What are the foreign exchange control regulations in 2020? New regulations on foreign exchange control in 2020

Now that 2019 is gradually coming to an end, it is also essential for investors to master the relevant regulations and systems in advance. For example, the new regulations on foreign exchange control are more important for foreign exchange traders. The following small part will introduce the contents of the new regulations on foreign exchange control in 2020.


New regulations on foreign exchange control in 2020
When Chinese people withdraw cash from bank cards abroad annually, the total amount of capital each year shall not exceed the equivalent of RMB 100000, and the amount of withdrawal shall be 10000 yuan per day. If a Chinese citizen holds a domestic bank card and withdraws overseas in excess of the limit, the State shall suspend the withdrawal of cash by domestic bank card in the current year or the following year.

However, the safe said that the current regulations do not affect overseas consumption and foreign exchange use of cardholders. It will not affect the amount of US $50000 foreign exchange purchase in the year of personal convenience. If it is to study abroad, travel, and other items of food and housing consumption, can be paid with bank card.

The amount of individual exchange is still $50000 per person per natural year. In addition, individual transactions of RMB 50000 and transfer of RMB 200000 or more will be directly supervised by the central bank. Besides banking, it also includes non bank payment institutions such as Alipay, WeChat, Baidu wallet and so on.

Moreover, from February 1, this year, the interpretation on Several Issues concerning the application of law in handling criminal cases of illegal fund payment and settlement and illegal trading of foreign exchange has been formally implemented. The interpretation stipulates the illegal purchase and sale of foreign exchange, such as the illegal purchase and sale of foreign exchange, or the disguised purchase and sale of foreign exchange. The main purpose of the latest foreign exchange control is to prevent illegal activities of money laundering, terrorist financing and tax evasion. It does not affect the consumption of traveling abroad and studying abroad.

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