with Articles 10, 11 and 12 of these Rules under the current account, and in accordance with the relevant provisions of "Personal Foreign Exchange Management in Capital Account" of these Rules under the capital account.
Extended data:
Measures for the Administration of Foreign Exchange for Individuals Article 5 Individuals shall handle relevant foreign exchange business in accordance with the provisions of these Measures. Banks shall handle foreign exchange receipts and payments, settlement and sale of foreign exchange and open foreign exchange accounts for individuals in accordance with the provisions of these Measures, and examine the authenticity of valid identity documents and relevant certification materials submitted by individuals. Remittance agencies and foreign currency exchange agencies (including exchange points) handle personal foreign exchange business for individuals in accordance with the provisions of these Measures.
Article 9 Individual settlement of foreign exchange and domestic individual purchase of foreign exchange shall be subject to annual total management. Within the total annual amount, it shall be handled in the bank with my valid identity certificate; If it exceeds the annual total, it shall be handled in the bank with my valid identity certificate and relevant certificates of the transaction amount under the current account, and under the capital account, it shall be handled in accordance with the relevant provisions of Chapter III.
Baidu Encyclopedia-Detailed Rules for the Implementation of Measures for the Administration of Personal Foreign Exchange