Legal analysis: foreign exchange is illegal. It is illegal to exchange foreign exchange in the hands of individuals, which belongs to money laundering activities. Anyone who buys or sells foreign exchange without permission or in disguised form shall be given a warning, his illegal income shall be confiscated and fined, so it is illegal to exchange foreign currency without permission. Renminbi is the legal tender of the country, but it is generally necessary to exchange local currency when going abroad, and foreign currency exchange needs to be exchanged at the bank. The state controls foreign exchange and cannot exchange foreign currency at will.

Legal basis: Article 45 of the Regulations on Foreign Exchange Control in People's Republic of China (PRC), whoever buys or sells foreign exchange privately, buys or sells foreign exchange in disguised form or illegally introduces a large amount of foreign exchange, shall be given a warning by the foreign exchange administration authorities, and his illegal income shall be confiscated, and a fine of less than 30% of the illegal amount shall be imposed; If the circumstances are serious, a fine of not less than 30% of the illegal amount but not more than the equivalent value shall be imposed; If a crime is constituted, criminal responsibility shall be investigated according to law.