In order to accelerate the development of the foreign exchange market and promote the opening-up of the market, the matters concerning extending foreign exchange trading hours and further introducing qualified overseas players are announced as follows:
I. Extending foreign exchange trading hours. As of January 4, 2016, the inter-bank foreign exchange market trading system will be in operation until 23:30 (Beijing Time) every day, and the time that the market management systems in respect of the central parity rate and floating range of RMB exchange rates as well as market makers' quotation apply will be extended accordingly. The spot CNY/USD OTC transaction price published by the China Foreign Exchange Trade System (“CFETS”) at 16:30 (Beijing Time) shall be regarded as the closing price of the current day.
II. Further introducing qualified overseas players. Qualified overseas banks participating in the RMB purchase and sale business may, after applying to the CFETS and becoming a member of the inter-bank foreign exchange market, enter the inter-bank foreign exchange market, and participate in the trading of all products listed through the CFETS trading system. The transaction categories of the RMB purchase and sale business shall cover spot, forward, swap, and option transactions, and overseas players shall participate in inter-bank foreign exchange market transactions under the RMB purchase and sale business in accordance with laws and regulations.
III. The CFETS, the Shanghai Clearing House, and other intermediary institutions and service providers in the market shall effectively provide relevant services based on their respective functions.
The People's Bank of China
The State Administration of Foreign Exchange
December 21, 2015
