Source: happy to see Finance and Economics

A few days ago, Huaxia Bank issued an announcement on its website saying: "in order to comply with the changes in the market situation, our personal foreign exchange trading business will be suspended from 0: 00:00 on December 1, 2021, and the business will resume until further notice. Please make corresponding arrangements for foreign exchange funds in advance according to your own needs. "

But soon Huaxia Bank deleted the announcement and replaced it with a "clarification statement on our personal foreign exchange trading business notice".

As a result, many people became nervous, thinking that there was any new control over the settlement and sale of foreign exchange, and this topic even went viral at one time.

In fact, everyone misread it, which is also the reason why Huaxia Bank issued a notice and deleted posts to clarify. Tonight, "Happy see Finance" will straighten out this matter.

First, what is suspended is the exchange of foreign exchange into foreign exchange, not the exchange of RMB.

Individual foreign exchange settlement and sale business refers to the exchange of RMB into foreign exchange, or the exchange of foreign exchange into RMB, with an amount of US $50,000 (or equivalent) per person per year.

For the demand for small exchange, in addition to going to the outlets, many banks have self-help operation channels in mobile banking or online banking channels, which is very convenient.

For this business, Huaxia Bank's policy has not changed. As a matter of fact, at present, the foreign exchange settlement and sale business of various banks are normal, so there is no need to be nervous.

Huaxia Bank from December 1 to stop the business is foreign exchange trading, in short, foreign exchange, such as the dollar against the euro, the dollar against the yen, the yen against the pound and so on.

Second, why suspend foreign exchange trading?

Many people exchange RMB, mainly because of their regular needs, such as shopping abroad, studying abroad and so on. In contrast, foreign exchange trading has an obvious nature of investment and even speculation in foreign exchange; of course, there is no lack of part of the market demand for hedging.

Why does Huaxia Bank suspend foreign exchange trading? Zhang Jianhua, president of Huaxia Bank, replied at the results conference of the China News: "at present, the international economic situation is complex, the foreign exchange market is volatile, and our bank takes into account the risk tolerance of our customers and other factors, suspending personal foreign exchange trading business."

Zhou Maohua, a financial analyst at Everbright Bank, said in an interview with Caijing that at present, the world is facing a flood of liquidity, complex epidemic prevention and control situation, economic and policy differentiation, and recent global market fluctuations; in addition, the "negative oil price" incident in 2020 has attracted the attention of domestic regulators, which have significantly increased their requirements for financial institutions to strengthen the management of investor appropriateness. According to the changes of the market environment, banks appropriately upgrade the risk rating of investors and suspend related business, which also helps to reduce the potential investment business disputes and market reputation risk.

By the way, do you still remember that at the Lujiazui Forum in June, Chairman Guo Shuqing of the Banking and Insurance Regulatory Commission also warned "those who speculate in foreign exchange, gold and commodity futures"-it is very difficult for families to get rich and will eventually pay a heavy price. Due to the influence of uncontrollable or even unpredictable factors, the price of financial derivatives fluctuates greatly, and the participation of ordinary individual investors is tantamount to gambling in disguise, and the result of loss is doomed.

In fact, in addition to Huaxia Bank, a number of banks have made adjustments to foreign exchange trading business, including warning risks, suspending new positions, raising the threshold, and so on.

China Merchants Bank suspended the new opening and trading function of the two-way foreign exchange trading business. According to its earlier announcement: "starting from August 23, 2021, according to the text of the new version of the agreement, the Bank of China will suspend the new opening and trading function of individual two-way foreign exchange trading business, customers will not be able to initiate new open trading, and the liquidation of the original transaction will not be affected."

In addition, China Merchants Bank also gradually closed some non-position client business: "starting from August 11, 2021, according to the text of the new version of the agreement, the personal two-way foreign exchange trading business will be gradually closed to non-position customers who meet certain conditions (factors for consideration include, but not limited to, zero position share, failure to conduct any transactions for a certain period of time, and mismatch between risk tolerance rating and product risk grade, etc.)."

ICBC raised the customer threshold. In August, they adjusted the foreign exchange business rules and trading system of the account: the risk level of the foreign exchange products of the account was adjusted to level 5 (R5). The assessment result of customer risk tolerance needs to be adjusted to aggressive (C5) and so on. Customers whose risk tolerance assessment result is aggressive (C5) can continue to handle account foreign exchange business. In addition, the starting point of the transaction, the cancellation of the transaction, the limit of the position, the compulsory closing of the position, the suspension of the business and the closure of the business function and other matters and provisions have been revised.

China Merchants Bank said that in view of the high risks in the foreign exchange market, the bank will further strictly restrict individual two-way foreign exchange trading business in the future. if customers have personal two-way foreign exchange product position balances, please pay attention and do a good job in position management. reduce the position balance in a timely manner.