Foreign exchange enters China by remittance, without cash, storage fees and handling fees, and can be remitted abroad. Foreign paper money is paper money. After being deposited in the bank, the bank is responsible for keeping it. They can't be sent abroad directly. They must be converted into foreign currency first.
From the bank's point of view, foreign exchange bank accounts and remittance accounts. Paper money is foreign currency cash, and remittance is the amount of foreign currency displayed on the account, not deposited in the form of paper money. Judging from the conversion of (USD) foreign currency into RMB, the exchange rate from remittance account to USD is higher than that from banknote account. That is, the buying price of foreign exchange is higher than that of paper money.
Foreign exchange is a variety of means of payment for international settlement, including bank certificates of deposit, checks, drafts, etc. In addition, securities expressed in foreign currencies, such as government bonds, corporate bonds, stock certificates, etc., can also play the role of foreign exchange. Foreign currency usually refers to foreign currency banknotes and coins or deposits generated by depositing them in banks. Foreign exchange mainly refers to deposits remitted to banks by international settlement methods such as checks, remittances and collections abroad. Regarding the exchange rate of RMB exchange, according to the information on ICBC's website, ICBC accepts nine foreign exchange currencies for personal foreign exchange trading, and each exchange rate has four quotations, namely cash buying price, cash selling price and cash selling price, and the cash price is equal to the current exchange rate.