According to the decision of the agency, this restriction, aimed at strengthening monitoring of exchange activities in China, will come into effect on July 8, 2008 and will remain in force until one month after the end of the Paralympic Games, which will be held in Beijing from September 6 to 17.
Tourists will also be able to convert yuan back into foreign currency upon presentation of the required documents: a passport and a certificate of the initial exchange of currency into Chinese yuan. In this case, the amount of funds must also not exceed $50,000.
According to RIA Novosti, banks in all cities where the 2008 Olympics competitions will be held – Beijing, Shanghai, Tianjin, Qingdao, Hong Kong and Shenyang – have been informed of the new rule.