Legal analysis: When formulating and implementing foreign exchange management policies, China adheres to the following two basic principles: First, it adheres to reform and opening up, supports and promotes the two-way opening of financial markets, further enhances the level of cross-border trade and investment facilitation, and serves the real economy. Second, we should persist in preventing the risk of cross-border capital flows, prevent the disorderly cross-border capital flows from impacting macroeconomic and financial stability, maintain the stability of the foreign exchange market, and create a good market environment for reform and opening up.

Legal basis: Regulations of People's Republic of China (PRC) Municipality on Foreign Exchange Control.

Article 7 Financial institutions engaged in foreign exchange business shall open foreign exchange accounts for customers in accordance with the provisions of the foreign exchange administration department of the State Council, and handle foreign exchange business through the foreign exchange accounts. Financial institutions engaged in foreign exchange business shall submit their clients' foreign exchange receipts and payments and account changes to foreign exchange management agencies according to law.

Article 9 The foreign exchange income of domestic institutions and individuals can be repatriated or deposited abroad; The conditions and time limit for repatriation or deposit abroad shall be stipulated by the foreign exchange administration department of the State Council according to the balance of payments and the needs of foreign exchange administration.

Article 10 The foreign exchange administration department of the State Council shall hold, manage and operate the national foreign exchange reserves according to law and follow the principles of safety, liquidity and appreciation.