Recently, the People's Bank of China, the China Financial Supervisory Administration, and the China Securities Regulatory Commission jointly issued the “Administrative Measures on Customer Due Diligence and Retention of Customer Identification Data and Transaction Records of Financial Institutions”, which clearly states that from January 1, 2026, for cross-border remittance services, remittance of RMB 5,000 or more in a single transaction of RMB 5,000 or the equivalent of a foreign currency of 1,000 US dollars or more must be verified. After the new regulations were issued, many members of the public were concerned: Does this mean that cross-border remittance is more difficult? Will an individual's annual foreign exchange purchase quota of 50,000 US dollars be affected? A number of banking industry insiders said that the core of the regulation is “verification” rather than “restriction”. The purpose is to prevent illegal capital flows, not hinder normal cross-border remittance, and that the annual facilitation quota policy of 50,000 US dollars for individuals remains unchanged.

Recently, the People's Bank of China, the China Financial Supervisory Administration, and the China Securities Regulatory Commission jointly issued the “Administrative Measures on Customer Due Diligence and Retention of Customer Identification Data and Transaction Records of Financial Institutions”, which clearly states that from January 1, 2026, for cross-border remittance services, remittance of RMB 5,000 or more in a single transaction of RMB 5,000 or the equivalent of a foreign currency of 1,000 US dollars or more must be verified. After the new regulations were issued, many members of the public were concerned: Does this mean that cross-border remittance is more difficult? Will an individual's annual foreign exchange purchase quota of 50,000 US dollars be affected? A number of banking industry insiders said that the core of the regulation is “verification” rather than “restriction”. The purpose is to prevent illegal capital flows, not hinder normal cross-border remittance, and that the annual facilitation quota policy of 50,000 US dollars for individuals remains unchanged.