Just saw someone exchanging foreign currency at a domestic bank in China. Using the same bank, the same branch, and the same teller, the USD cash exchange prices were as follows: buy USD cash: 7.43 yuan RMB for 1 USD. sell USD cash: 1 USD exchanges for 6.53 yuan RMB. The difference between the two is 0.90 yuan per USD. If an ordinary person completes a buy and then a sell at the bank in one go, the loss is about 12% in an instant. Behind this phenomenon isn’t just a simple bank FX spread—it reflects the ongoing tightening of foreign exchange controls and a strengthened defense against greater, more uncertain risks in the future.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned