The phenomenon that the US dollar is 1: 12 on the black market shows that the exchange rate between the US dollar and the RMB is much higher than the official exchange rate in the unofficial foreign exchange market, which is usually due to traders taking advantage of regulatory loopholes or illegal means to obtain foreign exchange and then selling it at a high price on the black market. However, this is not a legal transaction. China's foreign exchange management regulations require residents and enterprises to conduct foreign exchange transactions through formal channels. Illegal transactions are not only not protected by law, but may also violate the law and face punishment.

The risk of black market trading can not be ignored. It is not only lack of legal protection, but also vulnerable to market fluctuations, and may become a hotbed of criminal activities. In order to avoid risks, individuals and enterprises should choose banks, foreign exchange exchanges or legal internet financial platforms for transactions, and at the same time raise public awareness of black market risks and reduce illegal transactions.

The negative impact of black market transactions on the economy can not be ignored, which may lead to market disorder, facilitate illegal activities and undermine fair competition. Therefore, although black market trading exists in some groups, its illegal and unstable nature determines that it is not a safe and sustainable trading method. Generally speaking, any foreign exchange trader should avoid setting foot in the black market to protect his assets and rights.