RMB/FX swap refers to a practice whereby the Bank and a customer agree to swap RMB with a foreign currency twice on two delivery dates and in different directions. During the first swap, one party sells the foreign currency to the other party in exchange for RMB at an agreed exchange rate; and during the second swap, the same party uses RMB to purchase the same foreign currency of the same amount from the other party at another agreed exchange rate. 


To apply for the RMB/FX swap business, customers shall enter into the Master Agreement for RMB-Foreign Exchange Swaps and RMB-Foreign Exchange Option Transactions, and abide by relevant regulations of China on foreign trade, customs and insurance (among others), as well as related provisions of the People’s Bank of China, CBIRC, and SAFE. 

Application Procedure 

The same as RMB/FX spot and forward.