What are the current rules for converting Chinese currency to US?
Upvote:2
I know this is a very old thread but just to clarify. There is a daily exchange limit of 500US$. This is limited to 50,000US$/year however I do not believe that this is possible to control. Exchanging in either direction. If you live and work in China you can provide your tax certificates to the bank to show how much you earn. In this case you can transfer as much as you earn.
Upvote:3
Bank of China just let me convert Renminbi to $500 US. They did not ask where I got the Renminbi, and in particular did not ask me to show withdrawal receipts for it.
They set a $500 limit. I did not ask if I could convert more tomorrow. But in 2007 you could even go to another bank the same day and convert another $500. I did that in 2007.
Upvote:5
Chinese citizens have an yearly limitation on the foreign currencies they can acquire (50,000 USD) but looks like that foreigners are not allowed to acquire foreign currency.
Banks are instructed by the State Administration of Foreign Exchange (http://www.safe.gov.cn/) to don't permit tourists to convert from RMB to their foreign currency (but they allow tourist to convert their foreign currency to RMB).
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