This is illegal. According to foreign exchange management regulations, residents must exchange foreign currency at banks or designated foreign exchange exchange points approved by the State Administration of Foreign Exchange, otherwise it is illegal to exchange foreign currency. If found, relevant funds will be confiscated and a fine will be imposed. Individuals who illegally transfer the accumulated equivalent of more than US$ 200,000 will be investigated for criminal responsibility and can be sentenced to fixed-term imprisonment of not more than three years. It is illegal to exchange foreign exchange for others. According to foreign exchange management regulations, residents must exchange foreign currency at banks or designated foreign exchange exchange points approved by the State Administration of Foreign Exchange, otherwise it is illegal to exchange foreign currency. If found, relevant funds will be confiscated and a fine will be imposed. Individuals who illegally transfer the accumulated equivalent of more than US$ 200,000 will be investigated for criminal responsibility and can be sentenced to fixed-term imprisonment of not more than three years. It is illegal to exchange foreign currency privately, and if the circumstances are serious, it may even constitute a crime. According to the Regulations on Foreign Exchange Control, residents must go to a bank approved by the State Administration of Foreign Exchange or a designated foreign exchange exchange point to exchange foreign currency illegally. If found, relevant funds will be confiscated and a fine will be imposed. If the amount of foreign currency exchanged privately is especially huge and has a bad influence, it constitutes the crime of illegal business operation. Sentencing standard for the crime of illegal business operation: if the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or only be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years, and shall also be fined not less than one time but not more than five times his illegal income or his property shall be confiscated.
How to operate foreign exchange correctly to make money?
1. There are many examples of gains and losses caused by different leverage ratios. Investors need to learn the skills of foreign exchange trading and learn how to choose the most appropriate leverage ratio in order to obtain better investment returns.
2. Investors can choose to keep the leverage ratio low, or try to reduce losses by moving stop loss, thus protecting their own funds. However, choosing the appropriate leverage ratio tests the risk tolerance of traders. Only with sufficient ability can foreign exchange transactions be carried out reasonably. Secondly, investors need to step by step, and don't rush to open a real foreign exchange investment account when trading.
Legal basis:
Regulations of People's Republic of China (PRC) Municipality on Foreign Exchange Control
Article 45
Buying and selling foreign exchange without permission, buying and selling foreign exchange in disguised form, buying and selling foreign exchange in reverse, or illegally introducing and selling foreign exchange in a large amount, shall be given a warning by the foreign exchange administration organs, the 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.