Domestic financial institutions are not allowed to trade RMB and foreign exchange outside the trading center. Article 3 The People's Bank of China authorizes the State Administration of Foreign Exchange to supervise the foreign exchange market. Article 4 Under the supervision of the State Administration of Foreign Exchange, the trading center is responsible for the organization and daily business management of the foreign exchange market. Article 5 Whoever engages in foreign exchange transactions must abide by laws and administrative regulations and follow the principles of openness, fairness, impartiality, honesty and credibility. Chapter II Establishment and Supervision of Market Organizations Article 6 The trading center is an independent accounting and non-profit enterprise legal person under the leadership of the People's Bank of China. Article 7 The main functions of the trading center are:
(1) Providing and maintaining the inter-bank foreign exchange trading system.
(2) Organizing the buying and selling of foreign exchange trading currencies and varieties;
(3) Handling the clearing and delivery of foreign exchange transactions.
(4) Providing foreign exchange market information services.
(5) Other functions authorized by the State Administration of Foreign Exchange. Article 8 According to business needs, the trading center may set up sub-centers, and the establishment or cancellation of sub-centers shall be approved by the State Administration of Foreign Exchange. Article 9 The trading center implements the membership system, and only members can participate in foreign exchange market transactions. Article 10 The general meeting of members is the highest authority of the trading center and is held once a year. The meeting was convened by the board of directors of the trading center. Article 11 The trading center shall set up a board of directors, which shall be the permanent body of the shareholders' meeting when it is not in session. Article 12 The number of members of the board of directors shall not be less than nine, among which the non-member directors shall not be less than one third of the board members; The members of Chinese-funded institutions in the membership Council shall not be less than one third of the members of the board of directors; The term of office of the Council is two years, and each member of the Council may not be re-elected for more than two terms. Article 13 Member directors are elected by the general meeting of members, while non-member directors are nominated by the State Administration of Foreign Exchange and elected by the general meeting of members. Article 14 The board of directors shall have a chairman, who is a non-member director, nominated by the State Administration of Foreign Exchange and elected by the board of directors. There are three vice-chairmen, including a non-member chairman and two member chairmen, elected by the Council. Chapter III Membership Management Article 15 A domestic financial institution may become a member of the trading center after being approved by the board of directors of the trading center and filed with the State Administration of Foreign Exchange; If a member applies to withdraw from the meeting, it must also be approved by the Council of the trading center and reported to the State Administration of Foreign Exchange for the record. Article 16 Traders selected by members must be trained by the trading center and obtain a license before they can take up their posts and participate in trading. Seventeenth members must pay the seat fee to the trading center in accordance with the regulations. Article 18 Members shall abide by the laws and regulations of the state on foreign exchange management and accept the management of the trading center. Chapter IV Supervision of Trading Behavior Article 19 Foreign exchange transactions between members must be conducted through trading centers, and foreign exchange transactions of non-members must be conducted through members with agency qualifications.
The trading center itself shall not engage in foreign exchange transactions. Article 20 The qualification of a member to act as a foreign exchange agent for a non-member shall be approved by the trading center. Article 21 The transaction price is a direct quotation. Article 22 The following matters in market transactions shall be reported to the State Administration of Foreign Exchange for approval:
(1) transaction method;
(2) trading time;
(3) Currency and type of transactions;
(4) the method of liquidation;
(5) Other matters stipulated by the State Administration of Foreign Exchange. Article 23 Trading centers and member units shall ensure that foreign exchange and RMB funds used for liquidation are delivered and recorded within the specified time. Article 24 A trading center may collect handling fees from both parties to the transaction, and the standards for collecting handling fees shall be reported to the State Administration of Foreign Exchange for approval. Article 25 The People's Bank of China authorizes the State Administration of Foreign Exchange to set and adjust the maximum fluctuation range of daily trading prices in the foreign exchange market. Article 26 The People's Bank of China shall announce the exchange rate of RMB market on that day according to the price formed in the foreign exchange market, and foreign exchange transactions shall be conducted according to the market exchange rate on that day and within the specified maximum daily fluctuation range. Article 27 The People's Bank of China may, according to the requirements of monetary policy, buy and sell foreign exchange in the foreign exchange market, regulate the supply and demand of foreign exchange, and stabilize the foreign exchange market price. Chapter V Legal Liability Article 28 If a member violates the regulations of the State on foreign exchange control, the articles of association and business rules of the trading center, the State Administration of Foreign Exchange has the right to conduct informed criticism, suspend trading or cancel membership, and the economic losses caused thereby shall be borne by the member himself. Twenty-ninth traders who violate the trading rules of the trading center, the trading center has the right to give warnings, informed criticism, cancellation of trading qualifications and other penalties, resulting in economic losses, it shall bear civil liability, and the economic losses shall be borne by its member units.