Introduction The purchase or sale of different currencies (excluding RMB) for immediate delivery through ICBC FX trading system within the trading hours specified by ICBC.
FX spot trading is the most primary tool to convert different foreign currencies, easy to buy and sell. Customers, if willing to bear the risk, gain profit from exchange rate difference through currency conversion or gain profit from interest spread by converting a foreign currency with lower interest rate to another foreign currency with higher interest rate.
Target Clients Corporate clients (enterprises/public institutions, government departments, social organizations, army, foreign-invested companies) in People's Republic of China (excluding Hong Kong, Macau, Taiwan) who have the need to exchange foreign currency.
Advantages (I) Many options: Besides buying or selling foreign currency "on the spot", customers can place orders - profit making order or stop-loss order. (II) Different currencies: US dollar, Japanese yen, HK dollar, British pound, Euro dollar, Canadian dollar, Swiss franc, Australian dollar, New Zealand dollar, Singapore dollar, Kuwait dinar, Swedish krona, Danish krona, Norwegian krone and Korean won. (III)Good price: Being one of the most influential participants in international interbank FX market, ICBC keeps good relationship with many leading banks around the world. ICBC closes FX deals with good market prices and offers discount for customers.
Application Conditions (I) Credit rating of grade A (inclusive) or above; (II) A true background on the need; (III) Qualified and authorized to engage in derivative trading; (IV) Understand the risks involved in derivative trading and willing to bear the potential loss; (V) No bad credit record in the bank, no serious bad record; (VI) Line of credit granted by ICBC for derivative trading; (VII) Primary deposit A/C or general deposit A/C opened in ICBC. Relaxed rules on the credit rating and line of credit are applied to customers who can produce full margin amount or other low-risk guarantee.
Steps Customers sign FX Trading Agreement with ICBC tier-1 branch, provide margin amount or other guarantee. Customers must supply relevant approval and documentation for ICBC to check out credit standing and contract execution capability.
Service Channels and Hours Mainly at ICBC outlets, customers can also call or fax. Service hours: 8:30-17:30 each working day.
Operation Guidelines 1. Apply: Customers submit Letter of Authorization for FX Trading. After the deal, ICBC will return Letter of Authorization for FX Trading to customers and settle the foreign currencies. 2. Cancel, amend: Customers are allowed to change or cancel the orders before closing, submit Application Form for Amendment/Cancellation of FX Trading Order. No amendment or cancellation once orders are closed.