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	CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON TWO-WAY TRANSACTIONS IN INTER-BANK FOREIGN EXCHANGE MARKETS

	(No. 109 [2003] of the State Administration of Foreign Exchange promulgated on September 9, 2003, which shall come into force as of October 1, 2003)


SUBJECT : INTER-BANK FOREIGN EXCHANGE MARKET; TWO-WAY TRANSACTIONS
ISSUING DEPARTMENT : THE STATE ADMINISTRATION OF FOREIGN EXCHANGE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 09/09/2003
IMPLEMENT DATE : 10/01/2003
LENGTH : 335 words
TEXT :

In order to develop the inter-bank foreign exchange market of our country, and perfect the operational mechanism of foreign exchange market, the State Administration of Foreign Exchange decides to put into practice the two-way transaction in the inter-bank foreign exchange market on the basis of the Request on Extending the Transaction Time of Foreign Exchange Market (No.300 of China Foreign Exchange Trading Center) submitted by China Foreign Exchange Trading Center, we hereby make the following notice on the relevant matters:

I. We approve China Foreign Exchange Trading Center to put into practice the two-way transaction in inter-bank foreign exchange market from October 1, 2003, that is, all the member entities are permitted to make two-way sales transactions in the same transaction through the inter-bank foreign exchange market transaction system.

II. China Foreign Exchange Trading Center will, from October 1, 2003, charge the handling fees according to the sales netting of the same currency concerning the transactions between the members, and the rate of the handling charges will remain unchanged at present.

III. All the designated forex banks may adjust by themselves the turnover position of settlement and sale of the foreign exchange within the permitted amount of position, and shall observe the relevant regulations and systems when carrying out the sales transaction in inter-bank foreign exchange market.

IV. After the two-way transaction has been put into practice, China Foreign Exchange Trading Center shall further perfect the information disclosure mechanism on the market members, and report and submit the relevant report forms (see the attachment Forms) to this Administration timely each day through the inter-bank foreign exchange market transaction system.

V. China Foreign Exchange Trading Center shall distribute this Circular to all the member entities in the inter-bank foreign exchange market.

Attachments:
1. Foreign Exchange Market Quotation (Omitted)
2. Name List of the Inter-bank Foreign Exchange Markets (Omitted)
3. Report Forms of the Foreign Exchange Transaction in Inter-bank Market (by Bank) (Omitted)
4. Report Forms of the Foreign Exchange Transaction in Inter-bank Market (by Region) (Omitted)