China Bank, China Industrial and Commercial Bank, China Agricultural Bank, China Construction Bank and other commercial banks approved by the state can engage in foreign exchange business. It is illegal to exchange foreign currency in places other than designated banks and legal foreign currency exchange points.

Domestic individuals selling or buying foreign exchange (that is, settlement and sale of foreign exchange) shall be subject to annual total management. The annual total is equivalent to 50,000 dollars per person per year. Individuals who purchase foreign exchange with the equivalent of less than $50,000 within one year can go directly to the bank with their valid identity documents. If the amount exceeds the limit, in addition to the personal valid identity certificate, relevant certification materials shall be provided for payment at the designated foreign exchange bank.

Extended data:

All commercial banks in Chinese mainland do not exchange foreign currency cash, including foreign currency that has stopped circulating, slightly damaged foreign currency and foreign currency of some small currency countries. In Chinese mainland, there are a large number of valuable foreign banknotes with small face value, slight damage and small currency value.

Slightly damaged foreign currency exchange includes: US dollars, British pounds, euros, Swiss francs, Norwegian krona, Swedish krona, Danish krona, Canadian dollars, Australian dollars, New Zealand dollars, New Taiwan dollars, Macao dollars, Hong Kong dollars, Korean won, Japanese yen, Singapore dollars, Brunei dollars, Thai baht, Malaysian ringgit and other banknotes.

Baidu encyclopedia-foreign exchange