According to the statistics of the StateAdministration of Foreign Exchange (SAFE), the Chinese foreign exchange market(excluding foreign currency pairs, the same below) recorded total transaction ofRMB 16.08 trillion (equivalent to USD 2.29 trillion) in November 2019. Specifically,the transaction volume of the bank to customer market was RMB 2.36 trillion(equivalent to USD 335.7 billion), the transaction volume of interbank marketwas RMB 13.73 trillion (equivalent to USD 1.96 trillion), the cumulativetransaction volume of the spot market was RMB 6.96 trillion (equivalent to USD 992.3billion), and that of the derivatives market was RMB 9.12 trillion (equivalentto USD 1.30 trillion).

From January to November2019, a total of RMB 183.46 trillion (equivalent to USD 26.68 trillion) wastraded in the Chinese foreign exchange market.