On December 12, the China Foreign Exchange Trade System (hereinafter referred to as the "CFETS") issued a notice on continuing to exempt the transaction fees of the interbank foreign exchange market related to foreign exchange derivatives transactions of small and medium-sized enterprises. In order to better serve the high-quality development of the real economy, CFETS will continue to implement the preferential measures of full exemption of transaction fees in the interbank foreign exchange market related to foreign exchange derivatives transactions of financial institutions serving micro, small and medium-sized enterprises after filing with the State Administration of Foreign Exchange. Financial institutions should pass on the fee reduction and exemption to the relevant enterprises. The reduction and exemption measures will be implemented from January 1, 2024, with a temporary period of two yearsyears
Specifically, if a financial institution provides trading services for small, medium and micro enterprises through the bank-enterprise platform of the trading center, the trading center will reduce or exempt the transaction fees of the interbank foreign exchange market in full based on the total number of customer transactionsIf a financial institution provides trading services for micro, small and medium-sized enterprises through other channels, the financial institution shall be responsible for reviewing the standards of micro, small and medium-sized enterprises and reporting the list of enterprises to the CFETS, which shall reduce or exempt the transaction fees of the interbank foreign exchange market in full based on 50% of the total number of customer transactions.
The notice is clear,Applicable trading instruments with preferential trading fees include RMB foreign exchange derivatives such as forwards, swaps, currency swaps and options。Micro, small and micro enterprises refer to medium-sized, small and micro enterprises that meet the relevant index standards of the Measures for the Classification of Large, Medium, Small and Micro Enterprises (2017) of the National Bureau of Statistics. Financial institutions can submit customer transaction information with small, medium and micro enterprises to the CFETS through the CFETS system before the 15th of the end of each quarter, covering the last month of the previous quarter and the first two months of the current quarter, including customer names, trading varieties, currency pairs, trading volumes, deadlines, etc., and keep relevant transaction vouchers for future reference. 
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