Overseas RMB transfers eased
17 November 2004
Chinese nationals moving overseas will soon be allowed to take their financial assets with them under new regulations issued by the People's Bank of China (PBOC), state media reported. The central bank said new laws allowing the transfer of personal funds would take effect in December. In a statement the PBOC said the relaxation of regulations would push forward the process of making the yuan fully convertible. Currently there is no official channel for Chinese citizens moving abroad to legally convert their personal assets into foreign currency and transfer them overseas, leading many to use the black market.
