Product Name

Foreign Exchange Spot Deal

Product Description

Foreign exchange spot deal means that two parties enter into deals at the spot exchange rate of foreign exchange markets on the very day and complete corresponding foreign exchange deliveries on the second working day following the transaction date (T + 2).

Features

1.Customers entrust the bank with buying one currency and selling another, to achieve the conversion between different foreign currencies.

2.This product implements a direct quotation without intermediate conversion through second currency (e.g. CNY) reducing the transaction cost for the customers.

Currency

USD, PKR, CNY and other major currencies.

Eligible Applicants

1.Applicable to customers with needs of foreign currency transactions for corporate import and export trade settlements, payments of margin of credit and so on.

2.Customers need to open their foreign currency accounts in banks.

Procedure

1.Enquiry: the applicant shall determine the detail of foreign exchange spot deal through entrusting in a written form, and make enquiries to Bank of China accordingly.

2.Transaction conclusion: after concluding the transaction, Bank of China will deliver the transaction confirmation to the applicant in written form.

3.Settlement: the actual settlement shall take place on the settlement date.

Gentle Reminders

1.If it happens that the value date is either a non-working day or a public holiday, then it will be postponed accordingly.

2.If requested by customers, Bank of China can conclude foreign exchange transactions with corresponding value dates effective on the very day or to be effective from the following day.