Founded on April 18, 1994, China Foreign Exchange Trade System (CFETS), also known as the National Interbank Funding Center, is a sub-institution directly affiliated to the People’s Bank of China (PBC). CFETS adheres to the business principle of “using multiple technical approaches and various trading methods to answer demands from multi-tiered markets”. Under the strategic goal of becoming the “major global trading platform and pricing center for RMB and related products”, CFETS provides a series of services covering issuance, trade, post-trade processing, information, benchmark and training services for interbank FX market, money market and bond market via dedicated line and the Internet with advanced electronic information technologies. As an important financial infrastructure in China, CFETS undertakes daily monitoring on market transactions, and also provides support and service for PBC’s monetary policy transmission and market self-regulatory organizations. CFETS publishes market benchmarks, including RMB Central Parity Rate, Shanghai Interbank Offered Rate (Shibor), CFETS RMB Index, Loan Prime Rate (LPR), RMB Reference Rate, Bond Indices, yield curves, etc., offering reference prices for the market.