People's Bank of China, Announcement [2015] No.31

(Issued by the People's Bank of China on September 30 2015.)

With a view to promoting the opening of China's foreign exchange market to foreign investors and facilitating the lawful and compliant participation of foreign central banks (monetary authorities) and other official reserve management institutions, international financial organizations and sovereign wealth funds (hereinafter collectively referred to as "Foreign Central Banking Institutions") in the trading of the Chinese interbank foreign exchange market, we hereby notify you of matters relevant to opening access to the Chinese interbank foreign exchange market to Foreign Central Banking Institutions as follows:

1. Three means are available to Foreign Central Banking Institutions to access the Chinese interbank foreign exchange market: by agency of the People's Bank of China, by agency of a member of the Chinese interbank foreign exchange market and by directly becoming a foreign member of the Chinese interbank foreign exchange market. A Foreign Central Banking Institution may select at its own discretion one or more of the three foregoing means to access the Chinese interbank foreign exchange market to engage in the trading of all types of foreign exchange products, including spot trading, forwards, swaps and options. Trading methods shall include the over-the-counter approach and price-matching approach, with no limitation on amounts.