Laws of the People's Republic of China

Circular of the State Administration of Foreign Exchange on Unifying the Time of Spot Competitive Biding Transaction and Spot Inquiry Transaction in Inter-bank Foreign Exchange Market

Hui Fa [2006] No.50 September 29, 2006

Branches and administration departments of the State Administration of Foreign Exchange (SAFE) of all provinces, autonomous regions, municipalities directly under the central government, and branches of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo municipalities, the Foreign Exchange Transaction Center of China, and all designated Chinese-capital foreign exchange banks£º

For the purpose of regulating the inter-bank foreign exchange market transaction, facilitating financial organs to fill up counter position of foreign exchange on time after closing of the market, and enhancing the healthy development of foreign exchange market, we hereby promulgate the Circular on Unifying the Time of Spot Competitive Biding Transaction and Spot Inquiry Transaction in Inter-bank Foreign Exchange Market as follows:

1.

As from October 9, 2006, the closing time of Spot Competitive Biding Transaction in inter-bank foreign exchange market will be extended from 15¡Ã30 to 17¡Ã30, which is consistent with the closing time of Spot Inquiry Transaction.

2.

After receiving this circular, the Foreign Exchange Transaction Center of China shall proclaim the circular to members of inter-bank foreign exchange market and organize relevant preparations, so as to guarantee the safe and steady function of the transaction system.