Not all domestic banks can exchange foreign currency, but most domestic banks have foreign currency exchange business. In addition to Bank of China, other banks such as Agricultural Bank and China Construction Bank can also exchange foreign currencies as long as they have foreign currency exchange business.

According to Article 7 of the Regulations on Foreign Exchange Control in People's Republic of China (PRC), financial institutions engaged in foreign exchange business shall open foreign exchange accounts for customers in accordance with the regulations of the foreign exchange management 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 8 The circulation of foreign currency is prohibited in People's Republic of China (PRC), and settlement shall not be made in foreign currency unless otherwise stipulated by the state.

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.

Extended data:

Article 2 of the Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange shall be subject to the annual gross management of individual foreign exchange settlement and domestic individual foreign exchange purchase. The annual total is equivalent to 50,000 dollars per person per year. The State Administration of Foreign Exchange may adjust the annual total according to the balance of payments.

The settlement and purchase of foreign exchange within the individual's annual total amount shall be handled at the bank with his valid identity certificate; If it exceeds the annual total, it shall be handled in accordance with Articles 10, 11 and 12 of these Rules under the current account, and in accordance with the relevant provisions of "Personal Foreign Exchange Management in Capital Account" of these Rules under the capital account.

Article 3 Foreign exchange purchased by individuals may be remitted abroad, deposited in foreign exchange savings accounts or taken out of the country according to regulations.

Article 4 individuals may entrust their immediate family members to handle the purchase and settlement of foreign exchange within the annual total; Overseas individuals who purchase foreign exchange, settle foreign exchange and purchase foreign exchange in excess of the annual total amount may entrust others to handle it according to the provisions of these Detailed Rules with relevant certification materials.

State Administration of Foreign Exchange-Regulations of People's Republic of China (PRC) Municipality on Foreign Exchange Control

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