The FSC issued an order on August 1, 2014, allowing a securities firm to trade overseas RMB bonds with customers in its domestic business premises, but such customers are to be limited to professional investment institutions.  Before operating this business, the securities firm should apply to the GTSM for permission to operate the business and login to GTSM’s system according to relevant foreign bonds regulations.  After GTSM’s approval, the securities firm can trade overseas RMB bonds with its customers in domestic business premises.  However, if securities firms and institutional investors seek to trade in RMB bonds that have already been approved by the GTSM via other securities dealers, they can trade such RMB bonds directly without re-applying for the login approval.