The forms of principal exchange include:

(1) On the effective date of the agreement, the two parties exchange the principal of RMB and foreign currency at the agreed exchange rate, and on the expiration date of the agreement, the two parties will exchange the principal at the same exchange rate. exchange rate and a reverse exchange of principal for the same amount;

(2) Other forms specified by the People's Bank of China and the State Administration of Foreign Exchange. Interest exchange means that both parties regularly pay each other an amount of interest calculated in the exchanged currency. The interest can be calculated at a fixed rate or at a floating rate.

The exchange rate for the initial swap is calculated based on the agreed spot exchange rate. The true meaning of currency swap is to exchange principal at the beginning and end, and exchange interest at an agreed date during the duration.

On the effective date of the agreement, the two parties will exchange the principal of RMB and foreign currency at the agreed exchange rate. On the expiration date of the agreement, the two parties will conduct a reverse exchange of principal at the same exchange rate and the same amount