In a fresh move to loosen foreign exchange control, China's foreign exchange regulator announced Wednesday that students studying abroad can convert Renminbi into foreign currencies in line with their tuition they need beginning Dec. 20.

At present each student can obtain no more than 20,000 US dollars a year through bank exchanges.

The State Administration of Foreign Exchange (SAFE) said in a notice that each student going overseas can also exchange Renminbi for the equivalent of 20,000 US dollars a year to be used as living expenses. Foreign currency exchange beyond that should still be approved by the regulator.