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CHINESE RESIDENTS BUY MORE FOREIGN CURRENCY.
BEIJING, April 1 Asia Pulse - The amount of foreign currency bought by Chinese residents with Renminbi (RMB) has soared by over 50 per cent since China adopted a new policy on individual foreign exchange last October.
From October 2003 to February 2004, Chinese residents bought foreign currencies worth US$475.41 million for private use, up 51.2 per cent year on year, according to latest figures from the State Administration of Foreign Exchange.
If mainland residents use foreign currency credit cards to purchase abroad, they are allowed to buy the same amount of foreign currency with RMB after they return, according to the new policy.
"This stimulates ...
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