Plans to loosen Renminbi controls confirmed 

The central bank confirmed that Chinese mainland is drawing up plans to loosen controls over renminbi outflow. 

If implemented, the proposed policy will greatly boost Hong Kong's status as a potential centre for offshore renminbi business by allowing more yuan to flow into the territory. 

It is necessary to "revise the decade-old regulations" on cross-border cash outflow, said Wang Lin, director of the Division of Taiwan, Hong Kong and Macao Affairs under the International Department of the People's Bank of China (PBOC). 

Under the current regulations enacted in 1993, an individual Chinese citizen is allowed to carry a maximum of 6,000 yuan (US$725) in cash out of the mainland during each visit. 

"We have long been aware of the call for a revision to raise the amount," Wang told China Daily. She noted that the State Administration of Foreign Exchange (SAFC), along with the General Administration of Customs, is in charge of making the feasibility study and drafting the rules.