Dual-currency cartoons often use RMB as the settlement currency in the settlement network of China UnionPay, and foreign currency can be used as the settlement currency in the settlement network of international bank card organizations designated by the overseas dual-currency card logo. (Of course, countries with UnionPay network abroad can also settle in RMB). Dual currency card is a transitional product under the current foreign exchange control in China.
In any place, whether it is the main foreign exchange market or not, ordinary petty cash transactions and cheque cashing are almost completely monopolized by banks. The main business of the bank's foreign exchange department is to convert the assets and liabilities of customers in commercial transactions and financial transactions from one currency to another. Simply put, bank customers can use British Airways cards to withdraw foreign exchange anywhere.
Extended data:
Types of foreign exchange:
1. Limited convertible foreign exchange refers to foreign exchange that cannot be freely converted into other currencies or paid to a third country without the approval of the issuing country. According to the regulations of the International Monetary Fund, all currencies with certain restrictions on international current payments and capital transfer are restricted freely convertible currencies. More than half of the national currencies in the world are limited convertible currencies, including RMB.
2. Bookkeeping foreign exchange, also known as clearing foreign exchange or bilateral foreign exchange, refers to foreign exchange deposited in bank accounts designated by both parties and cannot be converted into other currencies or paid to third countries.
3. Trade foreign exchange, also known as physical trade foreign exchange, refers to foreign exchange derived or used in import and export trade, that is, international payment means formed by international commodity circulation.
4. Non-trade foreign exchange refers to all foreign exchange except trade foreign exchange, that is, all foreign exchange that is not derived from or used for import and export trade, such as labor service foreign exchange, remittance and donation foreign exchange.
5. Financial foreign exchange is different from trade foreign exchange and non-trade foreign exchange, and belongs to a kind of financial asset foreign exchange, such as inter-bank trading foreign exchange. It is neither derived from tangible trade nor intangible trade, nor used for tangible trade, but used for the management and manipulation of various currency positions.
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