Foreign currency cannot be freely exchanged, and a certain handling fee will be charged for the exchange.

Money laundering is theoretically possible. Most people can't do it. Therefore, in coastal areas, especially many enterprises involved in foreign trade, the state has been checking to prevent them from engaging in illegal and criminal activities such as underground banks.

In China, the amount of foreign exchange purchased by individuals is $50,000 per year. Because of the middle price and handling fee, most people can't wash money.

Suppose the median price is 6.5000 yuan, which may be 6.52 when you buy it and 6.48 when you sell it. Most people can only lose money.

Many people don't care about this because they want to go abroad.

You said that money laundering and bringing a lot of cash into the country must be declared first, otherwise it is a crime. It seems that individuals who bring foreign exchange into China within 500,000 US dollars must change it into RMB.