Foreign Exchange Guide

ANZ
EMERGING MARKETS
FOREIGN EXCHANGE GUIDE
CONTENTS
EMERGING MARKETS FX CAPABILITIES

ASIA
Cambodian Riel KHR
Chinese Yuan (Renminbi) CNY
Chinese Yuan (Offshore Renminbi) CNH
Hong Kong Dollar HKD
Indian Rupee INR
Indonesian Rupiah IDR
(South) Korean Won KRW
Lao Kip LAK
Malaysian Ringgit MYR
Mongolian Tughrik MNT
Philippine Peso PHP
Singapore Dollar SGD
New Taiwan Dollar TWD
Thai Baht THB
Vietnamese Dong VND
PACIFIC
Fiji Dollar FJD
Papua New Guinea Kina PGK
Solomon Islands Dollar SBD
Tongan Paanga TOP
Vanuatu Vatu VUV
Samoa Tala WST
04
06 - 22
06
07
09
10
11
12
13
14
15
16
17
18
19
21
22
23 - 28
23
24
25
26
27
28
EMERGING EUROPE, MIDDLE EAST

AND AFRICA (EEMEA)
Czech Koruna CZK
Hungarian Forint HUF
Israeli Shekel ILS
Kuwaiti Dinar KWD
Polish Zloty PLN
Qatari Riyal QAR
Romanian Leu RON
Russian Rouble RUB
Saudi Arabian Riyal SAR
South African Rand ZAR
Turkish Lira TRY
UAE Dirham AED
LATIN AMERICA (LATAM)
29 - 35
29
29
30
30
31
32
32
33
34
34
35
35
36 - 39
Brazilian Real BRL

Chilean Peso CLP
Colombian Peso COP
Mexican Peso MXN
Peruvian New Sol PEN
36
37
38
38
39
IMPORTANT INFORMATION
40
Australia and New Zealand Banking Group Limited (ABN11005357 522) and subsidiaries seek to or do conduct business with issuers and in relation to financial
products referred to in this report. Pleasereferto the Important Information at the conclusion of this document. Publication date, May 2014.
EMERGING MARKETS FX CAPABILITIES

4
4
RUSSIAN ROUBLE
POLISH ZLOTY
CZECH KORUNA
HUNGARIAN FORINT
MONGOLIAN TUGHRIK
TURKISH LIRA
SOUTH KOREAN WON

CHINESE YUAN AND OFFSHORE YUAN
NEW TAIWAN DOLLAR
HONG KONG DOLLAR
MEXICAN PESO
LAO KIP
PHILIPPINE PESO
VIETNAMESE DONG
COLOMBIAN PESO
CAMBODIAN RIEL
ISRAELI SHEKEL
UAE
INDIAN RUPEE
THAI BAHT
DIRHAM
SAUDI ARABIAN RIYAL

KUWAITI DINAR
QATARI RIYAL
SINGAPORE DOLLAR
INDONESIAN RUPIAH
SOUTH AFRICAN RAND
MALAYSIAN RINGGIT
PACIFIC ISLANDS
BRAZILIAN REAL
- FIJI DOLLAR
PERUVIAN NEW SOL
- PAPUA NEW GUINEA KINA
- SOLOMON ISLANDS DOLLAR
- TONGAN PA'ANGA
- VANUATU VATU
CHILEAN PESO
- SAMOA TALA
Emerging Markets FX capabilities

ANZ presence
ANZ presence and trading hubs
Hong Kong
Singapore
London
Sydney
New York
ANZ AT A GLANCE
>> Australia and New Zealand Banking Group Limited
(ANZ) is one of the four largest banks in Australia, the
largest bank in New Zealand, and one of the worlds
25 largest listed banks by market capitalisation
>> Top 4 Corporate Bank in Asia1
>> Among the highest rated banks globally having
retained an AA band credit rating with all three
major ratings agencies
>> Over 47,000 staff serving 10 million retail,
commercial and institutional customers
1 Greenwich 2013 Asian Large Corporate Banking Survey
2 Dow Jones Sustainability Index 2013
>> Presence in 33 markets across Asia Pacific, Australia,

New Zealand, Europe, America and the Middle East
>> Rated the world's most sustainable bank in the Dow
Jones Sustainability Index 2013
>> One of the five largest listed companies in Australia,
with market capitalization of AUD85 billion as of
September 2013
>> #1 Most Sustainable Bank Globally2
5
5
INTRODUCING ANZ FOREIGN EXCHANGE

EMERGING MARKETS OPPORTUNITIES
Emerging markets will continue to drive global
growth in the coming years. Hence, knowing
the peculiarities of these currencies and how
to best deal in them is instrumental for successfully
transacting in these markets.
This guide provides a comprehensive overview
of emerging markets regulations, market
conventions and key facts to help you make
the most of the opportunities that emerging
markets currencies offer.
WHY ANZ FOREIGN EXCHANGE?

With our super regional footprint, distinguished
research capability and true global coverage,
ANZ is uniquely positioned to support your
emerging markets foreign exchange activities.
Our strong and growing presence in Asian and
emerging markets means that no matter which
currency markets you operate in, our multinational
team can provide the insights and solutions
you need to succeed.
OUR STRENGTH IN ASIA AND EMERGING

MARKETS
A long established player in Australia, New
Zealand and the Pacific, ANZ is building on its
super regional strategy with a comprehensive
range of operations in emerging countries,
particularly in Asia.
Our strong presence in 29 Asia Pacific economies,
including the fast growing markets of China,
India, Indonesia and the Greater Mekong,
underscores our aspiration to be the best
connected bank across the region for our clients.
Since our last Emerging Markets FX Guide we have
added three new currencies to our emerging
markets coverage Mongolian Tughrik, Lao Kip,
Cambodian Riel and added new FX products
in our Pacific offering.
ANZ'S SUPER REGIONAL ACCOLADES

Asiamoney FX Poll 2013
>> #1 FX Provider in Asia Pacific as voted by
Financial Institutions
>> #1 Foreign Provider for FX Products and
Services, and FX Research & Market
Coverage, Vietnam, as voted by Corporates
>> #1 Foreign Provider for FX Research &
Market Coverage, Korea, as voted by
Corporates
>> #1 Foreign Provider for FX Options,
Philippines, as voted by Corporates
>> #1 Domestic Provider of FX Services,
Australia, as voted by Financial Institutions
and Corporates
Euromoney FX Survey 2013
>> #1 for Asia Timezone Client Service
FX Week Best Bank Awards 2007-2014
>> Best Bank for the Australian Dollar
Asiamoney Fixed Income Poll 2013
>> #1 Regional Best Team for Asian
Macroeconomic Research
AsiaRisk Commodity Rankings 2013
>> #1 for Gold
PRODUCT CAPABILITIES
Our goal to be a super regional bank is about
creating new opportunities for our clients
through our global products and services.
Our foreign exchange capabilities extend
across the full product suite: from FX spot,
forward and options products in all major
investment-grade currencies, to a
comprehensive range of foreign exchange
instruments on emerging markets currencies
(including non-deliverable products).
Speak to ANZ about how you can take
advantage of our complete product offering
on a 24/5 basis.
ASIA
ASIA
CAMBODIAN RIEL KHR

PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Deliverable and freely convertible by registered onshore

firms. No restrictions. Offshore entities cannot deal local
currency
Yes
Forwards/NDFs
FX forwards and FX swaps with maturities up to three

years are freely available for hedging purposes for
locally registered firms
Yes
General Remarks
Best Dealing Hours
8:00am 4:00pm Phnom Penh time
Liquidity
(estimated daily turnover)
USD15 million onshore spot
ASIA
7
CHINESE YUAN (RENMINBI) CNY

PRODUCT
DO WE QUOTE?
Spot
Deliverable spot is only available with documentary

proof of an underlying transaction. Offshore entities
can transact CNY for trade settlement purposes
Yes please consult your ANZ FX

representative prior to any transactions
Chinas central bank (The People's Bank of China)

maintains the currency in a managed float with
reference to a basket of currencies. In the interbank
market, the daily trading band of the CNY against the
USD is +/- 2.0%
Forwards/Swaps
FX forwards and swaps with maturities up to five

years are available to onshore institutions to their
FX exposure
Yes to onshore with proof of documents.

Please consult your ANZ FX representative
prior to any transactions
NDFs
Non-deliverable forwards (NDFs) trade up to 12 months.

NDFs are only available in offshore markets to offshore
entities. PRC onshore entities are prohibited from
dealing in NDFs
Yes larger parcels available
Longer tenors possible but illiquid

Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
9:15am Beijing time
Publication Site
Reuters SAEC
Bloomberg NDFF
Publication Time
Fixing two days prior to maturity/value date
Additional Comments
Fixing by PBoC
Options
Onshore options available only to onshore clients with

trade related transactions. Restrictions applied on
available option types, please consult your ANZ FX
representative for details
Offshore non-deliverable options (NDOs) available.
NDOs are only available in offshore markets to offshore
entities. PRC onshore entities are prohibited from
dealing in NDOs
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Yes larger parcels available
ASIA
8
CHINESE YUAN (RENMINBI) CNY (CONTINUED)

PRODUCT
Fixing Convention
Currency pairs including: USD/CNY, AUD/CNY, EUR/CNY,

GBP/CNY, JPY/CNY
NDO cash settles to NDF Fixing
General Remarks
Best Dealing Hours
9:00am 5:00pm Beijing time
Liquidity
USD1 2 billion NDF

USD15 billion onshore spot
DO WE QUOTE?
ASIA
9
CHINESE YUAN (OFFSHORE RENMINBI) CNH

PRODUCT
DO WE QUOTE?
Spot
Renminbi deliverable in Hong Kong (aka CNH) is

available for three types of transactions:
(1) for personal RMB business,
(2) for trade purposes, and
(3) for general purposes
Yes
The transfer of RMB between Hong Kong and onshore

is subject to regulations and approval by mainland
authorities. Please consult your ANZ FX representative
Forwards
CNH deliverable offshore forwards are available up to

three years, illiquid over three year
Yes

Market less liquid outside of local hours
Options
Quoted up to three years

Settlement: T+2
Currency pairs including: USD/CNH, AUD/CNH,
EUR/CNH, GBP/CNH, JPY/CNH, NZD/CNH
Cut Convention
11:00am Hong Kong time
General Remarks
Best Dealing Hours
9:00am 5:00pm Hong Kong time
Liquidity
USD10 billion spot
Yes
ASIA
10
HONG KONG DOLLAR HKD

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
7.7500 7.8500 trading band

Linked to USD trading within a band of 7.75 7.85
Forwards
Deliverable forwards up to two years
Yes
Ample liquidity generally available

Options

Settlement: T+2
Currency pairs including: USD/HKD, AUD/HKD,
EUR/HKD, GBP/HKD, JPY/HKD, NZD/HKD, CHF/HKD,
CAD/HKD, SGD/HKD
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
9:00am 5:00pm Hong Kong time
Liquidity
USD5 billion spot
Yes
ASIA
11
INDIAN RUPEE INR

PRODUCT
DO WE QUOTE?
Spot
Market participants are able to buy INR freely from any

bank for transactions approved under the Foreign
Exchange Management Act (FEMA). Approval is not
required for most current account transactions.
However, some types of transactions are subject to
limits, where approval from the Reserve Bank of India
(RBI) is necessary

representative prior to transacting
Selling lNR is restricted

Forwards/NDFs
Onshore and offshore entities can access the local

forward market, provided these contracts are used to
cover genuine foreign exchange exposure
Yes
Offshore non-deliverable forwards (NDFs) quoted up to

12 months
xing convention
Fixing Time
Anytime between 11:45am 12:15pm Mumbai time,

two days prior to maturity/value date
Publication Site
Reuters page RBIB

Bloomberg NDFF
Publication Time
Two days prior to maturity/value date
Additional Comments
Fixing by bank poll
Options
Onshore options available Market liquid up to

one year
Longer tenor options are also quoted
Offshore non-deliverable options (NDOs) available
Settlement: T+2
the money
Currency pairs including: USD/INR, AUD/INR, EUR/INR,
GBP/INR, JPY/INR, NZD/INR
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am 5:00pm Mumbai time
Liquidity
USD1.5 billion NDF

Yes
ASIA
12
INDONESIAN RUPIAH IDR

PRODUCT
DO WE QUOTE?
Spot
Non-convertible currency. IDR spot is only available

onshore. Non-residents may only transfer funds in
exceptional circumstances. Documentary evidence is
required for buying foreign currency in excess of
USD100,000 or equivalent in a month. Documentary
evidence is required from non-residents selling foreign
currency in excess of IDR500 million in a day

Forwards/NDFs
There is an onshore forward market where market

participants can buy IDR freely. Non-residents are
allowed to sell USD forwards, with supporting
documentation required. Documentary evidence
threshold applies to forwards also

Offshore non-deliverable forwards (NDFs) are quoted

up to five years
Onshore products are not covered by the deposit
insurance scheme and offshore NDFs is only available
through ANZ Banking Group
Fixing Time
11:00am Singapore time
Publication Site
Reuters page JISDOR

Bloomberg NDFF
Publication Time
11:00am Singapore time
Options

Settlement: T+2
the money
Currency pairs including: USD/IDR, AUD/IDR, EUR/IDR,
GBP/IDR, JPY/IDR, NZD/IDR
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am 5:00pm Singapore time
Liquidity
USD1.5 billion NDF

Yes
ASIA
13
(SOUTH) KOREAN WON KRW

PRODUCT
DO WE QUOTE?
Spot
Residents may sell/buy KRW; non-residents may hold

KRW locally through bank accounts with some
restrictions regarding deposits and disposal of funds
Yes onshore only
Forwards
Deliverable forwards possible
Yes onshore only
Need a documented underlying exposure transaction

NDFs
Non-deliverable forwards (NDFs) quoted up to 12

months
Yes

major currencies
fixing convention
Fixing Time
Fixing two days prior to maturity

3:10pm Seoul time [Sometimes called Calculation day
(valuation) or MAR day]
A weighted average of calculation/valuation/MAR day
Market Average Rate [MAR]
Publication Site
Reuters page KFTC18

Bloomberg NDFF
Publication Time
Options
Onshore options available only to onshore clients

Settlement: T+2
the money
Currency pairs including: USD/KRW, AUD/KRW, EUR/
KRW, GBP/KRW, JPY/KRW, NZD/KRW
Fixing Convention
NDO cash settles in USD to NDF fixing
General Remarks
Best Dealing Hours
9:00am 3:00pm Seoul time
Liquidity
USD5 billion NDF

Yes
ASIA
14
LAO KIP LAK

PRODUCT
DO WE QUOTE?
Spot
Available for onshore clients
Yes
Other currencies: USD, THB, CNY, IDR, PHP, SGD,

EUR, AUD, JPY
General Remarks
Best Dealing Hours
8:00am 4:00pm Vientiane time
Liquidity
ASIA
15
MALAYSIAN RINGGIT MYR

PRODUCT
DO WE QUOTE?
Spot
Trading is restricted; offshore entities have limited

access to the onshore spot market
Documentation is required
Forwards/NDFs
FX forward transactions are allowed for hedging

purposes only, or else investors have to execute in
the offshore non-deliverable forward (NDF) market
Yes
Onshore forwards available through partner

AmBank Group
NDFs up to 12 months
major currencies
fixing convention
Fixing Time
11:10am Kuala Lumpur time. Fixing is two days prior to

maturity/value date
Publication Site
Reuters page MYRFIX=

Bloomberg NDFF
Publication Time
11:10am Kuala Lumpur time, two days prior to maturity/

value date
Options
Onshore deliverable options available through partner AmBank Group

Settlement: T+2
the money
Currency pairs including: USD/MYR, AUD/MYR,
EUR/MYR, GBP/MYR, JPY/MYR, NZD/MYR
Fixing Convention
NDO cash settles to NDF xing
General Remarks
Best Dealing Hours
8:00am 12:00pm and 2:00pm 5:00pm

Kuala Lumpur time
Liquidity
USD800 million NDF

USD1 1.2 billion onshore spot
Yes
ASIA
16
MONGOLIAN TUGHRIK MNT

PRODUCT
DO WE QUOTE?
Spot
MNT is a free floating currency. A Foreign Exchange

Auction is used as a policy instrument by Bank of
Mongolia (BOM) to improve the transparency and
efficiency of the foreign exchange market. The BOM
holds foreign exchange auctions on Tuesdays and
Thursdays. Eligible bidders of the auction are domestic
commercial banks only
Forwards/NDFs
Not currently available
No
No non-deliverable forward (NDF) market

Options
Not currently available
General Remarks
Dealing Hours
9:00am 5:00pm Ulan Bator time
Liquidity
Daily turnover of approximately USD100 million

Can be illiquid, as auctions to provide liquidity are only
held on Tuesdays and Thursdays
No
ASIA
17
PHILIPPINE PESO PHP

PRODUCT
DO WE QUOTE?
Spot
PHP remains only partially convertible and transactions

are limited to trade related transactions and registered
investments

representative
Forwards/NDFs
Limitations to trading in onshore forwards similar to

FX spot
Yes
Offshore non-deliverable forwards (NDFs) quoted up to

12 months
major currencies
Please check with your ANZ representative for the
xing convention
Fixing Time
11:30am Manila time
Publication Site
Fixing on Reuters PDSPESO

Bloomberg NDFF
Publication Time
One day prior to maturity/value date
Additional Comments
Weighted average of AM trades from 9:00am to

11:30am dealt in the Philippine dealing system
Options
Onshore options available only to onshore clients with

trade related transactions
Settlement: T+1
At expiry, options are automatically exercised if in the
money
Currency pairs including: USD/PHP, AUD/PHP, EUR/PHP,
GBP/PHP, JPY/PHP, NZD/PHP
Fixing Convention
General Remarks
Best Dealing Hours
9:00am 12:00pm and 2:00pm 4:00pm Manila time
Liquidity
USD750 million NDF

USD600 million 1 billion onshore spot
ASIA
18
SINGAPORE DOLLAR SGD

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
Forwards
Deliverable forwards up to two years
Yes
Ample liquidity generally available

NDFs
Banks in Singapore cannot lend SGD to offshore

nancial institutions due to MAS restrictions (MAS 757)
Yes
Lending includes FX swaps

Offshore market no restrictions
Onshore and offshore curves can diverge due to
the regulation
Delivery forwards up to two years
Options

Settlement: T+2
Currency pairs include: USD/SGD, AUD/SGD, EUR/SGD,
GBP/SGD, JPY/SGD, NZD/SGD, CAD/SGD
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
8:00am 5:00pm Singapore time
Liquidity
USD3 billion spot
Yes
ASIA
19
NEW TAIWAN DOLLAR TWD

PRODUCT
DO WE QUOTE?
Spot
Supporting is required for any amount over

TWD500,000
Yes onshore only
Forwards/NDFs
Onshore forwards are available with restrictions similar

to FX spot. TWD trades in the offshore market as USD
settled non-deliverable forwards
Yes onshore only
All onshore TWD (both buying and selling TWD) FX

contracts require supporting documents to prove to
Central Bank of China (CBC) the customers genuine
need for entering into the deal. Offshore entities cannot
access onshore market
Rollover could not use the original price but the market
price at the time of rollover
Non-deliverable forwards (NDFs) quoted up to
12 months
For NDF, counterparty should be restricted to
Financial Institutions
Rollover and early termination are not allowed
Margin trading is not allowed
Cash net settlement only at maturity date
major currencies
xing convention
Fixing Time
11:00am Taipei time
Publication Site
Fixing on Reuterss page TAIFX1

Bloomberg NDFF
Publication Time
Two days prior to maturity
Additional Comments
Fixing rate is the last traded rate before 11:00am
ASIA
20
NEW TAIWAN DOLLAR TWD (CONTINUED)

PRODUCT
DO WE QUOTE?
Options
Onshore options available only for residents with

restrictions
Yes - onshore only, NDOs not offered by

ANZ Taiwan
Counterparty should be Corporate

Plain vanilla only, exotic is not allowed
Settlement: T+2
the money
Currency pairs including: USD/TWD, AUD/TWD,
EUR/TWD, GBP/TWD, JPY/TWD, NZD/TWD
Fixing Convention
General Remarks
Best Dealing Hours
9:00am 12:00pm and 2:00pm 4:00pm Taipei time
Liquidity
USD1.5 billion NDF

ASIA
21
THAI BAHT THB

PRODUCT
DO WE QUOTE?
Spot
THB is a free floating currency with segregated

domestic and offshore markets. Generally, THB is
deliverable (onshore and offshore) and only the
net size of the THB offshore holdings are restricted
Yes
There are no general restrictions against a non-resident

(offshore counterpart) entering into a spot FX
transaction with a bank in Thailand. For any onshore FX
transaction (for conversion of our USD funds to THB),
this has to be carried out with an authorised bank in
Thailand and has to fulfil the requirement for permitted
transactions (otherwise Bank of Thailand (BoT) approval
would be required). Permitted transactions include FX
spot (regardless of underlying asset) and forward
transactions, if there is an underlying asset. When
meeting these conditions THB can be traded freely
(buy and sell THB), without BoT approval
Forwards
Separate onshore and offshore deliverable forward

markets exist, due to restrictions preventing forward
USD purchases onshore without underlying assets.
Cash settled/offshore products typically refer to the
onshore fix
Yes offshore only
Options
Offshore deliverable options are also available
Yes

Settlement: T+2
At expiry, options are automatically exercised if in the
money
Currency pairs including: USD/THB, AUD/THB, EUR/THB,
GBP/THB, JPY/THB, NZD/THB
Fixing Convention
Settlement: T+2
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
8:00am 5:00pm Bangkok time
Liquidity
USD 1 billion spot
Settlement
Through NRBA account only
ASIA
22
VIETNAMESE DONG VND

PRODUCT
DO WE QUOTE?
Spot
Non-convertible
Yes onshore only
State Bank of Vietnam (SBV) sets the daily reference

USD/VND exchange rate
Spot trading band for USD/VND is currently set at +/- 1%
of thereference rate
Foreign currency buying must be supported by a
legitimate purpose
Offshore clients can transact spot VND with onshore
banks for legitimate purposes
Deliverable Forwards/
Swaps
Maximum tenor up to one year
Publication Site
Reuters page VNDFIX=VN
Options
Not possible
No
Non-deliverable
Forwards
Can be quoted on a case-by-case basis using

onshore fixing
Yes offshore
Yes onshore only
Offshore clients cannot access the onshore deliverable

forwards/swaps market
General Remarks
Best Dealing Hours
9:00am 12:00pm and 1:30pm 5:00pm Hanoi time
Liquidity
USD700 million onshore spot market

USD1,500 million onshore swap market
PACIFIC
PACIFIC
23
FIJI DOLLAR FJD

PRODUCT
DO WE QUOTE?
Spot
Convertible subject to liquidity. Quote limit is

approximately FJD1 million during trading hours

representative
Only approved transactions under exchange control act

Forwards
Deliverable forwards are liquid up to 12 months
Yes
Sales of FJD to clients are not restricted

Purchases of FJD from clients are regulated by the
Reserve Bank of Fiji refer to your ANZ FX representative
Longer tenors subject to availability
Options
Product not available
General Remarks
Not limited to mentioned limits. Reserve Bank of Fiji

will consider Investment Related Projects
Best Dealing Hours
9:00am 4:00pm Fiji time/Settlement T+2
Liquidity
USD10 million
No
PACIFIC
24
PAPUA NEW GUINEA KINA PGK

PRODUCT
DO WE QUOTE?
Spot
Can freely purchase PGK

representative
Sale of PGK requires documentation as per

Exchange Control
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors on request subject to liquidity

Options
Plain vanilla options available only to onshore clients
Yes
Currency pairs: Main currencies (USD, AUD, NZD, EUR,

GBP, JPY) all against PGK
Quoted up to 12 months
General Remarks
Illiquid interbank market accessed by authorised

dealers only. No speculative transactions allowed.
The traded related transactions does not require tax
clearance. Non trade transactions require tax clearance
from PNG's Internal Revenue Commission
Best Dealing Hours
9:00am 4:00pm PNG time. After hours pricing on

request please contact your ANZ FX representative
Liquidity
Market turnover approximately USD60 million per day.

Transactions over USD10 million may need to be dealt
on a per order basis
Yes
PACIFIC
25
SOLOMON ISLANDS DOLLAR SBD

PRODUCT
DO WE QUOTE?
Spot
Limited to in-country liquidity
Yes. Limited liquidity please contact your

ANZ FX representative
SBD purchases need approval from the Central Bank of

Solomon Islands (CBSI) for amounts above SBD100,000.
No restrictions apply to SBD sales however limited
ability to transact after cut off time i.e. 3:00pm Solomon
Islands time, 12:00pm Singapore time, with deals
restricted to USD1 million
Forwards
Forwards in AUD and USD require CBSI approval on

'forward rate' before ANZ can proceed to confirm deal
with customer
Yes, but only for SBD sales with maximum

tenor out to one year. Limited liquidity for
longer terms
Advice of the Forward Exchange Contract (FEC) and

forward rate quotes is emailed to CBSI by ANZ; we
receive email approval from CBSI, before we can
proceed to confirm deal back to customer
Yes, maximum deal size USD1 million

outside dealing hours but restricted to
SBD sales
No CBSI approval is required to deal forwards in other

currencies against SBD
Options
No
General Remarks
Best Dealing Hours
9:00am 3:00pm Solomon Islands time
Liquidity
USD1.5 million spot
PACIFIC
26
TONGAN PAANGA TOP

PRODUCT
DO WE QUOTE?
Spot
Only trade related FX deals are permitted with

Exchange Control documentation required
Yes
TOP/USD regulated by National Reserve Bank of

Tonga (NRBT)
Any purchase of TOP > 100,000 requires NRBT approval
No restrictions on sale of TOP
Forwards
Deliverable forwards are liquid up to 12 months
Yes

Market illiquid outside of local hours
Options
General Remarks
Best Dealing Hours
9:00am 3:00pm Tonga time

TOP/USD spread is regulated by the NRBT
NRBT can only cover spot deal transactions
NRBT cut off time is 3:00pm Tonga time
Liquidity
USD2 million spot during our ANZ trading hours,

with no quotes after hours
No
PACIFIC
27
VANUATU VATU VUV

PRODUCT
DO WE QUOTE?
Spot
Convertible subject to in-country liquidity
Yes
Forwards
Deliverable forward transactions available but

subject to liquidity
Yes
Maximum tenor for six months

Longer tenor on request and subject to liquidity
Options
General Remarks
Dealing Hours
9:00am 4:00pm Vanuatu time
Liquidity
Market turnover approximately USD1.5 million per day

No exchange controls from the Reserve Bank of Vanuatu
No
PACIFIC
28
SAMOA TALA WST

PRODUCT
DO WE QUOTE?
Spot
WST/USD fixed and regulated by Central Bank of Samoa

and is fixed from 9:00am 4:30pm Samoa time
Yes
Central Bank and Exchange Control regulates all outflow

of funds
Import trade transactions > WST10,000 must provide
supporting documentation or a central bank approval
All WST or USD funds leaving the country for the
purposes of profit/dividend repatriation or of a capital
nature, must have Central Bank of Samoa approval
Forwards
Deliverable forward transactions available
Yes
Maximum tenor of six months

Longer tenor on request and subject to liquidity
Import trade transactions > WST10,000 must provide
supporting documentation or a central bank approval
All WST or USD funds leaving the country for the
purposes of profit/dividend repatriation of capital
nature must have Central Bank of Samoa approval
Options
General Remarks
Best Dealing Hours
9:00am 3:30pm Samoa time

No transaction after 3:30pm Samoa time
Liquidity
Liquidity estimation WST10 million
No
EEMEA
EMERGING EUROPE,
MIDDLE EAST AND AFRICA
29
CZECH KORUNA CZK

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes please contact your ANZ FX

representative
Forwards
Yes

General Remarks
Best Dealing Hours
8:00am 4:00pm London time
Liquidity
USD1 2 billion spot
HUNGARIAN FORINT HUF

PRODUCT
DO WE QUOTE?
Spot
Freely convertible

representative
Forwards
Yes

General Remarks
Best Dealing Hours
Liquidity
USD1 2 billion spot
EEMEA
30
ISRAELI SHEKEL ILS

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
Liquidity may decrease on Fridays when domestic

banks close early
Forwards
Deliverable forwards possible up to 12 months
Yes

General Remarks
Best Dealing Hours
Market is most liquid during local spot hours

8:00am 6:00pm Tel Aviv time
Fridays only half day
Liquidity
USD1 2 billion spot
KUWAITI DINAR KWD

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
Best during local market hours

Forwards

General Remarks
Best Dealing Hours
8:00am 5:00pm Kuwait time
Yes
EEMEA
31
POLISH ZLOTY PLN

PRODUCT
DO WE QUOTE?
Spot
Freely convertible

representative
Forwards
Yes

General Remarks
Best Dealing Hours
Liquidity
USD3 4 billion spot
EEMEA
32
QATARI RIYAL QAR

PRODUCT
DO WE QUOTE?
Spot
QAR is fully convertible with market transactions

primarily for commercial purposes
Yes
Forwards
Offshore forward market quotes up to 12 months
Yes

General Remarks
There is no clearing on Fridays and Saturdays
ROMANIAN LEU RON

PRODUCT
DO WE QUOTE?
Spot
RON is fully convertible and deliverable. There is good

liquidity when the local market is open
No
Forwards
Deliverable forwards are fairly liquid, although liquidity

is highly dependent on local conditions
No
EEMEA
33
RUSSIAN ROUBLE RUB

PRODUCT
DO WE QUOTE?
Spot
Freely convertible

prior to any transactions
lntraday turnover has contracted from USD15 billion to

USD5 billion
Check with your local ANZ representative for the local
settlement conventions
Managed float vs. basket composed of approximately
55% USD and 45% EUR
Forwards
Yes

NDFs
While still favoured by clients, the non-deliverable

forward (NDF) market currently represents only 5% of
interbank RUB market
Crosses available against AUD, NZD and other major
currencies at 12 month tenors
Check with your ANZ FX representative for the fixing
convention
Fixing Time
12:00pm 12:25pm Moscow time. EMTA RUB industry

survey rate one day prior to maturity/value date
Publication Time
12:30pm 1:00pm Moscow time one day prior to

maturity/value date
Publication Site
www.cmegroup.com/trading/fx/daily-ruble-rate.html
General Remarks
Best Dealing Hours
Liquidity
USD7 9 billion in NDF and spot
Yes
EEMEA
34
SAUDI ARABIAN RIYAL SAR

PRODUCT
DO WE QUOTE?
Spot
Freely convertible

representative
Pegged to the USD at 3.7500

Forwards
Forwards are liquid up to 12 months
Yes
Longer tenors possible up to two years but illiquid

General Remarks
Best Dealing Hours
Market is most liquid from 8:00am 5:00pm

Jeddah time
Liquidity
USD1 2 billion spot
SOUTH AFRICAN RAND ZAR

PRODUCT
DO WE QUOTE?
Spot
Freely convertible offshore
Yes
Forwards
Yes
There is a well-developed forward market for ZAR. The
currency is deliverable and traded even in longer tenors,
though the best liquidity is in tenors of two years or less
General Remarks
Best Dealing Hours
Liquidity
USD2 3 billion spot
EEMEA
35
TURKISH LIRA TRY

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
USD/TRY spot T+1

EUR/TRY spot T+2
Forwards
TRY forwards trade on a deliverable basis with

non-residents granted unrestricted access to the local
market. The best liquidity is in tenors of two years
or less
Yes
General Remarks
Best Dealing Hours
Liquidity
USD2 3 billion spot
UAE DIRHAM AED

PRODUCT
DO WE QUOTE?
Spot
Freely convertible
Yes
Pegged to USD at 3.6725

Forwards

Tenors possible up to two years but illiquid
General Remarks
Best Dealing Hours

There is no clearing on Fridays and Saturdays
Liquidity
USD500 million 1 billion spot
Yes
LATAM
LATIN AMERICA
36
BRAZILIAN REAL BRL

PRODUCT
DO WE QUOTE?
Spot
BRL is a floating currency but not fully convertible
No
FX spot transactions can only be carried out onshore

and must be registered with the central bank
Forwards/NDFs
Onshore forwards are heavily restricted. In the offshore

market non-deliverable forwards (NDFs) are commonly
traded and the market is generally liquid, with the best
liquidity in tenors up to 12 months and concentrated
during New York hours
Fixing Time
The valuation takes place two business days in advance

of the settlement date, and is seen on screen after the
market closes that day
Publication Site
Fixing page on Reuters BRLPTAX=CBBR, at 1:00pm

Sao Paulo time
Publication Time
General Remarks
Best Dealing Hours
Most liquid during outcry hours:

8:00am 11:00am, 12:30pm 2:00pm
Electronic trading hours:
7:00am 8:00am, 11:00am 12:30pm
After hours session:
2:45pm 4:00pm
All New York time
Liquidity
USD15 20 billion (Onshore spot+NDF+BMF)
No. ANZ can quote offshore FWDs via NDFs
LATAM
37
CHILEAN PESO CLP

PRODUCT
DO WE QUOTE?
Spot
CLP is a floating non-deliverable currency
Restrictions apply please consult your

FX spot transactions can only be carried out onshore

Forwards/NDFs
A conventional onshore forward market exists, but is

only available to residents. In the offshore market,
CLP can only be traded via non-deliverable forwards
(NDFs)
Offshore NDF liquid up to 12 months; longer tenors
available but less liquid
Fixing Time
Fixing takes place two business days before

settlement day
Publication Site
Reuters USDCLPFIX=BCCH
Publication Time
Fixing announced day after xing date
Additional comments
Fixing through Central Bank Observado rate on

Reuters USDCLPFIX=BCCH
General Remarks
Best Dealing Hours
9:00am 1:30pm New York time (EST)
Liquidity
USD700 800 million NDF

USD1.2 billion onshore spot
Yes
LATAM
38
COLOMBIAN PESO COP

PRODUCT
DO WE QUOTE?
Spot
Banco de la Repblica, the Colombian central bank,

operates a managed float currency regime and COP
trades on a strictly non-deliverable basis in the offshore
market
No
Forwards
Non-deliverable forwards are traded both onshore

and offshore
Yes offshore NDFs
Offshore non-deliverable forward (NDF) liquid up to 12

months; longer tenors available but less liquid
Fixing Time

settlement day
Publication Site
Reuters page CO/COL03
Publication Time
Announced day after fixing day
Additional comments
Rate published by Banco de la Repblica
General Remarks
Best Dealing Hours
Liquidity
USD100 300 million NDF/USD600 800 million

onshore spot
MEXICAN PESO MXN

PRODUCT
DO WE QUOTE?
Spot
MXN offers the only fully deliverable spot and forward

market offshore in Latin America. Foreign institutions
are allowed to participate in spot trading of MXN. Local
regulation allows only domestic entities to trade
MXN onshore
Yes
Forwards
There are no restrictions for foreign entities to operate

MXN instruments offshore. The market is open to
forward and swap operations
Yes
Good liquidity up to 12 months

General Remarks
Best Dealing Hours

Traded globally 24 hours on limited liquidity
Liquidity
USD14 17 billion spot
LATAM
39
PERUVIAN NEW SOL PEN

PRODUCT
DO WE QUOTE?
Spot
PEN is fully convertible with no restrictions on trading

FX, although the market is not particularly deep due
to a limited number of participants
No
Forwards/NDFs
In Peru, the onshore market consists of deliverable

forwards and non-deliverable forwards (NDFs). While
the offshore market is mainly traded via NDFs,
deliverable forwards are negotiable. Please consult your
Offshore FWDs via NDFs only
The most liquid maturities in NDFs are those with

shorter tenors, up to 12 months
Fixing Time

settlement day
Publication Site
Reuters page PEBCR05
Publication Time
Announced one day prior to settlement day
Additional comments
Fixing, weighted average rate of whole day
General Remarks
Best Dealing Hours
Liquidity
USD100 200 million NDF

USD200 300 million onshore spot
SECTION HEAD
40
IMPORTANT NOTICE: The document may be restricted by law in certain jurisdictions. Persons who receive this
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SECTION HEAD
42
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43
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ANZ

EMERGING MARKETS FX CAPABILITIES

EMERGING EUROPE, MIDDLE EAST

LATIN AMERICA (LATAM)

Brazilian Real BRL

EMERGING MARKETS FX CAPABILITIES

SOUTH KOREAN WON

SAUDI ARABIAN RIYAL

SOUTH AFRICAN RAND

Emerging Markets FX capabilities

>> Presence in 33 markets across Asia Pacific, Australia,

INTRODUCING ANZ FOREIGN EXCHANGE

WHY ANZ FOREIGN EXCHANGE?

OUR STRENGTH IN ASIA AND EMERGING

ANZ'S SUPER REGIONAL ACCOLADES

CAMBODIAN RIEL KHR

Deliverable and freely convertible by registered onshore

FX forwards and FX swaps with maturities up to three

8:00am 4:00pm Phnom Penh time

USD15 million onshore spot

CHINESE YUAN (RENMINBI) CNY

Deliverable spot is only available with documentary

Yes please consult your ANZ FX

Chinas central bank (The People's Bank of China)

FX forwards and swaps with maturities up to five

Yes to onshore with proof of documents.

Non-deliverable forwards (NDFs) trade up to 12 months.

Yes larger parcels available

Longer tenors possible but illiquid

9:15am Beijing time

Fixing two days prior to maturity/value date

Onshore options available only to onshore clients with

Yes larger parcels available

CHINESE YUAN (RENMINBI) CNY (CONTINUED)

Currency pairs including: USD/CNY, AUD/CNY, EUR/CNY,

9:00am 5:00pm Beijing time

USD1 2 billion NDF

CHINESE YUAN (OFFSHORE RENMINBI) CNH

Renminbi deliverable in Hong Kong (aka CNH) is

The transfer of RMB between Hong Kong and onshore

CNH deliverable offshore forwards are available up to

Longer tenors possible but illiquid

Quoted up to three years

11:00am Hong Kong time

9:00am 5:00pm Hong Kong time

USD10 billion spot

HONG KONG DOLLAR HKD

7.7500 7.8500 trading band

Deliverable forwards up to two years

Ample liquidity generally available

Quoted up to two years

3:00pm Tokyo time

9:00am 5:00pm Hong Kong time

USD5 billion spot

INDIAN RUPEE INR

Market participants are able to buy INR freely from any

Yes please consult your ANZ FX

Selling lNR is restricted

Onshore and offshore entities can access the local

Offshore non-deliverable forwards (NDFs) quoted up to

Anytime between 11:45am 12:15pm Mumbai time,

Reuters page RBIB

Two days prior to maturity/value date

Fixing by bank poll

EMERGING MARKETS FX CAPABILITIES

LATIN AMERICA (LATAM)

Brazilian Real BRL