China to curb irregular FX flow

China's State Administration of Foreign Exchange has said new rules governing individuals' transfers of foreign currency into yuan are aimed at combating irregular capital flow.

In its latest attempt to plug holes in the system, the SAFE said any one person or organization outside China would be barred from sending foreign currency to more than four Chinese individuals on a single day or consecutive days.

It also said it would prevent individuals from receiving foreign currency from more than four people considered to be near kin.

Also, individuals are not allowed to withdraw over 10 thousand US dollars from their accounts more than four times within a week.