“China Foreign Exchange Trading Center Offshore RMB Foreign Exchange Business Guidelines” released
The Zhitong Finance App learned that on September 1, the China Foreign Exchange Trading Center released the “China Foreign Exchange Trading Center Offshore RMB Foreign Exchange Business Guidelines”. It is proposed that the foreign exchange trading center's offshore RMB foreign exchange trading hours are 07:00 Beijing time to 03:00 the next day, and that the market will not be open on Saturdays, Sundays, and Chinese statutory holidays. Offshore RMB foreign exchange transactions use bilateral clearing. Both parties to the transaction shall settle the relevant funds according to transaction factors such as the starting date and transaction amount agreed upon in the transaction order, and pay the full amount of RMB or foreign currency funds to the counterparty's designated fund account on the interest rate date (delivery date).
The original text is as follows:
Notice on Issuing the “China Foreign Exchange Trading Center Offshore RMB Foreign Exchange Business Guidelines”
Zhonghui Stock Exchange [2026] No. 209
Participating institutions:
According to the latest policies and market development needs, the China Foreign Exchange Trading Center has revised and formed the “China Foreign Exchange Trading Center Offshore RMB Foreign Exchange Business Guidelines” (see annex), which is now being published.
These guidelines came into effect on the date of publication, and the “China Foreign Exchange Trading Center Free Trade Zone RMB Foreign Exchange Business Guidelines” (China Foreign Exchange Exchange (2024) No. 378) was abolished.
We hereby inform you.
Attachment: China Foreign Exchange Trading Center Offshore RMB Foreign Exchange Business Guidelines
China Foreign Exchange Trading Center
August 31, 2026
China Foreign Exchange Trading Center
Offshore RMB Foreign Exchange Business Guidelines
(Revised August 2026)
Chapter I General Provisions
Article 1. The China Foreign Exchange Trading Center (hereinafter referred to as the Foreign Exchange Trading Center) provides trading facility services for offshore RMB (CNH) foreign exchange transactions, and formulates these guidelines in accordance with relevant national laws and regulations.
Article 2. Offshore RMB foreign exchange transactions referred to in these Guidelines refer to related transactions carried out by domestic financial institutions, free trade zone financial institutions and overseas institutions permitted by relevant policies to participate in offshore RMB foreign exchange business through foreign exchange trading center platforms.
Article 3 Financial institutions in free trade zones shall comply with the “Opinions of the People's Bank of China on Financial Support for the Construction of the China (Shanghai) Pilot Free Trade Zone” (Yinfa [2013])
<海南自由贸易港、横琴粤澳深度合作区 “电子围网” 建设方案>No. 244), “Notice from the Shanghai Headquarters of the People's Bank of China on Issuance” (issued by the Bank Headquarters<中国 (上海) 自由贸易试验区分账核算业务实施细则 (试行) > <中国 (上海) 自由贸易试验区分账核算业务风险审慎管理细则 (试行) > (2014) No. 46), “Notice of the State Administration of Foreign Exchange of the People's Bank of China on Issuance” (Yinfa [2023] No. 119), “Hainan Regulations such as the “Administrative Measures on Multi-functional Free Trade Account Operations at Free Trade Ports” (Qiongyinfa (2024) No. 32) and the “Administrative Measures on Multi-functional Free Trade Account Business in the Hengqin Guangdong-Macao Deep Cooperation Zone” (Guangdong Yinfa (2024) No. 24) strictly manage accounts and funds.
Chapter II Participating Agencies
Article 4 Eligible domestic financial institutions, free trade zone financial institutions, and overseas institutions may apply to the Foreign Exchange Trading Center according to business requirements. After completing the signing of the membership agreement and preparation of business technology, etc., the Foreign Exchange Trading Center shall notify them in writing to become the offshore RMB foreign exchange trading organization of the Foreign Exchange Trading Center.
Article 5 Domestic financial institutions refer to institutions established within the People's Republic of China to conduct financial business with the approval of the financial administration department under the State Council.
Article 6. Financial institutions in free trade zones refer to the “Opinions of the People's Bank of China on Financial Support for the Construction of the China (Shanghai) Pilot Free Trade Zone” (Yinfa [2013])
(No. 244), the “Notice of the State Administration of Foreign Exchange of the People's Bank of China<海南自由贸易港、横琴粤澳深度合作区 “电子围网” 建设方案>” (Yinfa (2023) No. 119) and other relevant regulations carry out branch accounting operations and connect to inspection agencies through the Shanghai headquarters of the People's Bank of China or the local People's Bank of China system.
Article 7. Overseas institutions refer to overseas central bank institutions, overseas financial institutions, and other eligible overseas institutional investors.
Article 8. Participating institutions with relevant quotation trading experience may apply to the Foreign Exchange Trading Center to become an offshore RMB foreign exchange liquidity provider (LP) to provide the market with two-way quotes for trading. The foreign exchange trading center will assess and adjust according to market conditions.
Chapter III Transaction Management
Article 9 Offshore RMB foreign exchange trading hours at foreign exchange trading centers are from 07:00 Beijing time to 03:00 the next day. The market is closed on Saturdays, Sundays, and Chinese statutory holidays.
Article 10. Before carrying out transactions, participating institutions shall establish bilateral credit relationships or set credit lines with counterparties through the foreign exchange trading center platform, and maintain clearing account information; before carrying out derivatives transactions, they shall sign a financial derivatives trading master agreement with the counterparty.
Article 11 Participating institutions shall appoint qualified traders to conduct offshore RMB foreign exchange quotes and transactions on their behalf, and shall be responsible for the traders' trading behavior. The Foreign Exchange Trading Center manages traders under a real name system. Traders who have not verified their real name are not allowed to log on to the Foreign Exchange Trading Center platform to conduct relevant quotation transactions.
Article 12. Traders shall conduct transactions within the scope authorized by participating institutions, and participating institutions shall promptly review and update the scope of authorization of traders. Where traders leave their jobs or are transferred, their participating institutions shall promptly cancel or adjust their powers.
Article 13 A transaction order generated by a foreign exchange trading center platform is a written proof of the conclusion of an offshore RMB foreign exchange transaction and is legally binding on both parties to the transaction.
Article 14. Offshore RMB foreign exchange transactions shall be settled bilaterally. Both parties to the transaction shall settle the relevant funds according to transaction elements such as the starting date and transaction amount agreed upon in the transaction order, and pay the full amount of RMB or foreign currency funds to the counterparty's designated fund account on the interest rate date (delivery date).
Article 15 Offshore RMB foreign exchange transactions at foreign exchange trading centers shall not be included in market conditions and transaction statistics relating to the domestic interbank RMB foreign exchange market.
Article 16 Where participating institutions are unable to use the foreign exchange trading center platform due to a failure in their own systems or communication lines, etc., they may apply to the foreign exchange trading center for emergency trading services. Participating institutions may apply to the Foreign Exchange Trading Center for emergency cancellation of the transaction service after reaching an agreement between the two parties due to transaction errors or other circumstances due to special reasons. Relevant operations carried out by foreign exchange trading centers on behalf of participating institutions' emergency service requests have the same legal effect as participating agencies' own operations.
Chapter IV Trading Types and Mechanisms
Article 17 The types of offshore RMB foreign exchange transactions include spot and derivatives. Derivatives include forwards, swaps, currency swaps, options, etc.
Article 18 Offshore RMB foreign exchange transactions support models such as inquiry transactions. Among them, an inquiry transaction means that a liquidity provider (LP) provides a named public indicative quotation or volume-ready quotation through a foreign exchange trading center platform, and participating institutions reach a transaction with a liquidity provider (LP) or other participating institution through request for quotation (RFQ), click transaction or order matching (ESP), negotiation transaction, etc.
Article 19. Participating institutions may manually quote and trade through the Foreign Exchange Trading Center platform, and Liquidity Providers (LPs) may also use the Automated Market Making Interface (LP API) provided by the Foreign Exchange Trading Center for quoting and trading. Participating institutions shall abide by business technical specifications such as foreign exchange trading center systems and interfaces.
Chapter V: Trading Regulations
Article 20 The Foreign Exchange Trading Center shall monitor the offshore RMB foreign exchange business in accordance with the relevant regulations of the supervisory authorities and deal with abnormal trading practices.
Article 21. Participating institutions shall strictly implement anti-money laundering and anti-terrorist financing laws, regulations and related regulations, and effectively fulfill their obligations relating to anti-money laundering and anti-terrorist financing.
Article 22 When engaging in offshore RMB foreign exchange transactions, participating institutions shall establish and improve internal management systems with reference to the “Foreign Exchange Market Code of Conduct Guidelines”, “China Foreign Exchange Market Guidelines”, and “Global Foreign Exchange Market Guidelines” and other rules, regulations and best practice requirements, taking into account the agency's business characteristics, and strengthen front, middle, and back office management. Article 23. Participating institutions shall participate in transactions fairly and honestly, and any improper act that hinders fair trade in the market, hampers price discovery, and affects the order of market operation is prohibited.
Article 24. The quotations and transaction prices of participating institutions shall be valid and reasonable market prices.
Article 25 For institutions that violate these Guidelines, the Foreign Exchange Trading Center will take oral warnings, suspend or cancel part or all of its trading rights, and other measures deemed necessary by the Foreign Exchange Trading Center according to the seriousness of the circumstances.
Article 26. In order to maintain normal transaction order, the Foreign Exchange Trading Center may suspend all or part of transactions as appropriate when any of the following circumstances occur:
(1) Large irrational fluctuations in market prices disrupt the normal operation of the market;
(2) Unexpected events such as force majeure, accidents, technical malfunctions, etc., cause or cause all or part of the transaction to fail properly;
(3) Other circumstances affecting the normal trading order and fairness of the market.
Article 27 If there is an abnormal situation in a transaction that has already been concluded, and clearing and settlement according to the transaction results will have a serious impact on the normal order of the transaction and market fairness, the foreign exchange trading center may cancel the transaction.
Chapter 6 Supplementary Provisions
Article 28 Foreign Exchange Trading Center's offshore RMB foreign exchange trading related product definitions, trading models, business day guidelines, and interest date adjustment rules, etc. refer to the “China Foreign Exchange Trading Center Product Guide (Foreign Exchange Market)” and other relevant documents.
Article 29 Financial institutions in a free trade zone shall submit RMB foreign exchange transaction information in the free trade zone to the foreign exchange trading center in accordance with the “Notice of the Shanghai Branch of the State Administration of Foreign Exchange on Further Regulating the Data Collection Requirements for Free Trade Accounts in the China (Shanghai) Pilot Free Trade Zone” (Shanghai Huifa (2017) No. 158). For offshore RMB foreign exchange transactions concluded by participating institutions through the Foreign Exchange Trading Center platform, the Foreign Exchange Trading Center can automatically collect relevant data, and participating institutions do not need to submit separate reports. Article 30 The Foreign Exchange Trading Center shall be responsible for interpreting and revising these Guidelines.
Article 31. These guidelines take effect from the date of publication, and the original “China Foreign Exchange Trading Center Free Trade Zone RMB Foreign Exchange Business Guidelines” (China Foreign Exchange Delivery (2024) No. 378) were abolished at the same time.
This article was compiled from the “China Foreign Exchange Trading Center” official website, Zhitong Finance Editor: Feng Qiuyi.