Chinese residents hoping to cash out of the renminbi will face a great wall of paperwork on Tuesday in a test of confidence for the currency as the annual quota for individuals’ foreign exchange purchases resets.
With individuals in China allowed to purchase up to $50,000 worth of foreign exchange each calendar year, observers will be watching for signs of a rush to use up their limit as banks reopen after the new year holiday.
The incentive to buy dollars is strong after the US Federal Reserve’s December rate rise — and the fiscal and economic policies of US president-elect Donald Trump are only expected to accelerate the renminbi’s two-year decline against the greenback.
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