China says to step up checks on individuals' forex buying

BEIJING: China's foreign exchange regulator said on Thursday that it will step up checks on individuals' foreign currency buying, in the latest step to curb capital outflows.

The State Administration of Foreign Exchange will launch a new monitoring system on foreign exchange businesses at banks from the start of 2016 to prevent people from evading the official limits on currency buying, it said in a statement.

Individuals are now permitted to buy a maximum equivalent of $50,000 of foreign currency per year.