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Bank of China ignores yearly foreign exchange cap to help emigrants transfer money overseas: report
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BANK of China is ignoring the yearly foreign exchange cap for individuals who plan to emigrate, according to the state television broadcaster.
As part of controls on capital outflow, an individual is only allowed to exchange up to a maximum of US$50,000, or the equivalent in other currencies, each year. Individuals need to list the purpose for buying the foreign currency on bank forms.
State-owned Bank of China can “evade” the existing restrictions and help emigrants transfer their money overseas for property purchases or investment immigration, according to a CCTV report this morning. The bank charges up to a 0.4 percent fee on the foreign exchange settlement, the report said.
The bank’s Beijing headquarters could not be reached for comments on the report.
There’s growing demand among individuals to move their money overseas, as nearly 600,000 people emigrated from China in the past three years, according to a report by the Chinese Academy of Social Sciences, a government think tank.
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