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.

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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.

Through the secured transaction function of Alipay, the leading independent third-party payment platform in China, these valuable banknotes will be returned to the issuing country through legal channels, thus reducing the people's unnecessary foreign exchange settlement losses.

Baidu encyclopedia-foreign exchange