Yes According to the official information of the Ministry of Commerce of People's Republic of China (PRC) and China, Standard Chartered Bank is one of the three banks prohibited by the People's Bank of China from engaging in certain foreign exchange businesses, while the People's Bank of China suspended some foreign exchange businesses of Deutsche Bank and two other banks to curb capital outflow when the RMB weakened. Therefore, it is not allowed to exchange foreign exchange if you cancel the blue star membership of Standard Chartered Bank.