BEIJING (MNI) - China's foreign exchange regulator has published guidelines seeking to crack down on the conversion of foreign exchange into yuan in a move apparently aimed at limiting the flow of capital onshore amid speculation about currency appreciation and rising asset prices.

The rules, which were made publicly available today by the State Administration of Foreign Exchange, appear intended to avoid the formation of syndicates designed to bypass restrictions on the amount of foreign currency that an individual can exchange into yuan.

The rules, which were enforced from November 19, now state that one individual account cannot receive or transmit foreign exchange-denominated funds from or to five or more other accounts if they are held by "near kin."

SAFE also said that it is trying to regulate the depositing of foreign exchange funds into individual accounts from five different accounts on the same day or consecutive days.

It is also seeking to avoid individuals withdrawing amounts equivalent to $10,000 on five separate occasions within one week.

Since 2007, Chinese residents have been allowed to convert up to the equivalent of $50,000 a year into foreign exchange. SAFE made no reference to adjusting that quota, any move of which would be interpreted as an attempt to tighten capital controls.

Zhang Ming, an economist with the Chinese Academy of Social Sciences, said in an opinion piece published Tuesday that Beijing should consider tightening capital controls to achieve monetary policy independence in a world of near-zero U.S. interest rates.

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