If it is expected that the customer cannot handle the delivery within the grace period, he shall apply to the bank for an extension, and the application time shall not be later than the third working day before the delivery date. The specific procedures are as follows:

1. The customer applies for extension in writing and explains the reasons for extension.

2. The new application for forward settlement and sale of foreign exchange shall be signed and sealed by the bank.

During the extension period, customers need to use the spot settlement exchange rate of the day to hedge the original forward transaction, which will generate certain profits and losses. If the customer has a profit, the profit will be temporarily deposited in the bank and obtained together after the final delivery. If the customer has losses, deduct the losses directly from the customer account. In the previous example, if the customer can't deliver the goods at the expiration of six months, it needs to be postponed for two months. Assuming that the spot price on that day is 8.2600/8.2900 and the two-month forward price is 8.2300/8.2700, the original forward transaction is hedged first, and the customer sells $6,543,800+million at the exchange rate of 8.2600. Therefore, the customer will get1000x (8.2600-8.2500) = 65438+ million RMB, and sign a two-month extension (the exchange rate is 82700), so that the customer can not only deliver with the bank at the level of 82700, but also get 65438+million RMB.

Each business shall be extended at most once, and the longest extension shall not exceed 6 months.