In order to promote the bilateral trade between China and Russia, facilitate the cross-border trade settlement of RMB,and meet the needs of economic entities to reduce the conversion cost, with the authorization of the People's Bank of China, the trading between RMB and Russian Ruble (CNY/RUB) is to be listed on the interbank foreign exchange market since November 22, 2010.

1. The spot trading between RMB and Ruble is launched in the interbank foreign exchange market. The trading modes include OTC and auto-matching trading. Any institutions with an interbank foreign exchange spot market membership may conduct spot trading between RMB and Ruble in the interbank foreign exchange market.

2. The market making system is adopted in the spot trading between RMB and Ruble. The market makers undertake corresponding obligations, continuously provide the bid-offer price of CNY/RUB 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 Ruble at 9:15 a.m. on each trading day. The central parity of RMB against Ruble is determined in the following way: the CFETS enquires prices from CNY/RUB market makers before the opening of the foreign exchange market on each trading day, and calculates the average of the prices as the central parity of RMB against Ruble for the day. 

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

5. The CFETS is responsible for the operation and the technological support for the interbank market trading between RMB and Ruble.