Chapter I
General
Article 1
ICBC Personal Foreign
Exchange Trading Service refers to spot trade by personal customer
between freely convertible currencies under ICBC Foreign Exchange
Trading System within ICBC trading hours either at the counter or
through e-Banking channels (including Internet Banking, Telephone
Banking and Self-Service Terminal).
Chapter II Opening of Personal
Foreign Exchange Trading Service
Article 2
Customers should have
full civil capacity and agree to abide all State Laws, Regulations
and Administrative Rules on Personal Foreign Exchange Trade, as well
as ICBC Regulations on Foreign Currency Savings when applying and
using such service offered by ICBC.
Article 3
Customers can apply
for foreign exchange trade over the counter using foreign exchange
cash (or certificate of foreign exchange deposit, passbook, Money
Link Card, Elite Club Account Card, Peony International Credit Card)
and valid ID. Customers who need to apply for personal foreign
exchange trading service through e-Banking channels have to register
first before qualified to trade.
Article 4
Customers applying
for Personal Foreign Exchange Trading Service at ICBC business
office or through e-Banking must abide this regulation.
Chapter III Use and Custody of
Account and Password
Article 5
Loss of passbook of
the Account designated by customers for personal foreign exchange
trade, loss of Money Link Card, Elite Club Account Card or password
has been forgotten or disclosed should be timely reported following
ICBC regulations. Customers are liable for all consequences arising
before report of the loss took effect.
Article 6
ICBC hold
responsibility for keeping confidential on customers' personal
information and account transactions, unless otherwise specified by
law and regulations.
Chapter IV Quotes and
Transaction
Article 7
Currencies of ICBC
Personal Foreign Exchange Trade include such freely convertible
currencies as US Dollar, Japanese Yen, HK Dollar, British Pound,
Euro, Canadian Dollar, Swiss Franc, Australian Dollar and Singapore
Dollar. Refer to the announcement by ICBC business offices on
details regarding trading currency and currency available for cash
withdrawal.
Article 8
Trading hours for
Personal Foreign Exchange Trade refers to the hours specified by
respective ICBC business offices.
Article 9
Starting amount of
each trade is USD______ or equivalent (different branches have
different starting amount, please call local 95588 for details).
Account designated for personal foreign exchange trade cannot be
overdrawn. No forward trades.
Article 10
Foreign exchange
trade quotes offered by ICBC to customers will be updated real-time
in line with international market. Exchange rate that customer
obtained through enquiry on exchange rate screen, e-Banking or other
channels are all reference prices. Closing price that customers
trade real-time at the counter take the price signed by customers in
Personal Foreign Exchange Trade Closing Verification Letter
surrendered by the ICBC business office that processes for
customers. Details of the Order closed at counter take the computer
closing record of the ICBC business office that processes for
customers. Details of the order closed through e-Banking takes the
closing record of e-Banking. Registered customers of e-Banking can
check the closing details through ICBC e-Banking.
Article 11
Personal Foreign
Exchange Trade has two closing modes: Real-Time and Order. Real-Time
trades close at the ICBC spot exchange rate during processing. Order
trades close at the price determined by customers. Once the ICBC
spot exchange rate meets the closing conditions determined by
customers, order is closed at this rate.
Article 12 Order Trade
(I)
Order Trades are divided into four types: Profit-Making, Stop-Loss,
Two-Way and Additional. Types of orders available for customers
refer to the actual types offered by ICBC business offices or
e-Banking. Two-way order includes both Profit-making order and
Stop-Loss order. After customers places a two-way order, if any one
of the orders closes, the other order will be automatically
void.
Customers can add profit-making order, stop-loss
order or two-way order to the original profit-making order,
stop-loss order or two-way order (referred as Master Order).
Additional order is contingent order, only effective after Master
Order closes.
(II) Customers can submit order using available
balance in the account. Order will not be accepted if the balance in
the account is less than the selling amount of the order.
(III) Amount equivalent to selling amount of the
order in the account will be frozen after order has been accepted.
Customers cannot make any transaction, order, cash withdrawal or
transfer on the frozen funds till order has been closed, cancelled
by customers or automatically invalid. Order is considered to be
accepted when customers' order instruction has been made into a
record in ICBC Foreign Exchange Trading System and is started to
determine real-time if quote meets with the closing conditions
specified by customers. Order is considered to be closed when quote
satisfies the closing conditions specified by customers and buy or
sell the amount to the trading party specified by customers.
(IV) Validity of the order is an integral multiple
of 24 hours between 24 hours (shortest) and 120 hours (longest),
depending on the customers. Calculation of Order validity does not
differentiate ICBC banking day or non-banking day. Order that run
out of the validity period will be automatically invalid. Customers
can cancel orders not yet closed during ICBC trading hours over the
counter in ICBC business office or through e-Banking channels.
Article 13
Settlement of funds
will be completed real-time after closing of the trade.
Article 14
Personal foreign
exchange is traded under the principle of cash trade for cash,
remittance trade for remittance. Selling currency is in cash,
corresponding currency bought is also in cash. Selling currency is
remittance, corresponding currency bought is also remittance. Cash
and remittance cannot be converted through foreign exchange
trade.
Article 15
Customers should be
familiar with ICBC electronic trading. Customers are responsible for
all consequences arising from wrong operation.
Article 16
ICBC disavows any
economic or legal responsibility in connection with no trading is
allowed for customers or trade is delayed due to failure of trading
system network communication or other force majeure events.
Article 17
ICBC has the right
to cancel or re-trade according to the normal exchange rate agreed
by both parties on those transactions with closing rates out of
normal fluctuation of international foreign exchange rate, erroneous
closing amount and erroneous detail items in closing currency
account due to failure of trading system, network communication or
other force majeure event.
Article 18
ICBC has the right
to cancel unfair transactions resulting from customers' fraudulence
or other illegitimate purposes and other abnormal transactions not
of ICBC fault, with appropriate measures taken to stop these kinds
of transactions happening again.
Article 19
All accounts,
computer confirmation, closing verification letter and other vouches
of abnormal transactions are invalid. Customers have no right to
claim on them.
Article 20
Trading instructions
submitted by customers at a time over the trading hours specified by
ICBC are invalid. Trading instructions which are impossible to
execute due to insufficient balance in the account specified by
customer for foreign exchange trade are invalid.
Chapter V Supplementary
Rules
Article 21
Personal Foreign
Exchange trades involves many risks including policy risk, exchange
rate risk, interest rate risk, communication and network system
security. All customers applying for ICBC Foreign Exchange Trade are
considered to bear all consequences arising from the above
risks.
Article 22
ICBC reviews and
analytical opinions on foreign exchange market is only served as
reference for customers and not used as evidence of actual trade.
ICBC disavows any economic or legal responsibility for any loss to
customers resulting from customers' use of such reviews or
opinions.
Article 23
Enforcement,
performance, amendment, termination, interpretation and dispute
resolution of this regulation are governed according to the laws of
Peoples' Republic of China.
Article 24
ICBC reserves the
right to interpret and make the necessary amendments to this
regulation. Any changes or supplements to this regulation will be
announced in ICBC business offices or on website (http://www.icbc.com.cn/icbc/default.htm).
Article 25
This
regulation shall be effective from January 1, 2006. Original
ICBC Regulation of Personal Foreign Exchange Trade becomes
void at the same time.
This agreement is drafted and executed in chinese. It is translated into english for reference only. In case there are any discrepancies between the Chinese version and the English Version, the Chinese Version shall prevail. ICBC reserves the right of final interpretation. Click here to read Chinese Version agreement.
