China expands non-bank foreign exchange scheme

BEIJING, Nov 11 - China's programme allowing non-bank institutions to carry out currency exchange services has been expanded to another 13 provinces, the State Administration of Foreign Exchange said on Wednesday.

China first allowed non-bank organisations to provide personal foreign exchange services in August 2008, but they were originally restricted to Beijing and Shanghai only.

The 13 provinces include Guangdong, Jiangsu and Zhejiang, all major exporting regions, as well as Guangxi and Yunnan in the southwest.

According to the rules, a single client can change a maximum of $5,000 worth of foreign currencies per day.

Personal currency exchange turnover in China was about $170 billion in China last year, SAFE said, with the vast majority of transactions taking place at bank branches. (Reporting by Zhou Xin and David Stanway, editing by Mike Peacock)