Before 1979, foreign exchange business was managed by Bank of China. In order to adapt to the new situation after the reform and opening-up, we introduced a competition mechanism in the field of foreign exchange business, reformed the operating mechanism of foreign exchange business, allowed national specialized banks to cross business, and approved a number of commercial banks and a number of non-bank financial institutions to operate foreign exchange business.

Foreign-funded financial institutions are allowed to set up business institutions to engage in foreign exchange business, forming a pattern in which various financial institutions participate in foreign exchange business. Most commercial banks can provide private foreign exchange purchase service, but not all outlets of every bank can handle it. Citizens can consult through the customer service hotlines of various banks.

2065438+On May 3, 2008, the People's Bank of China issued the Notice of the General Office of the People's Bank of China on Further Clarifying the Relevant Matters Concerning the Management of Foreign Securities Investment in RMB qualified domestic institutional investor, clarifying the macro-prudential management and information submission of overseas investment by RMB qualified investors. The Notice requires that qualified RMB investors shall not remit RMB funds abroad to purchase foreign exchange.

Extended data:

Overseas investment by qualified RMB investors refers to RMB-denominated products invested by domestic financial institutions in overseas financial markets with their own RMB funds or by raising RMB funds from domestic institutions and individuals with the permission of the State Council financial supervision and regulation institution (except for overseas use of bank-owned funds).

Qualified RMB investors who make overseas investments shall submit basic information of qualified RMB investors, custodian banks, sources and scale of funds, investment plans, inward and outward remittance of funds, overseas positions and other information to the Shanghai Headquarters of the People's Bank of China in accordance with regulations.

According to the cross-border capital flow, the offshore RMB market liquidity and the development of RMB products, the People's Bank of China implements macro-prudential management of overseas investment by qualified RMB investors.

Baidu Encyclopedia-China State Administration of Foreign Exchange

Baidu encyclopedia-purchasing foreign exchange

People's Network-Renminbi shall not be remitted abroad to purchase foreign exchange.