Designated banks refer to China Industrial and Commercial Bank, China Construction Bank, China Bank, Bank of Communications, Agricultural Bank and other commercial banks approved by the state to engage in foreign exchange business. You can also go to China Merchants Bank, Shanghai Pudong Development Bank, China Everbright Bank and China CITIC Bank.

It is illegal to exchange foreign currency outside designated foreign exchange banks and legal foreign exchange exchange points.

Domestic convertible foreign currencies mainly include: British pound, Hong Kong dollar, US dollar, Swiss franc, Singapore dollar, Swedish krona, Danish krona, Norwegian krona, Japanese yen, Canadian dollar, Australian dollar, Macao dollar, Philippine peso, Thai baht, New Zealand dollar and Korean won. Other foreign currencies are not convertible in our country.

Extended data:

Individuals who need a small amount of foreign exchange for overseas payment may purchase foreign exchange from banks. According to the Regulations on the Administration of Personal Foreign Exchange issued by the People's Bank of China in 2006 and the Detailed Rules for the Implementation of the Measures for the Administration of Personal Foreign Exchange issued by the State Administration of Foreign Exchange, the annual total foreign exchange is managed by the foreign exchange sold or bought by domestic individuals.

The annual total is equivalent to 50,000 US dollars per person (convertible Thai baht is equivalent to 50,000 US dollars per person per year). Individuals who purchase foreign exchange less than $50,000 within one year shall go directly to the bank with valid identity documents. If the amount exceeds the limit, in addition to providing my valid identity certificate, I should also provide relevant certification materials that need to be paid and used, and go to the designated foreign exchange bank for handling.

Baidu encyclopedia-foreign exchange

Baidu Encyclopedia-China Bank