Foreign exchange accounts refer to freely convertible currency accounts opened by domestic institutions, domestic institutions and individuals in banks and non-bank financial institutions that are allowed to engage in foreign exchange deposit business in accordance with relevant account management regulations.
Foreign exchange accounts are opened in banks, but the examination and approval authority for opening foreign exchange accounts is the State Administration of Foreign Exchange. Therefore, to open a foreign exchange account, all domestic institutions must first go through the examination and approval procedures with the State Administration of Foreign Exchange, and then open an account in a bank with the "Approval Document for Opening a Current Account (or Capital Account)" issued by the Administration of Foreign Exchange.