The value date refers to the date when the collection or payment actually takes effect. According to international practice, the value date should be indicated in the telegram of payment instruction issued by the bank to ensure that the payment date is clear.

The calculation of the value date is based on the settlement speed of each currency, "settlement on the same day" as the benchmark, combined with the different effects of holidays in each currency, and the corresponding value date is determined according to the spot bidding trading day of RMB and foreign exchange.

The spot auction transaction of RMB and foreign exchange (hereinafter referred to as "spot transaction") is subject to the liquidation speed of T+2, that is, the capital settlement date of local and foreign currencies between China Foreign Exchange Trading Center and its members is the second working day after the transaction date, and the liquidation date is the value date for both parties' funds.

Working days refer to the days when both China and the currency issuing countries or regions are open for business.