Established on April 18, 1994, the China Foreign Exchange Trade System & National Interbank Funding Center (CFETS) is a direct institution under the People’s Bank of China.

CFETS follows a business policy of utilizing diverse technical approaches and trading methods to meet the demands of multi-tiered markets. It offers a comprehensive range of services encompassing issuance, trade, post-trade processing, information dissemination, benchmark provision, and training for RMB interest rate and exchange rate products, as well as related derivatives. These services are facilitated through advanced electronic information technologies, employing a private network and the Internet. The primary objective of CFETS is to establish itself as a major global trading platform and pricing center for RMB and related products. CFETS also plays a crucial role in supporting the operations and transmission of the central bank’s monetary policy. It actively contributes to enhancing market efficiency, maintaining market stability, supporting macroeconomic regulation, and ensuring national financial security. In 2018, CFETS recorded a total valid trading amount exceeding RMB 1 trillion. It provided services to over 20,000 domestic market trading members, more than 800 overseas institutions, and served the needs of over 42,000 information and regulatory users.

Main business:

I. Trading Services: CFETS offers a wide range of tradeable foreign exchange products, such as foreign exchange spot, swaps, forward options, and foreign currency borrowing. In addition, it provides RMB products that include credit borrowing, repurchase agreements, transfer of ownership of bonds, interest rate swaps, and more. The trading methods available on CFETS encompass inquiry, bidding, and standardized trading. Clients can access the system through both Clients and data interfaces (API).

II. Post-trade Processing Services: CFETS provides market members with comprehensive post-trade processing services. This includes trade confirmation, reversal, and straight-through processing (STP) services.

III. Information Services: CFETS offers valuable information services to the market. It provides real-time and historical data on market quotations and trading activities. CFETS also furnishes benchmark curves such as bond yield curves, along with classified statistics and data derived from collaborations with third-party entities.

IV. Market Benchmark: CFETS plays a significant role in releasing key market benchmark indicators. These indicators encompass the central parity of the CNY exchange rate, the Shanghai Interbank Offered Rate (Shibor), the loan prime rate (LPR), the CFETS CNY exchange rate index, and the CNY reference exchange rate.