I. Description
The spot exchange settlement and sale mean the customers trade different currencies (excluding RMB) through ICBC foreign exchange trading system at the trading period specified by ICBC.
The product is the most fundamental conversion tools for different foreign currencies. It has a simple structure and is easy to understand. Through the product, the customer may realize conversion between different foreign currencies, gain margins from difference in exchange rate or convert one foreign currency with a low interest rate into another foreign currency with a high interest rate to gain margins from the difference in interest rate.
2. Target Customers
The product is applicable to the enterprise, institution or social organization legally registered in Mainland China or a legal person office in China of foreign institutions and its authorized branch.

II. Features and Advantages
i. Different transaction modes: Besides real-time foreign exchange trading, the product of ICBC also allows pending order transactions, including profit-taking order, stop-loss order, two-way order, revolving order, one-to-many order, trigger order and supplementary order. The revolving order, one-to-many order, trigger order and supplementary order are only applicable to the “buy first, sell later” transaction of personal customers.
ii. Varied currencies for trading: ICBC offers services for trading various currencies including USD, JPY, HKD, GBP, EUR, CAD, CHF, AUD and SGD to meet customer’s different transaction needs.
iii. Favorable price: ICBC is one of the most influential participants in the international inter-bank foreign exchange market and maintains a good business relationship with a number of international Banks, capable of providing customers with high quality offers.

III. Qualifications
Corporate customers must satisfy the following conditions in order to apply for spot exchange settlement and sale in ICBC:
1. Being an enterprise, institution or social organization legally registered in Mainland China or a legal person office in China of foreign institutions and its authorized branch.
2. Having opened a foreign exchange account in ICBC.

IV.Application Process
To apply for the business through ICBC operating outlets, the corporate customers have to submit an application and fill in relevant business vouchers as required by ICBC. With respect to real-time transaction and entrusted transaction, operating outlets will accept the application and handle the business after it is confirmed that the information in customer’s application is correct. To apply for the business through ICBC electronic banking, the corporate customers need to go through the ICBC electronic banking registration procedures and fill in relevant applications. After such application passes the verification by electronic banking system based on pre-set conditions, ICBC will accept the application and handle the business through the electronic banking system.

V. Service Channels and Hours
Corporate customers may apply for the business through operating outlets, internet banking, or by phone or fax. The operating outlets are open for the business from Monday to Friday. The business hours are dependent on the rules of different outlets. The business hours of internet banking is from 7:00 Monday to 04:00 Saturday (Beijing Time).

VI. Operation Guide
1. Transaction application: The corporate customers have to submit applications for specific transactions. After the transaction is reached, ICBC will provide the confirmation results to the customers and handle transaction settlement procedures with the customer in time.
2. Transaction revocation and modification: Before the entrusted transaction is closed, the customer may revoke or modify pending orders by submitting applications. Once closed, the pending order transactions cannot be changed or revoked by customers.

VII. Risk Prompt
Due to the uncertainty in the changes of exchange rate in future, in the case that the exchange rate in future is more favorable than the spot exchange rate after the customer has handled the spot exchange trading business, since the customer has locked the cost or income of exchange rate, he cannot enjoy the extra income brought by the changes of exchange rate in future.

Note: The information given on this page is for reference only. See the announcements and rules of local outlets for details.