China hasn't scrapped individual forex purchase cap: Official

A clerk counts yuan and US dollar banknotes at a bank in Nantong, East China's Jiangsu province, Sep 21, 2016. [Photo/VCG]

BEIJING - Chinese foreign exchange authorities have not rolled out policies to terminate the foreign exchange purchase quota of $50,000 a year per person, a senior official said Friday.

Wang Chunying, spokesperson for the State Administration of Foreign Exchange (SAFE), made the remarks at a press conference when refuting market rumors that some cities have scrapped the cap on a pilot basis.

The SAFE has tried to strike a balance between providing convenient foreign exchange services and preventing risks, said Wang, adding that authorities will continue to strengthen supervision on cross-border capital flows.

The SAFE increased the quota for individual forex purchases from $20,000 per person to $50,000 starting Feb 1, 2007.