Interbank FX market members:

According to the People’s Bank of China and State Administration of Foreign Exchange Announcement [2022] No. 17, with effect from January 3, 2023, CFETS will extend the trading hours of the interbank RMB/FX market to 3:00 a.m. next day (Beijing time, same as below). The relevant arrangements are as follows.

I. Trading Arrangements

1. The trading hours of the interbank RMB/FX market are changed from 9:30-23:30 to the time period of 9:30 a.m. until 3:00 a.m. next day, covering all trading instruments of RMB/FX spot, forward, swap, cross currency swap and option. The interbank RMB/FX market will operate continuously without breaks. Market members can check or download deal tickets in real time after each transaction is concluded.

2. For RMB/FX forward and swap matching (C-Trade) and RMB against regional trading currencies, the trading hours remain unchanged. The exercise cut-off time of FX options also remains unchanged.

3. The same trading date applies between 9:30 a.m. and 3:00 a.m. next day. Value date, maturity date and other relevant dates for trading and clearing are all calculated based on the trading date.

4. The applicable time period for market management schemes, including the RMB central parity rate and trading band, as well as market maker regime, will be extended accordingly. For spot transactions concluded on the same trading date (from 9:30 a.m. to 3:00 a.m. next day), the CNY central parity rate and trading band published at 9:15 will be applied, while the reference period of “change in a basket of currencies” for the calculation of the USD/CNY central parity rate will remain unchanged.

II. Post-Trade, Clearing and Market Data Arrangements

1. The operating hours of the Post-Trade Processing Platform (PTPP) are changed from 8:30-24:00 to the time period of 8:30 a.m. until 3:00 a.m. next day. The transaction confirmation deadline, clearing method and clearing path remain unchanged.

2. It remains the same for the release of the CNY central parity rate at 9:15 a.m. and the spot closing price of USD/CNY at 4:30 p.m. Reference rates on the hour during the extended period will not be released for the time being. The sampling and release time of benchmark curves, such as FX option implied volatility curves and FX swap curves, remain unchanged.

3. The time period of trading data and market information sent through CSTP, CMDS, etc. will be extended accordingly, and the time span of real-time volume and price charts and market quotes published on CFETS official website will be extended accordingly.

4. For overseas institutions that do not perform RMB purchases and sales in a collective manner, the reporting deadline to CFETS is adjusted to 12:00 a.m. next day after the trading day. In the implementation period of the risk reserve policy, trading of overseas institutions in the interbank FX market from 9:30 a.m. to 3:00 a.m. next day shall be included in the calculation of risk reserves.

5. Financial institutions can, according to reasonable prudence and internal management practices, confirm the data basis and transaction cut-off time for the Daily Statement of the Comprehensive Position of Foreign Exchange Settlement and Sales based on front-office trades and/or back-office accounting. No earlier than 16:30 on the same day should be the cut-off time.

III. Service Support

1. The service session of FX Service Hotline (4009787878-1-1) is changed from 6:30-24:00 to the time period of 6:30 a.m. until 3:10 a.m. next day.

2. The cut-off time of emergency trading and other service support is extended to 2:30 a.m. next day.

Notice is hereby given.

China Foreign Exchange Trade System

December 30, 2022

[Note] The English version is for your reference only. In the event of conflicts, contradictions, mistakes or omissions between the Chinese version and the English version, the Chinese version shall prevail.