Indeed the currency exchange limit has been going down. Banks use various excuses to forbid currency exchange, even before you hit the personal legal limit of U

Indeed the currency exchange limit has been going down. Banks use various excuses to forbid currency exchange, even before you hit the personal legal limit of US $50k. A monetary policy maker at the central bank and a supporter capital controls was ironically denied to exchange USD $20k a year ago when trying to visit an overseas relative. The reason for denial was cited as being over 65 years old and not providing sufficient documents. He didn’t exceed the US $50k limit. [1] Earlier last year, China made it illegal to transfer for a profit of RMB 100k or with amount exceeding RMB 5M. This was considered as a measure to curb currency exchange among overseas friends and relatives. [2] Since two years ago, Chinese banks were required to report transfer of at least RMB 50k or US $10k. Seven banks were fined for not keeping track of such transfers. [3] Also two years ago, bank card withdrawal limits outside of China was reduced to RMB 100k. [4] With all these additional restrictions, the amount that one can exchange for is way less than US $50k per year (or about RMB 350k at current exchange rate). Possibly related: The People’s Bank of China just announced that depositing or withdrawing RMB 100k or more will require registration. [5] [1] https://money.163.com/19/0529/12/EGBJMPI4002580S6.html https://money.163.com/19/0529/12/EGBJMPI4002580S6.html (in simplified Chinese) [2] https://www.auliving.com.au/zh-tw/201902/116872.html https://www.auliving.com.au/zh-tw/201902/116872.html (in traditional Chinese) [3] http://finance.sina.com/bg/economy/economy_forex/sinacn/2018-10-24/doc-ivmeckxh1012573.shtml http://finance.sina.com/bg/economy/economy_forex/sinacn/2018... (in simplified Chinese) [4] https://www.hk01.com/%E8%B2%A1%E7%B6%93%E5%BF%AB%E8%A8%8A/145882/%E4%B8%AD%E5%9C%8B%E5%9A%B4%E9%99%90%E9%8A%80%E8%A1%8C%E5%8D%A1%E5%A2%83%E5%A4%96%E6%8F%90%E6%AC%BE-%E5%80%8B%E4%BA%BA%E5%90%8D%E4%B8%8B%E6%89%80%E6%9C%89%E9%8A%80%E8%A1%8C%E5%8D%A1%E5%85%A8%E5%B9%B4%E5%85%B1%E9%99%9010%E8%90%AC%E4%BA%BA%E5%B9%A3 https://www.hk01.com/%E8%B2%A1%E7%B6%93%E5%BF%AB%E8%A8%8A/14... (in traditional Chinese) [5] https://www.msn.com/zh-tw/news/world/%E4%B8%AD%E5%9C%8B%E6%96%B0%E8%A6%8F%E3%80%8C%E7%AE%A1%E7%90%86%E7%8F%BE%E9%87%91%E3%80%8D%EF%BC%81%E7%A7%81%E4%BA%BA%E5%AD%98%E5%8F%9610%E8%90%AC%E8%A6%81%E7%99%BB%E8%A8%98-%E9%99%B8%E7%B6%B2%E5%8F%8B%E6%80%92%E4%BA%86/ar-BB15pBdy https://www.msn.com/zh-tw/news/world/%E4%B8%AD%E5%9C%8B%E6%9... (in traditional Chinese)