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

Individuals may entrust their immediate family members to handle the purchase and settlement of foreign exchange within the total annual amount; Overseas individuals who purchase foreign exchange, settle foreign exchange and purchase foreign exchange in excess of the annual total amount may entrust others to handle it according to the provisions of these Detailed Rules with relevant certification materials.

If the non-operating foreign exchange settlement under the current account of overseas individuals exceeds the annual total, they shall go to the bank with their valid identity documents and the following supporting materials:

(1) Rental expenses: housing lease contracts, invoices or payment notices registered by the housing management department;

(2) Living expenses: contracts or invoices;

(3) Medical and study expenses: proof of domestic hospital (school) fees;

(4) Others: relevant certificates and payment vouchers.

Baidu encyclopedia-foreign exchange