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Forward Foreign Exchange Transaction
Introduction
Forward Foreign Exchange Transaction, or forward transaction, is a transaction for which XIB enters into an agreement with its customers to settle foreign exchange sale or purchase at agreed exchange rate and in an agreed amount on a specified future date. Generally, the settlement date for Forward Foreign Exchange Transaction is within one year; the settlement date for Extra-Forward Foreign Exchange Transaction is over one year, which is rare in market. At present, XIB customers may conduct spot FX transactions in 9 regular currencies, including USD, HKD, EUR, GBP, JPY, AUD, CHF, CAD, and SGD. Other foreign currency transactions incurred due to business need will depend on specific conditions.