The most popular central bank makes provisions on

2022-07-28
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The people's Bank of China issued an announcement on the 24th during the "1035" period to make specific provisions on the cross-border settlement of domestic crude oil futures transactions, including the domestic A. test standard modular function: it provides users with the test settings needed to use. The domestic crude oil futures transactions are priced and settled in RMB, and overseas traders The funds in the RMB futures settlement account of an overseas brokerage institution shall not be used for purposes other than futures trading

the announcement said that the futures exchange should provide domestic crude oil futures trading settlement services for futures companies or other institutions with settlement qualifications through the RMB special settlement account opened at the designated depository bank for futures deposits. Futures companies or other institutions that are qualified for settlement and equipped with computer-based universal material testing machines shall provide domestic crude oil futures trading settlement services for overseas traders and overseas brokerage institutions through the special RMB margin account opened in the depository bank

the announcement stipulates that the funds in the RMB futures settlement account of overseas traders and overseas brokerage institutions shall bear interest at the current deposit interest rate, and shall be deposited in a special account and managed in a closed manner in China, and shall not be used for any purpose other than futures trading. Overseas traders and overseas brokerage institutions may directly use foreign exchange as margin, and the foreign exchange margin can be used for the settlement of domestic crude oil futures funds only after the settlement of foreign exchange

according to the announcement, the depository bank shall timely, accurately and completely submit relevant account information and cross-border RMB fund revenue and expenditure information to the RMB cross border collection and payment information management system (RCPMIS). With the extensive use of electronic measurement and control technology on the experimental machine, the futures exchange shall submit to the people's Bank of China on a monthly basis the basic information, capital outflow and inflow and other relevant business information of overseas traders and overseas brokerage institutions engaged in domestic crude oil futures trading business

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