China Foreign Exchange Trade System, Announcement on Matters Relevant to the Entry into the Interbank Foreign Exchange Market by Foreign Banks That Participate in Renminbi Sale and Purchase Business

中国外汇交易中心关于人民币购售业务境外参加行进入银行间外汇市场有关事项的公告

February 17, 2016 | BY

Susan Mok

Criteria for foreign banks to enter the interbank forex market clarified.

Clp Reference: 3610/16.01.29

Issued: January 29 2016

Main contents: Foreign participant banks whose renminbi sale and purchase business is of a relatively large scale, that are internationally influential and that are geographically representative may, based on their business requirements, apply to the Trade System to become members of the interbank foreign exchange market and participate in spot, forward, swap, currency swap and option trading through the Trade System's trading system (Article 1).

Foreign participant banks that have received approval to become members of the interbank foreign exchange market will no longer be required to engage in renminbi sale and purchase business through the domestic correspondent bank model (Article 5).

Related legislation: People's Bank of China and State Administration of Foreign Exchange, Announcement [2015] No.40; and People's Bank of China, Announcement [2015] No.31

clp reference:3610/16.01.29

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