On December 23, the Bank间 Market Clearing House Corporation (Shanghai Clearing House) announced the continuation of a temporary waiver on clearing fees for financial institutions facilitating RMB forex derivatives transactions for small and medium-sized enterprises (SMEs).

To further support high-quality development of the real economy, reduce hedging costs for SMEs, and enhance financial service efficiency, Shanghai Clearing House will extend the fee exemption for central counterparty clearing services related to RMB forex derivatives transactions. This decision follows reporting to the State Administration of Foreign Exchange.

Financial institutions in the interbank forex market serving SMEs will receive full waivers on clearing fees based on their transaction volumes and the proportion of their RMB forex derivatives trades cleared through central counterparty services.

The waiver applies to RMB forex derivatives transactions, including forwards, swaps, and options (including combinations), with currency pairs involving RMB and USD.

Transaction data will be provided to Shanghai Clearing House by the China Foreign Exchange Trade System.

The policy took effect on December 1, 2025, and will remain in force until November 30, 2027.