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:
Detailed Rules for the Implementation of the Measures for the Administration of Foreign Exchange for Individuals Article 11 If the non-operating settlement of foreign exchange in the current account of overseas individuals exceeds the total annual amount, they shall go to the bank with their valid identity documents and the following supporting materials:
(1) Rent expenditure: housing lease contract, invoice or payment notice registered by the housing management department;
(2) Living expenses: contracts or invoices;
(3) Medical and study expenses: proof of domestic hospital (school) fees;
(4) Others: relevant certificates and payment vouchers.
If the above-mentioned single settlement amount is more than USD 50,000, the RMB funds obtained from settlement will be directly transferred to the domestic RMB account of the counterparty.
Article 12 Domestic individuals who purchase foreign exchange for non-operating purposes under current account exceeds the annual total amount shall go to the bank with their valid identity documents and relevant proof materials of transaction amount.
Baidu Encyclopedia-Detailed Rules for the Implementation of Measures for the Administration of Personal Foreign Exchange