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On Friday China's central bank, the People's Bank of China, issued new foreign currency regulations in a bid to facilitate individual foreign exchange transactions.

The regulations come into effect on February 1, 2007 and impose an annual quota on foreign exchange settlements of individuals. This abolishes the previous limit for every single settlement transaction.

For transactions within the annual quota individuals can handle foreign exchange settlements directly with a bank.

Beyond the quota settlement transactions in current accounts must be inspected by a bank and those completed through capital accounts are subject to the foreign exchange authorities.

The annual quota will simplify the procedures for individual foreign exchange settlements, said a central bank spokesman. He explained that China placed an annual quota on foreign exchange purchases by individuals in May. This resulted in an increase of 210 percent in purchases from May to November over the same period of last year.

The new regulations aim to facilitate foreign exchange flows in personal trade by allowing individuals to open settlement accounts and treating personal traders in the same way as trading companies.

No quotas are imposed on foreign exchange settlements or the purchases of personal traders registered with the commerce authorities. The regulations also provide guidance for capital account transactions of individuals.

Mainland residents can entrust banks, fund management companies and other domestic institutions to invest in financial products overseas including stocks and bonds, say the regulations.

The annual quota also applies to capital account foreign exchange settlements and the purchases of individuals.

China will gradually relax restrictions on capital account foreign exchange transactions as the country continues to make the Renminbi convertible through such accounts, said the spokesman.

The foreign exchange authorities will improve the monitoring of foreign exchange transactions taking a particular interest in those that are substantial or suspicious. They'll also crack down on money laundering and other criminal activities, explained the spokesman.

(Xinhua News Agency December 30, 2006)