Foreign currency purchase loophole closed by regulator

Chinese residents now need to fill an application form indicating the purpose of foreign exchange purchases, reflecting strengthened scrutiny from the nation's top currency regulator amid renewed pressure from capital flight.

The application form includes 11 purposes residents can check, including travel and medical care.

The form specifies that residents will not be approved to purchase foreign currency if they hope to make overseas purchases not yet open to domestic individuals, such as overseas housing and insurance with investment returns.