Shell banks refer to

Shell banks refer to banks established in a jurisdiction, but they have no actual business premises and are not affiliated with any formal financial groups. Shell banks are not allowed to exist. Banks are financial institutions engaged in monetary and credit business according to law, which are divided into central banks, policy banks, commercial banks, investment banks and the World Bank.

Commercial banks include China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, China Postal Savings Bank and Bank of Communications. Policy banks include The Export-Import Bank of China, China Agricultural Development Bank and China National Development Bank.

The business scope of commercial banks generally includes absorbing public deposits; Issue short-,medium-and long-term loans; Handle domestic and international settlement; Handle bill acceptance and discount; Issuing financial bonds; Acting as an agent to issue, honor and underwrite government bonds; Buying and selling government bonds and financial bonds; Engage in interbank lending; Buying and selling, acting as an agent to buy and sell foreign exchange; Settlement and sale of foreign exchange; Engaged in bank card business; Provide letter of credit service and guarantee.

Users can go to the bank for card opening, deposit and withdrawal, loan, investment and wealth management. When handling deposits, it is divided into demand deposits and time deposits, of which demand deposits have less interest but high flexibility. Time deposit has high interest rate, but poor flexibility.