2. Implement the membership system. Financial institutions established with the approval of the People's Bank of China and licensed by the State Administration of Foreign Exchange to engage in foreign exchange business may apply to the China Foreign Exchange Trading Center to become members of the foreign exchange trading center and participate in foreign exchange market transactions at home and abroad. Members are divided into self-operated members and agent members. Self-operated members may concurrently engage in agency business, while agent members may only engage in agency business, and may not engage in self-operated business.
3. Implement the bidding transaction method of quotation matching transaction. In China's foreign exchange trading system, after the trader quotes, the trading system matches the transaction according to the principle of price priority and time priority. When the buying quotation and selling quotation are the same, the quotation is the transaction price; When the purchase price is higher than the purchase price, the transaction price is the arithmetic average of the purchase price and the purchase price. When the quotations of the buyer and the seller are equal, all the quotations of the buyer and the seller are closed; When the quoted amount of the buyer and the seller is not equal, the transaction amount is less than the quoted amount, and the unfinished part can be retained, changed or cancelled.
4. Centralized liquidation of local and foreign currency funds. In China's foreign exchange market system, RMB funds are liquidated at two levels, that is, each sub-center is responsible for the liquidation among local members, and the general center is responsible for the balance liquidation of each sub-center. RMB funds shall be settled through RMB account opened in China People's Bank. The first-level liquidation of foreign exchange funds is implemented, that is, the general center is responsible for the liquidation among members. The settlement of funds is handled through the foreign exchange account opened by China Foreign Exchange Trading Center overseas, and the settlement speed of local and foreign currency funds is T+ 1.
In the national unified inter-bank foreign exchange market, the trading time and trading varieties are clearly stipulated. Under normal circumstances, the trading market is open from 9: 20am to 1 1 every Monday to Friday, and it is closed on domestic legal holidays. The transaction currencies are US dollars, Hong Kong dollars and Japanese yen.