Definition
Transfer of the ownership of the bonds between two parties at a stated price.

Service Category
Bond bought (buy) or sold (sell).

Applicable Clients
Financial institutions incorporated in China, including commercial banks and their authorized branches, non-banking institutions and non-financial institutions, foreign banks licensed by PBOC to run RMB services in China, typically are state-owned commercial banks, joint-equity banks, city commercial banks, rural credit cooperatives, securities companies, financial companies or fund houses.

Service Flow
1. Price: verbal quotation between two parties. 
2. Close:
(1) One party sends the buy/sell instruction via China Inter-Bank Market System (RMB). Deal close when the other party approves and prints the closing slip;
(2) Both parties send settlement instructions to Central Bond Book-entry System which matches the two instructions to generate the settlement contract;
3. Settle: Once the deal and settlement date confirmed by both parties, buying party pays the monies and gets the ownership of the bond, selling party gets the monies on the bond sold.

Price
Negotiate between the two parties.