Circular of the People's Bank of China on Matters Relating to the Administration of Exchange Rates in Inter-bank Foreign Exchange Market Transactions and Quoted Exchange Rates of Banks
Circular of the People's Bank of China on Matters Relating to the Administration of Exchange Rates in Inter-bank Foreign Exchange Market Transactions and Quoted Exchange Rates of Banks
Circular of the People's Bank of China on Matters Relating to the Administration of Exchange Rates in Inter-bank Foreign Exchange Market Transactions and Quoted Exchange Rates of Banks
Yin Fa [2014] No.188
July 1, 2014
Shanghai Head Office, all branches and operations offices, central sub-branches in capitals of all provinces (autonomous regions) and central sub-branches in all sub-provincial cities of the People's Bank of China; branches and administrative offices of the State Administration of Foreign Exchange in all provinces, autonomous regions and municipalities directly under the Central Government, branches of the State Administration of Foreign Exchange in Shenzhen City, Dalian City, Qingdao City, Xiamen City and Ningbo City, all Chinese-funded designated foreign exchange banks; and the China Foreign Exchange Trade System,
To further improve the market-oriented RMB exchange rate formation mechanism, the matters relating to exchange rates in inter-bank foreign exchange market transactions and quoted exchange rates of banks are hereby notified as follows:
Article 1 The People's Bank of China authorizes the China Foreign Exchange Trade System (hereinafter referred to as the "CFETS") to release the central parity rates of RMB against USD, EUR, JPY, HKD, GBP, MYR, RUB, AUD, CAD and NZD at 9:15 AM on each business day, which shall serve as the central parity exchange rates in inter-bank spot foreign exchange market (including over-the-counter trading and floor trading) transactions on the current day.
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