In the People's Republic of China, exchanges between RMB and foreign currencies are mainly conducted through legal channels. The state allows various approved commercial banks, such as Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank, to provide foreign exchange services. Exchanges at these designated banks and legal foreign currency exchange offices are legal, while illegal exchanges elsewhere will be punished by law.

The types of foreign currencies that can be exchanged domestically include British pounds, Hong Kong dollars, US dollars, Swiss francs, Singapore dollars and a total of 14 major currencies. Please note that other than the currencies listed above, other foreign currencies are not officially recognized as exchangeable in China.

In terms of personal foreign exchange management, the annual foreign exchange settlement and sales quota for domestic residents is the equivalent of US$50,000 per person per year, including the purchase and sale of foreign exchange. Within the limit, you only need to present a valid identity document to apply. When the limit is exceeded, relevant supporting materials, such as a voucher for the purpose of payment, must be provided and processed at a designated foreign exchange bank.

For foreign currency remittances from foreign exchange savings accounts, if the cumulative equivalent of the day is less than 50,000 US dollars, only an identity document is required; if the limit is exceeded, a real transaction certificate is required. Similarly, remittances of hand-held foreign currency cash can be handled with ID documents if the total amount of the day is less than 10,000 US dollars. If the limit is exceeded, a declaration form signed by the customs or a withdrawal receipt from the original deposit bank must be attached.

The above information comes from Baidu Encyclopedia’s introduction to foreign exchange exchange. It is recommended to conduct transactions at legal exchange points to ensure transaction compliance.