Shanghai became the first city in China to launch a policy that simplifies currency exchange services for foreigners.

Foreigners who work in companies registered in Shanghai will no longer need to bring documents such as employment contracts, proof of income and tax completion certificates when they want to exchange their money in Chinese yuan to foreign currencies.

For the service, all they need is a fast pass, which they can apply for at the district's foreigner work permit office by filling out a Fast Pass on Foreign Talents Remuneration Foreign Exchange, which includes personal, employment and tax information.

With the fast pass, foreigners can purchase foreign exchange at all banks in Shanghai without further verification for an unlimited number of times as long as the total purchases don't exceed their legal income.

The State Administration of Foreign Exchange's Shanghai branch said the policy has been gradually rolled out across the city, and it will direct banks to develop related e-banking functions.

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