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China regulator denies reports of new FX purchase restrictions

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[BEIJING] The Shanghai branch of China's foreign exchange regulator on Tuesday said there have been no changes to rules on individuals purchasing foreign exchange in the city.

The comment was in response to unspecified reports of new foreign exchange purchase restrictions in Shanghai.

The Shanghai branch of the State Administration of Foreign Exchange said that it supports qualified firms investing overseas and the healthy development of foreign investment.

Chinese individuals are allowed to purchase US$50,000 annually with no restrictions, while amounts larger than that require more documentation.

The Chinese yuan weakened against the dollar on Monday following the UK's vote to leave the European Union, and analysts expect further downward pressure on the currency in the short term.