legal ground
Regulations of People's Republic of China (PRC) on Foreign Exchange Control Article 3 Foreign exchange as mentioned in these Regulations refers to the following means of payment and assets expressed in foreign currencies that can be used for international settlement:
(a) Cash in foreign currencies, including banknotes and coins;
(2) Foreign currency payment vouchers or payment instruments, including bills, bank deposit vouchers, bank cards, etc. ;
Foreign currency securities, including bonds and stocks;
(4) Special drawing rights;
(5) Other foreign exchange assets.
Article 7 Financial institutions engaged in foreign exchange business shall open foreign exchange accounts for customers in accordance with the provisions of the foreign exchange administration 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). Unless otherwise stipulated by the state, foreign currency shall not be used for pricing and settlement.