The State Administration of Foreign Exchange (hereinafter referred to as the State Administration of Foreign Exchange) is a financial agency under the State Council of the People's Republic of China and a deputy ministerial-level national bureau managed by the People's Bank of China. It is responsible for the management of foreign exchange receipts and payments, Buying, selling, lending, transferring and international settlement, foreign exchange rates and foreign exchange market. It has seven functional departments and party committees: General Department, Balance of Payments Department, Current Account Management Department, Capital Account Management Department, Management Inspection Department, Reserve Management Department, and Personnel Department (Internal Audit Department). It has established four public institutions: the Central Foreign Exchange Business Center, the Information Center, the Institutional Service Center, and the "China Foreign Exchange" Magazine.

According to the "Three Certain Plans" of the State Council of China, the main responsibilities of the State Administration of Foreign Exchange are:

(1) Study and propose reforms to the foreign exchange management system and prevent international balance of payments risks, and promote international Policy recommendations for balance of payments; study and implement policies and measures to gradually promote the convertibility of RMB capital accounts, cultivate and develop the foreign exchange market, and provide the People's Bank of China with suggestions and basis for formulating RMB exchange rate policies.

(2) Participate in the drafting of relevant laws, regulations and departmental rules on foreign exchange administration, and issue normative documents related to the performance of duties.

(3) Responsible for the statistics and monitoring of the balance of payments and external claims and debts, publishing relevant information in accordance with regulations, and undertaking relevant work in monitoring cross-border capital flows.

(4) Responsible for the supervision and management of the national foreign exchange market; assume the responsibility for the supervision and management of foreign exchange settlement and sales; cultivate and develop the foreign exchange market.

(5) Responsible for supervising and inspecting the authenticity and legality of current account foreign exchange receipts and payments in accordance with the law; responsible for implementing capital account foreign exchange management in accordance with the law, and continuously improving management work according to the RMB capital account convertibility process; regulating domestic and overseas Forex account management.

(6) Responsible for implementing foreign exchange supervision and inspection in accordance with the law and punishing violations of foreign exchange management.

(7) Responsible for the operation and management of national foreign exchange reserves, gold reserves and other foreign exchange assets.

(8) Formulate development plans and standards for foreign exchange administration informatization, organize their implementation, and implement supervision information sharing with relevant management departments in accordance with the law.

(9) Participate in relevant international financial activities.

(10) Undertake other matters assigned by the State Council and the People's Bank of China.

Foreign exchange rate:

Foreign exchange rate is the interest rate paid by the bank when foreign currency is deposited in a bank, usually an annual interest rate. The deposit interest rates of all banks in China are the same regardless of whether they are RMB or foreign currency (including foreign exchange). They are set by the central bank and implemented nationwide. Only the loan interest rate is set by the central bank as a benchmark and a floating limit, which is determined by each bank when lending within the limit