New guideline on outward remittance
PRESS RELEASE Release Date : June 17,2005
New guideline on outward remittance
For encouraging overseas investment and efficient allocation of economic resources, the Central Bank of China (CBC) announced today that individuals or companies, who have already reached their maximum annual accumulated remittance amounts of US$5 million or US$50 million but wish to invest overseas, may apply to the CBC for approval to purchase additional foreign currencies. Such requests should be accompanied by supporting documents and made through an authorized bank. Approvals may be granted on the same day.