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Loosening of Foreign Exchange Rumor Refuted
The State Administration of Foreign Exchange (SAFE) said Friday it is a rumor that the State has loosened the limits of trading RMB with foreign currencies by students going abroad for further studies.
A spokesman for the SAFE reiterated that each student who wants to study abroad for a bachelor's degree or above can exchange 2, 000 U.S. dollars or the equivalent amount of other foreign currencies, at a designated bank with a visa issued by the designated country.
If the student needs more than 2,000 U.S. dollars of foreign currency, he or she should present a special application to a local branch of the SAFE; and if the demand exceeds 50,000 U.S. dollars, the student should apply to the head office of the SAFE, the spokesman said.
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