Currency Buyers: Exchange and Form

currency buyers: The new form, which the Global Times accessed online from the Industrial and Commercial Bank of China, asks foreign currency buyers for detailed information regarding their buying purpose, according to Global Times China. The form listed six areas where buyers are prohibited from doing, including providing false information, lending or borrowing quota for foreign currency swaps, and engaging in money laundering, tax evasions and other illegal activities. The new rules, launched by the State Administration of Foreign Exchange SAFE over the weekend, include a more detailed foreign exchange purchasing application form and a blacklist for illegal foreign exchange transactions, as the government grapples to close loopholes in the domestic foreign exchange purchasing system. SAFE's 50,000 quota per year for buying foreign currency remains unchanged. Impact on property purchases An employee of Global House Buyer, a real estate agent specializing in overseas assets, said that buyers used to accumulate foreign currencies by using the 50,000 quota multiple times. It also specifically said that individual investors can not buy foreign currencies for purchasing real estate abroad or investing in overseas stocks or insurance or other yet open assets. (news.financializer.com). As reported in the news.