From May 1 day, the new policy of purchasing foreign exchange by individuals was officially implemented nationwide. Residents can buy foreign exchange cash equivalent to less than $20,000 at the bank counter with their ID cards.

According to the new foreign exchange management policy implemented by the central bank on May 1, the total amount of foreign exchange purchased by domestic residents each year is equivalent to $20,000 per person per year (including $20,000). Within the limit of $20,000, residents can buy foreign exchange in the bank only by showing their real identification and declaring their purpose. For the use of foreign exchange exceeding US$ 20,000, the bank will also meet the personal demand for foreign exchange purchase after reviewing the real demand documents stipulated in the Regulations on Foreign Exchange Control.

Prior to this, individuals not only had a limit of $5,000 to $8,000 to buy foreign exchange, but also had to go through multiple procedures between banks and SAFE. Residents who need to exchange foreign exchange abroad must show their passports, visas and other procedures. If they go abroad at their own expense, they must also pay a certain amount of RMB deposit when exchanging foreign exchange.