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SAFE News

Index number:

000014453-2019-0137
Dispatch date:

2011-04-06
Publish organization:

State Administration of Foreign Exchange
Exchange Reference number：
Name：

RMB-Against-Foreign Exchange Options Trading Introduced Into the Inter-Bank Foreign Exchange Market

RMB-Against-Foreign Exchange Options Trading Introduced Into the Inter-Bank Foreign Exchange Market

On April 1, 2011, RMB-against-foreign exchange trading was officially introduced into Chinas inter-bank foreign exchange market. On the first day of trading, the system operated smoothly in parallel with brisk quotations and enquiries by banks. The quotation covered all 13 standard terms. A total of 10 RMB-against-USD options trading were concluded on the first day, with trading terms ranging from 1 to 6 months. The nominal principal amounted to a total of USD49 million.

Since Chinas reform of the mechanism for setting up RMB exchange rates in July 2005, the foreign exchange market has witnessed accelerated development and increased varieties of trading products. A broad array of RMB-against-foreign exchange derivatives, such as forward exchange transactions, foreign exchange swaps, and currency swaps, were successively introduced into the market where banks provide services to their clients and the inter-bank foreign exchange market. The introduction of RMB-against-foreign exchange options trading signals the initial formation of a complete system for the trading of fundamental exchange rate derivatives on the foreign exchange market, which will provide a solid foundation for innovation-oriented development of the foreign exchange market in the future. The SAFE will continue to promote the progressive development of the foreign exchange market by taking into account circumstances in market operations and market conditions and by complying with the principle of maintaining the initiative, controllability, and progression of development.

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