Definition of Instrument
Interbank lending refers to no-guarantee financing business which is dealt through the trading system of the CFETS by and among financial institutions which link the CFETS via the network.
For interbank lending, the shortest term is 1 day, and the longest term is 1 year. The CFETS is responsible for calculating and publicating the weighted average rates in accord with a total of 11 terms including 1-day, 7-day, 14-day, 21-day, 1-month, 2-month, 3-month, 4-month, 6-month, 9-month, and 1-year.
T+0: Beijing time 9:00-12:00 am, 1:30-4:50 pm,
T+1: Beijing time 9:00-12:00 am, 1:30-5:00 pm,
excluding Chinese statutory holidays.
Market participants include commercial banks and their authorized branches, rural credit cooperatives, urban credit co-operatives, financial companies and securities companies and other relevant financial institutions which are approved by PBC and have independent legal entity qualifications, and foreign-funded financial institutions which can conduct RMB business by the PBC approval.
Method of Clearing & Settlement
Both trading parties, at the specified date, shall handle gross settlement at their own risk in accordance with deal sheet. The speed of settlement is T +0 or T +1.
- Guide on Registration of Overseas Investors for Northbound Trading in Bond Connect
- Interim Measures for the Administration of Mutual Bond Market Access between Mainland China and Hong Kong SAR
- User Operation Manual of the Agent Trading System (Version for Overseas Institutional Investors)
- Fee Schedule