Notice by the State Administration of Foreign Exchange of the Issues concerning Improving the Management of Foreign Exchange Risks of Overseas Institutional Investors on the Interbank Bond Market | | 国家外汇管理局关于完善银行间债券市场境外机构投资者外汇风险管理有关问题的通知 |
(No. 2 [2020] of the State Administration of Foreign Exchange) | | (汇发〔2020〕2号) |
The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; the China Foreign Exchange Trade System; and national Chinese-funded banks: | | 国家外汇管理局各省、自治区、直辖市分局、外汇管理部,深圳、大连、青岛、厦门、宁波市分局,中国外汇交易中心,全国性中资银行: |
For the purposes of promoting the opening up of the foreign exchange market and further facilitating the management of foreign exchange risks of overseas institutional investors (hereinafter referred to as “overseas investors”) on the interbank bond market, according to the Regulation of the People's Republic of China on Foreign Exchange Administration and relevant provisions, the issues concerning overseas institutional investors' participation in the domestic foreign exchange market are hereby notified as follows: | | 为推动外汇市场对外开放,进一步便利银行间债券市场境外机构投资者(以下简称境外投资者)管理外汇风险,根据《中华人民共和国外汇管理条例》及相关规定,现就境外投资者参与境内外汇市场有关事项通知如下: |
I. Overseas investors may utilize domestic RMB-foreign exchange derivatives (hereinafter referred to as “foreign exchange derivatives”) to manage the foreign exchange risk exposure arising from their investment in the interbank bond market under the hedging principle. | | 一、境外投资者可以使用境内人民币对外汇衍生产品(以下简称外汇衍生品),按照套期保值原则管理投资银行间债券市场产生的外汇风险敞口。 |
For the purpose of this Notice, “overseas investors” means various types of overseas investors in compliance with the provisions of Announcement No.3 [2016] of the People's Bank of China. | | 本通知所称境外投资者,是指符合《中国人民银行公告〔2016〕第3号》规定的各类境外投资者。 |
II. An overseas bank investor may select one of the following channels to conduct trading of foreign exchange derivatives on its own: | | 二、境外银行类投资者可以自行选择下列一种渠道开展外汇衍生品交易: |
1. Directly trading with a domestic financial institution as a client. | | (一)作为客户与境内金融机构直接交易。 |
2. Applying to become a member of the China Foreign Exchange Trade System (“CFETS”) to directly enter the interbank foreign exchange market for trading. | | (二)申请成为中国外汇交易中心(以下简称外汇交易中心)会员直接进入银行间外汇市场交易。 |
3. Applying to become a member of the CFETS to enter the interbank foreign exchange market for trading through primary brokerage business. | | (三)申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 |
III. An overseas non-bank investor may select one of the following channels to conduct trading of foreign exchange derivatives on its own: | | 三、境外非银行类投资者可以自行选择下列一种渠道开展外汇衍生品交易: |
1. Directly trading with a domestic financial institution as a client. ...... | | (一)作为客户与境内金融机构直接交易。 ...... |
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