Core Viewpoint - The Shanghai Clearing House will continue to waive clearing fees for foreign exchange derivatives transactions related to small and micro enterprises, effective from December 1, 2025, to November 30, 2027, to support high-quality development of the real economy and reduce hedging costs for these enterprises [1] Group 1 - The waiver applies to central counterparty clearing fees for financial institutions providing trading services to small and micro enterprises in the interbank foreign exchange market [1] - The waiver covers transactions involving RMB foreign exchange derivatives, including forwards, swaps, and options (including combinations), specifically for the RMB/USD currency pair [1] - The relevant transaction information will be provided by the China Foreign Exchange Trade System to the Shanghai Clearing House [1]

Core Viewpoint - The China Foreign Exchange Trading Center will implement a full exemption of transaction fees for financial institutions providing foreign exchange derivative trading services to small and micro enterprises starting from January 1, 2026, for a period of two years [1] Summary by Categories Policy Implementation - The exemption applies to transaction fees in the interbank foreign exchange market for financial institutions serving small and micro enterprises through the foreign exchange trading center's corporate platform [1] - For transactions conducted through other channels, financial institutions must verify the standards of small and micro enterprises and report the enterprise list to the foreign exchange trading center, which will then provide a full exemption based on 50% of the total transaction volume [1] Transaction Types - The fee exemption covers various types of transactions, including forwards, swaps, currency swaps, and options related to RMB foreign exchange derivatives [1] Reporting Requirements - Financial institutions are required to submit transaction information related to small and micro enterprises to the foreign exchange trading center by the 15th of each quarter's last month, including details such as client name, transaction type, currency pair, transaction volume, price, and duration [1]

Core Viewpoint - The Shanghai Clearing House has announced a continuation of the phase-based exemption of clearing fees for financial institutions providing RMB foreign exchange derivative trading services to small and micro enterprises, effective from December 1, 2025, to November 30, 2027 [1] Group 1 - Financial institutions will be fully exempt from clearing fees based on their trading volume and the proportion of RMB foreign exchange derivatives included in central counterparty clearing [1] - The exempted RMB foreign exchange derivative transactions include forwards, swaps, and options (including combinations), specifically for the RMB/USD currency pair [1] - The relevant trading information will be provided by the Foreign Exchange Trading Center to the Shanghai Clearing House [1]