China’s FX regulator denies U.S. dollar withdrawal limits

China’s foreign exchange regulator has not modified rules on withdrawals of foreign exchange by individuals, the regulator said on Tuesday, following media reports that it had capped the frequency of U.S. dollar withdrawals at two each week.

“We have not released any new rules recently regarding domestic cash withdrawals of foreign currency by individuals,” the State Administration of Foreign Exchange (SAFE) said in a post on its official account on China’s Twitter-like Weibo.

A daily withdrawal of a maximum of 10,000 U.S. dollars is allowed from banks in China, under an existing policy prevailing since 2007, SAFE said.