| Announcement of the China Foreign Exchange Trade System on Relevant Arrangements for the Implementation and Improvement of Foreign Exchange Risk Management for Overseas Institutional Investors in the Interbank Bond Market | | 中国外汇交易中心关于落实完善银行间债券市场境外机构投资者外汇风险管理有关安排的公告 |
| (No. 7 [2020] of the China Foreign Exchange Trade System) | | （中汇交公告〔2020〕7号） |
| In accordance with the 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 (No. 2 [2020], State Administration of Foreign Exchange), the China Foreign Exchange Trade System (“CFETS”) has improved the relevant arrangements for foreign institutional investors (hereinafter referred to as “overseas investors”) under the CIBM Direct scheme to participate in the foreign exchange market, which includes: | | 根据《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》（汇发〔2020〕2号），中国外汇交易中心（以下简称交易中心）完善了银行间债券市场直接入市渠道（CIBM Direct）下境外机构投资者（以下简称境外投资者）参与外汇市场的相关安排，具体如下。 |
| I. Market access to the interbank foreign exchange market | | 一、银行间外汇市场准入 |
| 1. Application qualifications | | （一）申请资格 |
| Various overseas investors that conform to the provisions of Announcement No.3 [2016] of the People's Bank of China, including various financial institutions legally incorporated overseas such as commercial banks, insurance companies, securities companies, fund management companies, and other asset management institutions, investment products issued to clients by the aforementioned financial institutions in accordance with law, and other long and medium-term institutional investors as approved by the People's Bank of China (“PBC”) such as pension funds, charitable funds, and donated funds, may apply to become a member of the interbank foreign exchange market to conduct the foreign exchange risk management business. | | 符合《中国人民银行公告〔2016〕第3号》规定的各类境外投资者，包括在境外依法注册成立的商业银行、保险公司、证券公司、基金管理公司及其他资产管理机构等各类金融机构，上述金融机构依法合规面向客户发行的投资产品，以及养老基金、慈善基金、捐赠基金等中国人民银行认可的其他中长期机构投资者，可申请成为银行间外汇市场会员开展外汇风险管理业务。 |
| Overseas banking investors may choose to directly enter the market and/or participate in the interbank foreign exchange market through the primary brokerage business, while overseas non-bank investors may participate in the interbank foreign exchange market through the primary brokerage business. | | 境外银行类投资者可选择直接入市和/或通过主经纪业务入市参与银行间外汇市场，境外非银行类投资者可通过主经纪业务入市参与银行间外汇市场。 |
| 2. Application procedures | | （二）申请流程 |
| (1) An overseas investor entering the market directly and/or through the primary brokerage business may submit application materials to the CFETS for membership; | | 1、选择直接入市和/或通过主经纪业务入市的境外投资者，可向交易中心提交申请材料，申请成为交易中心会员； |
| (2) If the application materials submitted by an applicant institution are complete and in statutory formats, the CFETS shall issue a membership agreement to the applicant institution; | | 2、申请机构申请材料齐全且符合法定形式要求的，交易中心向其发送会员协议； |
| (3) An applicant institution shall complete the preparation work, including the efforts to sign the membership agreement, enable network connection and undergo qualifications training of traders (at least two); | | 3、申请机构完成会员协议签署、网络连接和交易员资格培训（至少2名）等准备工作； |
| (4) An overseas non-bank investor or an oversea banking investor who enters the market through the primary brokerage business shall submit to the CFETS an application for the primary brokerage business and file its selected prime broker; and | | 4、境外非银行类投资者或选择主经纪业务入市的境外银行类投资者，应向交易中心提交主经纪业务申请并备案选定的主经纪商； |
(5) The CFETS shall issue a formal market access notice to an eligible applicant institution to approve its membership of the inter-bank foreign exchange market, and announce it through China Money (www.chinamoney.com.cn) or any other channel.
．．．．．． | | 5、交易中心对符合条件的申请机构发送正式入市通知，核准该机构成为银行间外汇市场会员，并通过中国货币网等途径对外公告。
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