The designated bank is also called the “authorized foreign exchange bank”.
A bank designated by the Central bank.
It’s an intermediary.
In addition to buying and selling foreign exchange and providing services on behalf of clients, it can also buy and sell foreign exchange for its own benefit to obtain foreign exchange profits.
Foreign exchange banks must handle foreign exchange business with the authorization of the foreign exchange authorities.
The foreign exchange business handled by foreign exchange designated banks includes: ¢Ù Remittance business, such as outbound remittance, inward remittance, sales of travel letters of credit, purchase of all kinds of clean air tickets, cash traveler’s checks, etc.
¢Ú Foreign exchange settlement business, such as export documentary bill, development of letter of credit, export collection, import collection, etc.
¢Û Foreign currency deposit and loan business, such as acceptance, interbank overdraft, foreign exchange loan and guarantee.
¢Ü Business, such as trading foreign currency coins or bills, trading foreign currency securities, trading spot forward foreign exchange, etc.
(5) Other foreign exchange services designated and entrusted by the central bank, such as import and export visas, overseas travel remittances, news remittances, remittances for students, etc.
