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When we exchange RMB for foreign exchange at SAFE, what will SAFE do with these RMB?
Foreign exchange is not exchanged at the foreign exchange bureau, but at the designated foreign exchange bank.

After purchasing foreign exchange, RMB forms deposits in banks for bank financing and loans.

When the bank's own foreign exchange is insufficient, it can also go to the foreign exchange trading center to purchase supplementary foreign exchange capital positions with RMB.