Odaily Planet Daily News According to the website of the State Administration of Foreign Exchange of China, in order to better coordinate development and security, ensure the facilitation of cross-border trade and investment, prevent and curb illegal foreign exchange activities, and maintain order in the foreign exchange market, the State Administration of Foreign Exchange has formulated the "Measures for the Administration of Foreign Exchange Risk Transaction Reporting by Banks (Trial)" (hereinafter referred to as the "Measures") in accordance with the "Measures for the Administration of Foreign Exchange Business by Banks (Trial)" (hereinafter referred to as the "Business Measures") and relevant laws and regulations. According to the "Measures", if a bank discovers or has reasonable grounds to suspect that its domestic or overseas institutions and individual customers (hereinafter collectively referred to as transaction subjects) are engaged in foreign exchange risk transactions, it shall monitor information related to foreign exchange risk transactions and submit foreign exchange risk transaction reports. Foreign exchange risk transactions refer to activities involving suspected false trade, false investment and financing, underground banks, cross-border gambling, fraudulent export tax refunds, illegal cross-border financial activities of virtual currencies, and other suspected illegal cross-border capital flows; foreign exchange risk transaction information refers to information related to foreign exchange risk transactions. Banks shall promptly submit foreign exchange risk transaction reports to the State Administration of Foreign Exchange through their headquarters or designated institutions.