Photo taken on Aug. 24, 2011 shows a bank clerk counts U.S dollar currencies in Qionghai, south China's Hainan Province. (Xinhua/Meng Zhongde)
BEIJING, April 28 (Xinhua) -- China Foreign Exchange Trade System (CFETS) released on Wednesday a circular on exempting micro-, small- and medium-sized enterprises from paying foreign exchange (forex) derivative trading commissions on the interbank forex market, reported Xinhua Finance.
The exemption, effective as from January 1, 2022, will last for two years and aims at further boosting the real economy and reducing costs for micro-, small- and medium-sized enterprises to hedge currency risks.
Prior to this, the forex derivative trading fee exemption for these businesses was a 50 percent discount. Products applicable to the full-amount commission exemption include Chinese yuan forwards, swaps, currency swaps, options and other yuan derivatives.
CFETS, an important financial infrastructure in China and also known as the National Interbank Funding Center, is a sub-institution directly affiliated to the Chinese central bank, the People's Bank of China. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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