China Foreign Exchange Trade System
The China Foreign Exchange Trade System (CFETS, Chinese:
Overview[edit]
CFETS was created by the PBoC on 18 April 1994, initially as the Forex Trading System (Chinese:
CFETS also operated a central counterparty until 2009, when that role was transferred to the Shanghai Clearing House.[citation needed]
CFETS has been based since 2006 in Zhangjiang Town, Shanghai, with a local backup center on the Bund and a remote backup center in Beijing.[5] It also has sub-centers in Guangzhou, Shenzhen, Tianjin, Jinan, Dalian, Nanjing, Xiamen, Qingdao, Wuhan, Chongqing, Chengdu, Zhuhai, Shantou, Fuzhou, Ningbo, Xi'an, Shenyang, and Haikou.[citation needed]
CFETS self-describes as undertaking daily monitoring on market transactions, and also providing support and service for the PBoC monetary policy transmission and market self-regulatory organizations. It publishes market benchmarks, including RMB Central Parity Rate, Shanghai Interbank Offered Rate (Shibor), CFETS RMB Index, Loan Prime Rate (LPR), RMB Reference Rate, Bond Indices, yield curves, etc., offering reference prices for the market.[5] In 2018, trading volume on CFETS exceeded RMB 1 trillion. It served more than 20,000 domestic market trading members, more than 800 overseas institutions, and over 42,000 information and regulatory users.[1] Overseas members include central banks and sovereign wealth funds.[citation needed]
Leadership[edit]
Pei Chuanzhi was the president of CFETS in the mid-2010s.[6] As of early 2024, the CFETS President was Zhang Yi.[5]
See also[edit]
- China Central Depository & Clearing (CCDC)
- China Securities Depository and Clearing Corporation (CSDC)
- Cross-Border Interbank Payment System (CIPS)
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- CLS Group
References[edit]
- ^ a b "Brief Introduction of China Foreign Exchange Trade System". Shanghai Municipal People's Government. 18 July 2023.
- ^ "CME Group and CFETS Sign Agreement on Cooperation". CME Group. 25 September 2015.
- ^ "National Interbank Funding Center (
全国 银行间同业拆借中心 )". China Banking News. 27 August 2019. - ^ Barry Eichengreen (20 May 2022). "Sanctions, SWIFT, and China's Cross-Border Interbank Payments System". Center for Strategic and International Studies.
- ^ a b c d "Brief Introduction". CFETS.
- ^ "CME Group and China's CFETS in MOU to establish US joint venture". SMM. 6 August 2015.