What cashback forex the compulsory forex cashback easy cashbackforex cashbackforexpip system The compulsory foreign exchange settlement system refers to the fact that, forexcashbackeasy addition to the states foreign exchange accounts can be retained, enterprises 100%cashbackforex individuals must sell excess foreign exchange to designated foreign exchange banks, designated foreign exchange banks must sell foreign exchange above the position of the State Administration of Foreign Exchange in the interbank market In this system, the central bank is the largest receiver in the interbank market, thus forming the countrys foreign exchange reserves　　Since the foreign exchange system reform in 1994, China has been implementing the mandatory bank settlement and sale of foreign exchange system Settlement refers to the foreign exchange recipient will sell its foreign exchange income to the foreign exchange designated banks, the latter pay the local currency at the market rate of exchange Settlement is divided into compulsory settlement, willing settlement and limit settlement and other forms of compulsory settlement refers to all foreign exchange recipients must sell to the foreign exchange designated banks, are not allowed to retain foreign exchange; willing settlement is The purpose of the foreign exchange settlement system is to remit the foreign exchange income of our enterprises to the foreign exchange reserves in full and in time to provide protection for the import payment of foreign exchange, usually When the size of foreign exchange reserves is small, the main way to take compulsory settlement; with the lifting of foreign exchange bottlenecks, the willingness to settle foreign exchange is more in line with the needs of indirect management According to Chinas current foreign exchange revenue and expenditure situation, China adopts both compulsory settlement and limit settlement, that is, the general Chinese enterprises to implement compulsory settlement of foreign exchange income from current items, while the total annual import and export and registered capital to a certain size, good financial condition of Under the bank settlement system, especially under the compulsory settlement system, foreign exchange designated banks are more passive in purchasing foreign exchange from enterprises and individuals, and cannot choose the currency and quantity of foreign exchange, thus the foreign exchange position formed is particularly vulnerable to foreign exchange risk. 1. In the foreign exchange market, the compulsory settlement and sale system makes enterprises to settle foreign exchange in their hands at banks according to the required ratio, which leads to the formation of unconditional foreign exchange supply and conditional foreign exchange demand in the foreign exchange market, exaggerates the pressure of RMB appreciation but conceals the pressure of RMB depreciation, causing a false situation that the supply exceeds demand in the market. 2. From the perspective of monetary policy operation, under the compulsory foreign exchange settlement system, the central bank needs to continuously buy the foreign exchange sold by commercial banks, which brings about the continuous growth of foreign exchange reserves and means the release of base money. The independence of the central banks monetary policy is thus greatly constrained.