In China, the local currency is RMB. When foreign currency needs to be paid after foreign currency transaction, the act of purchasing foreign exchange with RMB is called purchasing foreign exchange. It is a transfer transaction, that is, changing the local currency in an account into foreign currency, which is equivalent to foreign exchange trading. The converted foreign currency is still in the account or bank card, and there is no cash withdrawal. However, after 20 14, China opened its foreign currency exchange policy. Individuals and institutions that need to purchase foreign exchange can buy foreign currency through regular foreign exchange companies and get cash. Therefore, purchasing foreign exchange is no longer a pure banking business.