Circular on Revising the Control Policies Relevant to the Entry into the Interbank Foreign Exchange Market by Financial Institutions
关于调整金融机构进入银行间外汇市场有关管理政策的通知
Non-bank financial institutions allowed in the interbank forex market.
(Issued by the State Administration of Foreign Exchange on December 5 2014 and effective as of January 1 2015.)
（国家外汇管理局于二零一四年十二月五日发布，自二零一五年一月一日起施行。）
Hui Fa [2014] No.48
汇发 [2014] 48号
Branches and offices of the State Administration of Foreign Exchange of the provinces, autonomous regions and municipalities directly under the central government, and the Shenzhen, Dalian, Qingdao, Xiamen and Ningbo municipal branches; and national banks:
With a view to further simplifying administration and delegating authority to lower levels, increasing the types of entities involved in the market and promoting the development of the foreign exchange market, we, pursuant to the PRC Regulations for the Control of Foreign Exchange, hereby notify you on the revision of the control policies relevant to the entry into the interbank foreign exchange market by financial institutions as follows:
国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局，各全国性银行：
1. Once a financial institution in China secures spot foreign exchange settlement and sale business qualifications upon approval by the State Administration of Foreign Exchange and derivatives trading business qualifications upon approval by the relevant financial regulator, it may, subject to satisfying the relevant technical specification conditions of the interbank foreign exchange market, become an interbank foreign exchange market member, and correspondingly engage in renminbi to foreign exchange spot and derivatives trading. The State Administration of Foreign Exchange does not impose prior qualification permission for entry into the interbank foreign exchange market.
为进一步简政放权，丰富市场参与主体，促进外汇市场发展，根据《中华人民共和国外汇管理条例》，现就调整境内金融机构进入银行间外汇市场有关管理政策通知如下：
A financial institution shall submit its internal operational rules and risk management systems for carrying out renminbi to foreign exchange spot and derivative trading on the interbank foreign exchange market to the China Foreign Exchange Trade System (CFETS) for the record.
一、境内金融机构经国家外汇管理局批准取得即期结售汇业务资格和相关金融监管部门批准取得衍生产品交易业务资格后，在满足银行间外汇市场相关业务技术规范条件下，可以成为银行间外汇市场会员，相应开展人民币对外汇即期和衍生产品交易，国家外汇管理局不实施银行间外汇市场事前入市资格许可。
2. When a financial institution engages in renminbi to foreign exchange trading on the interbank foreign exchange market, it shall do so on the basis of needs such as the hedging of its customers' and its own foreign exchange settlement and sale business risks, the carrying out of market making and own account trading within the limit of its overall foreign exchange settlement and sale position, and the engagement in compliant hedging for its own account; and in compliance with interbank foreign exchange market trading, clearing, information and other such regulations and rules, as well as the provisions of the relevant financial regulator.
金融机构应将本机构在银行间外汇市场进行人民币对外汇即期和衍生产品交易的内部操作规程和风险管理制度送中国外汇交易中心（以下简称交易中心）备案。
3. A money brokerage (including its (sub-)branches) established with the approval of the banking regulator may engage, on the interbank foreign exchange market, in foreign exchange brokerage business such as renminbi to foreign exchange derivatives trading, foreign exchange to foreign exchange trading and foreign exchange interbank lending specified in exchange control provisions. The State Administration of Foreign Exchange does not impose prior qualification permission for the same. A money brokerage that engages in foreign exchange brokerage business shall comply with the relevant regulations and rules of the interbank foreign exchange market.
二、金融机构在银行间外汇市场开展人民币对外汇交易，应基于对冲代客和自身结售汇业务风险、在结售汇综合头寸限额内开展做市和自营交易、从事符合规定的自身套期保值等需要，并遵守银行间外汇市场交易、清算、信息等法规、规则及有关金融监管部门的规定。
4. CFETS and the Interbank Market Clearing House Co., Ltd. (Shanghai Clearing House) shall appropriately revise their relevant business rules and systems in accordance with the requirements hereof, and duly carry out the technical support and service work. CFETS and the Shanghai Clearing House shall be responsible for the routine monitoring of renminbi to foreign exchange trading and clearing on the interbank foreign exchange market, and if they discover a trading or clearing irregularity, they shall report the same to the State Administration of Foreign Exchange in a timely manner.
三、经银行业监督管理部门批准设立的货币经纪公司（含分支机构），可以在银行间外汇市场开展人民币对外汇衍生产品交易、外汇对外汇交易、外汇拆借等外汇管理规定的外汇经纪业务，国家外汇管理局不实施事前资格许可。货币经纪公司开展外汇经纪业务，应遵守银行间外汇市场有关法规、规则。
5. Financial institutions shall abide by professional ethics and market practice, and promote the self-regulation and the compliant development of the foreign exchange market.
四、交易中心和银行间市场清算所股份有限公司（以下简称上海清算所）应根据本通知要求，相应调整有关业务规则及系统，做好技术支持与服务工作。交易中心和上海清算所负责银行间人民币对外汇交易、清算的日常监控工作，发现异常交易、清算情况应及时向国家外汇管理局报告。
6. This Circular shall be effective as of January 1 2015. The State Administration of Foreign Exchange, Official Reply on Issues Relevant to the Engagement in Renminbi and Foreign Currency Swaps on the Interbank Foreign Exchange Market by the Bank of China (Hui Fu [2006] No.61), the State Administration of Foreign Exchange, Circular on Issues Relevant to Launching Renminbi to Foreign Exchange Options Trading (Hui Fa [2011] No.8), the State Administration of Foreign Exchange, Circular on Revising the Administration of Certain Business on the Interbank Foreign Exchange Market (Hui Fa [2012] No.30) and the State Administration of Foreign Exchange, Circular on Revising the Administration of Renminbi-foreign Exchange Derivatives Business (Hui Fa [2013] No.46) shall be repealed simultaneously. This Circular shall prevail in respect of matters relevant to provisions on administration of the access to the interbank foreign exchange market in other documents.
五、金融机构应遵守职业操守和市场惯例，促进外汇市场自律管理和规范发展。
After receipt of this Circular, branches and offices of the State Administration of Foreign Exchange shall promptly forward the same to the financial institutions in their jurisdictions.
clp reference:3810/14.12.05prc reference:汇发 [2014] 48号promulgated:2014-12-05effective:2015-01-01六、本通知自2015年1月1日起实施。《国家外汇管理局关于中国银行在银行间外汇市场开展人民币与外币掉期交易有关问题的批复》（汇复[2006]61号）、《国家外汇管理局关于推出人民币对外汇期权交易有关问题的通知》（汇发[2011]8号）、《国家外汇管理局关于调整银行间外汇市场部分业务管理的通知》（汇发[2012]30号）、《国家外汇管理局关于调整人民币外汇衍生产品业务管理的通知》（汇发[2013]46号）同时废止，其他文件中涉及银行间外汇市场准入管理规定的有关事项以本通知为准。
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