China steps up scrutiny on individual forex purchases in the new year
This is an automatic summary, original reduced by 29%.
SHANGHAI China's foreign exchange regulator said that, starting Jan. 1, 2017, it will step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows, but the $50,000 annual individual quota will remain unchanged. The announcement by the State Administration of Foreign Exchange late on Saturday comes amid worries that the yuan, which fell nearly 7 percent against the dollar in 2016, could face renewed pressure in the new year as foreign currency buyers start afresh with a new $50,000 annual quota. Previously, China's reporting system for individual forex purchases was too simple, and outdated, leaving loopholes that facilitated illegal money transfers and money-laundering, SAFE said. Some individuals exploited SAFE's lax management to buy properties and make other investments under capital accounts, using money exchanged under current accounts, according to SAFE. "Such transactions disrupt normal market order, and erode the interests of those foreign currency buyers who abide by the rules," SAFE said. Individuals caught breaking the rules will be put on a "Watch list", and restricted, or banned from buying foreign currencies "For a certain period of time", and the record will be uploaded into their personal credit-scoring systems, SAFE said. The international forex market is volatile, but the yuan's effective exchange rate is basically stable, and the currency fluctuates sideways against the U.S. dollar. So holding foreign currency assets carries big uncertainty and risks."
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What is the best credit card for Canadian Travel related perks?
Perks I would be referring to would be (but not limited to):
Lounge Access at Canadian Airports
Parking discounts/Privilege at Canadian Airports
Priority Security Lanes
Free Checked Bags
I have tried to do some research but everything seems skewed heavily to the US. As of right now it looks like it is between the Visa Infinite Privilege from TD at $399 annual fee and the Amex Platinum at $699 annual fee. Both pretty hefty fees. I currently have TD Aeroplan Visa Infinite for my everyday card and a Roger World Elite Mastercard for Forex purchases/places that don't take Visa. I pay no fee's for either but given I travel for work/personal 10+ times a year I would like to look into trying to get some perks. I would probably rotate/churn whichever choice I make annually to benefit from sign-up bonuses
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Thoughts on purchasing banknotes from online forex websites..
Has anyone purchased foreign currency through online Forex websites like ezforex dot com? Not sure if the bills will be in good condition. Is there any other place to buy banknotes without paying a hefty premium? I am tempted to purchase, but since I don't live in US and was planning to ask a friend who is there to help me. Want to do it only if it's worth it and hence the question.
http://twitter.com/forex_in_world/status/1283587868582174727AUD/USD Brand Diagnosis: China GDP fails to purchase the bulls around 0.7000 https://t.co/jKQVos7bGT— FOREX IN WORLD (@forex_in_world) July 16, 2020
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