In order to promote the bilateral trade and investment between China and Poland, facilitate the use of RMB and PLN in the cross-border trade and investment settlement, meet the needs of economic entities to lower currency conversion cost, with the authorization of the People's Bank of China, the direct trading between RMB and PLN will be launched on the inter-bank foreign exchange market from December 12, 2016 onward.

1. The spot, forward and swap bilateral trading between RMB and PLN is launched in the interbank foreign exchange market. Any institution with an interbank RMB/FX market membership may conduct the direct trading between RMB and PLN in the interbank market.

2. A market making system is adopted in the direct trading between RMB and PLN in the inter-bank foreign exchange market. The market makers shall undertake corresponding obligations, continuously provide the bid-offer price of CNY/PLN and make liquidity available for the market.

3. The China Foreign Exchange Trade System (CFETS), as authorized by the People’s Bank of China, publishes the central parity of RMB against PLN at 9:15 a.m. on each trading day. The formation mechanism of the central parity of RMB against PLN is determined in the following way: CFETS enquires prices from the market makers of CNY/PLN direct trading before the foreign exchange market opens on each trading day, and then announces the average of the quoted prices as the central parity of RMB against PLN for the day.

4. The trading price of RMB against PLN is allowed to float 5% plus or minus the central parity within any trading day. The banks may list quotations of CNY/PLN on their counters, and the spread is decided by the banks themselves.

5. The CFETS is responsible for the operation and technological support for direct trading between RMB and PLN on the inter-bank market.