It refers to the settlement of foreign exchange transactions by enterprises or individuals in accordance with the exchange rate.
According to the needs of import business, import and export specialized companies purchase foreign exchange from foreign exchange specialized banks and remit it abroad in local currency according to the state announcement, or sell the foreign currency obtained from export to foreign exchange banks and convert it into the currency of the country of cost according to the quotation.
In foreign trade, it is called foreign exchange settlement.
China’s rules are published daily by the Bank of China.
The quotation includes.
The selling price is higher than the buying price, and the difference between the two is the bank’s exchange fee or exchange income.
Foreign exchange settlement means the foreign exchange collected and settled by the shipper or his agent through the bank.
The code of exchange settlement includes remittance, collection, letter of credit, etc.
