The interbank FX market members:

On September 6 2021, under the authorization of the People's Bank of China (PBC), China Foreign Exchange Trade System (CFETS) will launch the regional trading of Renminbi (RMB) against Indonesian Rupiah (IDR) in the interbank FX market. Details are as follows:

1. Commercial banks in Zhejiang Province with interbank FX market membership that are listing CNY/IDR exchange rate to customers, branches and subsidiaries of Indonesian banks in Mainland China, overseas participating banks and clearing banks that provide RMB purchase and sale services in Indonesia, and other financial institutions authorized by the PBC may apply to become a participating bank of CNY/IDR regional trading. Quoting banks will be selected from participating banks.

2. Participating banks and quoting banks will be authorized by the PBC Hangzhou Sub-branch after filing with the PBC. A bank branch or sub-branch which is not an independent legal entity must obtain written authorization from its head office. If an authorized participating bank is not a member of the interbank FX market, it must apply to CFETS for membership.

3. The bilateral trading of CNY/IDR spot, forward (including NDF), swap, and cross currency swap is available for regional trading in the interbank FX market.

4. Trading hour for CNY/IDR regional trading in the interbank market is 9:30 a.m. – 4:30 p.m. (Beijing time) Monday through Friday, except for Chinese public holidays and closing days announced by CFETS.

5. Before the opening of each trading day, CFETS enquires quotes from the quoting banks and calculates the average to get the reference rate of CNY/IDR for the day. This reference rate is published by CFETS to members of the interbank FX market at 9:15 a.m. each trading day. At present, the spot trading price of CNY/IDR is allowed to float within the range of 10% around the reference rate.

6. Renminbi is the base currency in CNY/IDR trading. The decimal point of spot quotes is 2, equivalent to 0.01 expressed in decimal form. For the quotes of forward points and swap points, the decimal points are 2, equivalent to 0.01 expressed in decimal form. Minimum trading amounts are related to the above requirements for decimal points, i.e., RMB 0.01 and IDR 1, respectively.

7. Participating banks and quoting banks are required to perform transaction authenticity reviews and report the source and purpose of trades to CFETS in accordance with the operational guidelines for ACCD bank, and rules regarding RMB purchases and sales.

8. CFETS provides trade confirmation and payment versus payment (PVP) services for CNY/IDR trading.

9. Trading fees are currently waived for CNY/IDR regional trading in the interbank market until further notice.

10. Matters not covered in this Notice are governed by the current rules of the interbank FX market.

China Foreign Exchange Trade System

September 3, 2021

Disclaimer:

The English version is for your reference only. In case any discrepancy exists between the Chinese and the English version, the Chinese version shall prevail. CFETS shall not be liable for any losses, damages or any other liabilities suffered or incurred as a result of or in connection with such discrepancy.