Article 2 Individual foreign exchange settlement and domestic individual foreign exchange purchase shall be subject to annual total management. The annual total is equivalent to 50,000 dollars per person per year. The State Administration of Foreign Exchange may adjust the annual total according to the balance of payments.
The settlement and purchase of foreign exchange within the individual's annual total amount shall be handled at the bank with his valid identity certificate; If it exceeds the annual total, it shall be handled in accordance with Articles 10, 11 and 12 of these Rules under the current account, and in accordance with the relevant provisions of "Personal Foreign Exchange Management in Capital Account" of these Rules under the capital account.
Article 3 Foreign exchange purchased by individuals may be remitted abroad, deposited in foreign exchange savings accounts or taken out of the country according to regulations.
Personal foreign exchange trading, also known as foreign exchange treasure, refers to the trading behavior of individuals entrusting banks to buy and sell one foreign currency into another with reference to the real-time exchange rate in the international foreign exchange market. Because investors must hold enough foreign currency to trade, the internationally popular foreign exchange margin trading lacks the short selling mechanism and financing leverage mechanism of margin trading, so it is also called firm trading. Personal foreign exchange transactions are generally divided into firm offer and false offer (margin).
The law provides that:
Measures for the administration of personal foreign exchange
Article 2 Personal foreign exchange business is divided into domestic and overseas personal foreign exchange business according to the transaction subject, and personal foreign exchange business under current account and capital account is divided into domestic and overseas personal foreign exchange business according to the transaction nature. Manage personal foreign exchange business according to the above classification.
Article 3 The foreign exchange business of personal current account shall be managed according to the principle of convertibility, and the foreign exchange business of individual capital account shall be managed according to the convertibility process.
Article 4 The State Administration of Foreign Exchange and its branches (hereinafter referred to as the foreign exchange bureaus) shall, in accordance with the provisions of these Measures, supervise and manage individual domestic and cross-border foreign exchange business.
Article 5 Individuals shall handle relevant foreign exchange business in accordance with the provisions of these Measures. Banks shall handle foreign exchange receipts and payments, settlement and sale of foreign exchange and open foreign exchange accounts for individuals in accordance with the provisions of these Measures, and examine the authenticity of valid identity documents and relevant certification materials submitted by individuals. Remittance agencies and foreign currency exchange agencies (including exchange points) handle personal foreign exchange business for individuals in accordance with the provisions of these Measures.
Article 6 A bank shall handle the personal purchase and settlement of foreign exchange through the management information system designated by the foreign exchange bureau, truthfully and accurately enter the relevant information, and keep the personal business-related information for at least five years for future reference.