Shanghai Clearing House Successfully Launched the Bilateral Clearing Service for Foreign Exchange Transactions
On August 19, Interbank Market Clearing House Co., Ltd (hereinafter referred to as Shanghai Clearing House) successfully launched the bilateral clearing service for foreign exchange transactions in the interbank foreign exchange market, providing high performance, centralized and full process clearing and settlement services for transactions not included in the central counterparty clearing part of the interbank foreign exchange market. On the first day of operation, the business ran smoothly and Shanghai Clearing House received about 1.42 billion yuan of foreign exchange transactions submitted for clearing by four institutions, namely China Construction Bank, Industrial and Commercial Bank of China, Bank of Ningbo and Industrial Bank.
The bilateral clearing service for foreign exchange transactions is an important initiative of Shanghai Clearing House to serve the healthy development of the foreign exchange market. At present, the products that can be cleared include RMB foreign exchange spot, forward and swap transactions, and the supported currency pairs are RMB to USD.
In recent years, Shanghai Clearing House has continued to promote the development of foreign exchange clearing business. The launch of the bilateral clearing service for foreign exchange transactions will form effective synergy with the existing foreign exchange central counterparty clearing business, further improve the standardization and automation of the post-trade link in the interbank foreign exchange market by standardizing the clearing and settlement process, adaptively providing bilateral full and bilateral net services, and innovatively introducing the simultaneous settlement of local and foreign currency funds (PVP) mechanism, leading the market to enhance the risk of foreign exchange settlement. It is of great significance to prevent systemic risks, deepen the reform in the field of foreign exchange and maintain the order of the national financial market.
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