Although foreign exchange margin is the top product of personal wealth management products in the world, due to the lack of a perfect standard system in China, during the blind development of the futures market from 1992 to 1993, many Hong Kong foreign exchange brokers went to Chinese mainland to conduct forex futures trading business without approval. And attracted a large number of domestic enterprises and individuals to participate. Because the vast majority of domestic participants do not understand the foreign exchange market, blind participation has led to the loss of a large number of customers, including a large number of state-owned enterprises. Subsequently,1August, 1994, four ministries and commissions, including the China Banking Regulatory Commission, jointly issued a document banning forex futures trading in an all-round way. However, at the end of 1993 during this period, the CBRC began to allow domestic banks to conduct firm foreign exchange trading for individuals. With the prohibition of foreign exchange margin trading, foreign exchange firm trading has become the only way for individual investors to invest in foreign exchange. In 2003, as American foreign exchange brokers gradually stepped onto the right track and accepted supervision, many foreign exchange brokers constantly extended their tentacles to China, which also stimulated the banking industry in China. On June 5438+065438+ 10, 2006, Bank of Communications announced that with the approval of the regulatory authorities, it was the first to launch a new personal foreign exchange trading product among domestic banks-"Man Jinbao", which was officially promoted nationwide. At that time, it provided five times leverage to ordinary investors.