Such as Bank of China, Industrial and Commercial Bank of China, China Construction Bank and China Merchants Bank. Redemption process: Bring my identity certificate (ID card or passport, etc.). ); The bank staff checks the authenticity of the information and foreign currency, and I choose the exchange price (the bank executes the selling price and the cash price); The exchange is complete. Not all bank outlets will have exchange business, so ask in advance whether the outlets provide exchange business.
The exchange rate of RMB represents the external value of RMB, which is uniformly formulated and adjusted by the State Administration of Foreign Exchange on the basis of the principle of independence and unification, with reference to the price comparison level at home and abroad and the exchange rate fluctuation in the international financial market, and announced to the domestic and foreign countries on a daily basis. As the exchange rate for all foreign exchange receipts and payments settlement, it is the official exchange rate, and there is no market exchange rate, and its pricing method adopts the internationally accepted direct quotation. That is, fixed units (such as 100, 10000, 100000, etc.) are converted into a certain amount of RMB. ) to express the exchange rate of RMB against foreign currency. The amount of foreign currency in a fixed unit depends on the value of each foreign currency. Except that the exchange rate of RMB against Belgian franc and Italian lira is ten thousand (10000) units and against Japanese yen is one hundred thousand (100000) units, the exchange rates of other foreign currencies are all one hundred (10000) units.
The RMB exchange rate generally refers to the quotation of RMB against foreign currencies, that is, how many foreign currencies are converted into one yuan or 100 yuan. The rise of RMB exchange rate means the appreciation of RMB.
The RMB exchange rate shall be formulated and promulgated by the State Administration of Foreign Exchange before 1994. After the RMB exchange rate 1994+ 1 is merged, a single and managed floating exchange rate system based on market supply and demand will be implemented. The People's Bank of China announced the exchange rate of RMB against the US dollar and other major currencies according to the price formed in the inter-bank foreign exchange market the day before, and the bank took this as the basis.
If the local currency depreciates, the purchasing power of foreign currency will be strong, so that a certain amount of foreign currency can buy more domestic products, which means that domestic products are relatively cheap in the international market, thus increasing exports; On the other hand, if the local currency depreciates, the price of foreign goods will be expensive, so domestic imports will inevitably decrease. Therefore, the result of RMB depreciation is to expand exports, curb imports, increase trade surplus and promote economic development.
If the RMB depreciates, there will be many unfavorable factors.
(1) The depreciation of the local currency will cause trade friction, which is extremely unfavorable to the stability of the national economy.
(2) Devaluation cannot solve the problem of slowing external demand. Although depreciation will help export enterprises survive by reducing costs, it is difficult to last. Especially for industries that have lost competitiveness in China, depreciation will only delay the withdrawal of industries.