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In recent years the foreign exchange authorities have firmly implemented the requirement put forward at the 17^th National Party Congress to “institutionally give better play to the fundamental role of the market in resource allocation” and  have accelerated the construction and development of China’s foreign exchange market; consequently, there have been increasing varieties of trade in the foreign exchange market , the group of trade participants has expanded continuously, the trading mechanism has improved, and the foundation and capability of the foreign exchange market to serve the real economy and allocate financial resources have been further improved.

Increasing the varieties of trade to meet the diversified demands of market players to hedge against exchange-rate risks. Currency swap transactions were introduced to the inter-bank foreign exchange market and the bank-to-client market in August 2007 and March 2011, respectively, and foreign exchange options trading was introduced to the inter-bank foreign exchange market and the bank-to-client market in April 2011. By that time, China ’s foreign exchange market system already covered the basic products in the international foreign exchange market. Furthermore, in order to reduce currency conversion costs for cross-border trade and investment and to enhance the banks’ risk management capabilities, since 2010 trading of the RMB against the Malaysian Ringgit, Russian Ruble, Australian Dollar, and Canadian Dollar has been gradually introduced and there are now nine tradable currencies from the developed economies and the new emerging market economies.

Expanding market entities and building a multi-tiered market structure. While the group of bank market players continuously expanded, qualified non-bank financial institutions and non-financial enterprises were permitted to participate in  trade in the inter-bank foreign exchange market to increase the diversity of foreign exchange supply and demand. At present, there are twenty-six finance companies of enterprise groups participating in inter-bank spot trade, and Shanghai Automotive Group Finance Co., Ltd. is the first company to carry out inter-bank forward trade. This plays an active role in supporting the enterprises to “Go Out” and reduces foreign exchange conversion costs.

Perfecting market operational mechanisms and increasing the autonomy and flexibility of transactions. In order to give full play to the important role of the market in the selection of market makers and to adapt to the new situation whereby trade product categories on the inter-bank foreign exchange market are increasing and  commercial banks’ market positioning is becoming more segmented, the market-maker system was further improved in August 2010; a trial market-maker business was introduced to the inter-bank foreign exchange market, and the access threshold for non-market-makers to engage in market-making competition was lowered. According to the Circular, a system for the grading of market-makers was established, and the liquidity and trading efficiency of derivative markets, including the forward-swap market, was improved. The appraisal mechanism for selecting superior market-makers and eliminating inferior market-makers has been perfected and the initiative of market-makers in participating in market-making has been enhanced. In accordance with voluntary and merit-based principles, as of the end of 2011, 26 spot market-makers and 20 forward swap market-makers had been approved, 8 commercial banks had been approved as spot market-makers, and 10 commercial banks had been approved as forward swap market-makers.

As the foreign exchange market developed, in order to further improve its liquidity and trading efficiency, in October 2008 currency brokerage companies were regulated and encouraged to carry out foreign exchange brokerage business in the inter-bank foreign exchange market to save the market participants’ time spent on inquiries, to facilitate anonymous quotes and to introduce new trading means, and to form a favorable supplementary and interactive mechanism among market participants, the China Foreign Exchange Trading System, and the currency brokerage companies. As of the end of 2011, Shanghai CFETS-ICAP International Money Broking Co., Ltd., Tullett Prebon SITICO ( China ) Ltd., and Ping An Tradition International Money Broking Company Ltd provided brokerage services for RMB-against-foreign exchange derivatives trade.

Improving market infrastructure and guaranteeing sound development of the foreign exchange market. First, improving the foreign exchange trading system. In accordance with the objective needs for the development of China’s foreign exchange market, and on the basis of the utilization of advanced international experience, in 2007 the foreign exchange authorities provided the China Foreign Exchange Trading System with guidance on research and development and on online operations of a new generation of the foreign exchange trading system which reached then advanced level of mainstream international trading platforms. Second, improving capability to guard against risks. The foreign exchange authorities conformed to the needs for the development of the RMB-against-foreign exchange derivatives market, and in August 2007 promulgated China’s Master Agreement on RMB-against-Foreign Exchange OTC Derivatives, the first in China to put forward innovations such as the single agreement principle, netting settlement, and bilateral agreements, effectively reduced the credit risk of derivatives trading, provided trade participants with an effective guarantee on their market activities to guard against exchange-rate risks, and laid a foundation for the development and promulgation of the China Inter-bank Market Financial Derivative Transactions Master Agreement. Third, improving the foreign exchange trading settlement system. In order to adapt to the demands of the foreign exchange market for a more efficient and safer settlement arrangement, in June 2009 net settlement business was introduced to spot inquiry trade in the inter-bank foreign exchange market, and the domestic foreign exchange market began to implement a central counter-party system that is based on multilateral net settlement, which is beneficial to reduce credit risks and settlement risks of foreign exchange trade, to improve the capability to guard against systematic risks, and to promote the long-term development of the foreign exchange market, in particular, the derivatives market. Fourth, cultivating an honest and energetic environment for the development of the foreign exchange market. Since 2008, the foreign exchange authorities have been providing the China Foreign Exchange Trading System with guidance on selecting excellent market-makers in the inter-bank foreign exchange market, focusing on guiding the market-makers to improve their market-making services and cultivating an honest and energetic market environment.

As of the end of 2011, 319 designated foreign exchange banks provide enterprises and individuals with domestic and foreign currency exchange business and 318 financial institutions participate in trade in the inter-bank foreign exchange market. From 2007 to 2011, the volume of trade on China’s foreign exchange market increased annually 40.3 percent, reaching USD 14.2 trillion (with the volume of daily trading at USD 58.1 billion), a fourfold increase from 2006.

In 2012, the foreign exchange authorities will deeply implement the spirit of the Central Economic Work Conference and the National Financial Work Conference, grasp well the general emphasis on the work of “Steady Development,” continue to steadily promote the construction and development of the domestic foreign exchange market, and promote the steady and rapid development of the economy.