Management notice of RMB and foreign exchange currency swap was issued in January
Released on 2011-10-21 18:55 | readings
日前，国家外汇管理局发布了《关于外汇指定银行对客户人民币外汇货币掉期业务有关外汇管理问题的通知》（以下简称《通知》），推出人民币外汇货币掉期业务，以满足企业规避汇率风险的需求。
货币掉期，是指在约定期限内交换约定数量人民币与外币本金，同时定期交换两种货币利息的交易协议。2007年8月，银行间外汇市场推出人民币外汇货币掉期交易。
就促进外汇管理的作用来看，《通知》主要有以下几个特点：
第一，市场准入管理被简化。规定凡取得对客户人民币外汇掉期业务经营资格满1年的银行，可以直接对客户开办货币掉期业务，国家外汇管理局不再实施事前资格审批。
第二，进一步便利市场交易。客户办理货币掉期业务的币种、期限等交易要素均由银行自行确定。
第三，放松利率规定。要求货币掉期中的利率由交易双方协商确定，并符合中国人民银行关于存贷款利率的管理规定。
其实早在2010年据《中国经济新闻》报道，中国国务院出台的5项利用外资的政策措施，就明确规定了要完善外商投资企业外汇管理,简化其外汇资本金结汇手续。为促进利用外资方式多样化，政策措施要求拓宽外商投资企业境内融资管道,引导金融机构继续加大对外商投资企业的信贷支持；全面清理涉及外商投资的审批事项,最大限度缩小审批、核准范围,增加审批透明度。
《通知》自2011年3月1日起实施，为企业规避汇率、利率风险提供更多工具选择，进一步促进外汇市场的发展。
Recently, the State Administration of Foreign Exchange issued the " Notice of foreign exchange control issues of designated foreign exchange banks managing RMB and foreign currency swaps for customers," (hereinafter referred to as "Notice"), introducing the RMB exchange currency swaps to meet business needs of hedging foreign exchange risks.
Currency swaps, is the trade agreement exchanging the contracted amount of RMB and foreign currency principal within an agreed period, with a regular exchange of interest on two currencies. In August 2007, the interbank foreign exchange market introduced the RMB and foreign exchange currency swap transactions.
To promote the role of foreign exchange management, "notice" has the following characteristics:
Firstly, the market access management is simplified. Any banks that have obtained foreign exchange swaps RMB business qualification for at least a year can set up direct currency swaps of business for customers and the State Administration of Foreign Exchange is no longer eligible for the implementation of prior approval.
Secondly, market transactions are further facilitated. The currency, duration and other elements of the transaction for the customers using Currency swap business are determined by the banks themselves.
Thirdly, the rate regulations are relaxed, requiring that the interest rate on currency swaps is determined by the parties to the transaction by negotiation while in line with the regulations of deposit and lending rates of Bank of China.
In fact, as early as 2010, according to the report of "China Economic News" , the five measures on utilization of foreign capital issued by China's State Council has specified to improve the foreign exchange management of foreign-invested enterprises, and streamline its procedures of foreign exchange capital settlement. To promote the diversified forms of using foreign capital, the policy and measures require broadening the financing channels of foreign-invested enterprises within the borders, guiding financial institutions to continue increasing credit aid to foreign-invested enterprises, comprehensively cleaning up approval related to foreign investment, minimizing the examining and approving scope, and increasing the transparency of approval.
"Notice" shall come into effect since March 1, 2011 for companies to avoid the risks of exchange rate and interest rate, provide more tools for options, and further promote the development of the foreign exchange market.
日前，国家外汇管理局发布了《关于外汇指定银行对客户人民币外汇货币掉期业务有关外汇管理问题的通知》（以下简称《通知》），推出人民币外汇货币掉期业务，以满足企业规避汇率风险的需求。
货币掉期，是指在约定期限内交换约定数量人民币与外币本金，同时定期交换两种货币利息的交易协议。2007年8月，银行间外汇市场推出人民币外汇货币掉期交易。
就促进外汇管理的作用来看，《通知》主要有以下几个特点：
第一，市场准入管理被简化。规定凡取得对客户人民币外汇掉期业务经营资格满1年的银行，可以直接对客户开办货币掉期业务，国家外汇管理局不再实施事前资格审批。
第二，进一步便利市场交易。客户办理货币掉期业务的币种、期限等交易要素均由银行自行确定。
第三，放松利率规定。要求货币掉期中的利率由交易双方协商确定，并符合中国人民银行关于存贷款利率的管理规定。
其实早在2010年据《中国经济新闻》报道，中国国务院出台的5项利用外资的政策措施，就明确规定了要完善外商投资企业外汇管理,简化其外汇资本金结汇手续。为促进利用外资方式多样化，政策措施要求拓宽外商投资企业境内融资管道,引导金融机构继续加大对外商投资企业的信贷支持；全面清理涉及外商投资的审批事项,最大限度缩小审批、核准范围,增加审批透明度。
《通知》自2011年3月1日起实施，为企业规避汇率、利率风险提供更多工具选择，进一步促进外汇市场的发展。
Recently, the State Administration of Foreign Exchange issued the " Notice of foreign exchange control issues of designated foreign exchange banks managing RMB and foreign currency swaps for customers," (hereinafter referred to as "Notice"), introducing the RMB exchange currency swaps to meet business needs of hedging foreign exchange risks.
Currency swaps, is the trade agreement exchanging the contracted amount of RMB and foreign currency principal within an agreed period, with a regular exchange of interest on two currencies. In August 2007, the interbank foreign exchange market introduced the RMB and foreign exchange currency swap transactions.
To promote the role of foreign exchange management, "notice" has the following characteristics:
Firstly, the market access management is simplified. Any banks that have obtained foreign exchange swaps RMB business qualification for at least a year can set up direct currency swaps of business for customers and the State Administration of Foreign Exchange is no longer eligible for the implementation of prior approval.
Secondly, market transactions are further facilitated. The currency, duration and other elements of the transaction for the customers using Currency swap business are determined by the banks themselves.
Thirdly, the rate regulations are relaxed, requiring that the interest rate on currency swaps is determined by the parties to the transaction by negotiation while in line with the regulations of deposit and lending rates of Bank of China.
In fact, as early as 2010, according to the report of "China Economic News" , the five measures on utilization of foreign capital issued by China's State Council has specified to improve the foreign exchange management of foreign-invested enterprises, and streamline its procedures of foreign exchange capital settlement. To promote the diversified forms of using foreign capital, the policy and measures require broadening the financing channels of foreign-invested enterprises within the borders, guiding financial institutions to continue increasing credit aid to foreign-invested enterprises, comprehensively cleaning up approval related to foreign investment, minimizing the examining and approving scope, and increasing the transparency of approval.
"Notice" shall come into effect since March 1, 2011 for companies to avoid the risks of exchange rate and interest rate, provide more tools for options, and further promote the development of the foreign exchange market.