economy - SAFE tightens forex rules

In an already anticipated move the State Administration for Foreign Exchange (SAFE) has tightened its rules for local residence to sell foreign currency to banks, write the state media.
Daily exchanges are limited to 10,000 US dollar per day and 50,000 US dollar per month without prior approval of SAFE, but clients also have to proof their identity and the legitimacy of the funds they have.
The measures support rumors that SAFE is making the playing field smaller for speculators ahead of a possible revaluation of the renminbi.