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Standard Definition
Foreign currency conversion is defined as
CCB¡¯s conversion between a foreign currency and the RMB for a person.
Overview
A person may convert between foreign currency
cash/convertible bank notes and the RMB at an approved CCB outlet.
Foreign visitors, foreign nationals of Chinese descent, and
residents of Hong Kong, Macau and Taiwan may convert their unused
RMB back into their currencies, according to regulations.
According to China¡¯s foreign currency regulations, Chinese
residents who hold foreign-currency cash or deposits may convert
the foreign currency into other foreign currencies or the RMB at
the exchange rates set by the People¡¯s Bank of China at a CCB foreign
currency counter. However,
they may not convert their RMB into foreign currency. Therefore, Chinese residents can only convert one foreign currency
into another, or into the RMB.
Only foreign visitors, foreign nationals of Chinese descent,
and residents of Hong Kong, Macau and Taiwan may convert their unused
RMB into foreign currency, when they leave China.
Categories
Conversion of foreign currency cash into
the RMB, and of foreign currency convertible bank notes into the
RMB. Conversion of the RMB into foreign currency
cash, and into foreign currency convertible bank notes when leaving
China.
Currencies and
Terms
1.
Currencies
Cash in all convertible foreign currencies,
and convertible bank notes in all foreign currencies that can be
legally drawn, may be converted into the RMB, provided that CCB
trade in these currencies.
2. Terms
Usually the U.S. dollar, Japanese yen, Hong
Kong dollar, euro and British pound sterling are available. The RMB can be converted into these currencies
at any time, provided that the required documentation is presented.
Rates
Currencies are converted at the rates published
by the People¡¯s Bank of China and the State Administration of Foreign
Exchange.
Client Process
1. Regular Clients
Regular clients must apply for CCB to convert
their foreign currencies into the RMB, and fill out a form confirming
their receipt of RMB funds.
2. Visitors to China
Foreign visitors, foreign nationals of Chinese
descent, and residents of Hong Kong, Macau and Taiwan, may present
their passports and ¡°receipts of foreign currency conversion¡± (valid
for six months) to CCB and request that CCB convert their unused
RMB back into their currencies.
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