银行间外汇市场新规征求意见：构建全链条市场监管制度 提升外汇市场管理前瞻性

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are revising the interim regulations on the interbank foreign exchange market to enhance regulation and better serve the real economy, reflecting the need for updated frameworks in response to changing economic and financial environments [1][2]. Group 1: Regulatory Framework - The revised regulations aim to establish a comprehensive market supervision system, enhancing the forward-looking nature of foreign exchange market management [1][3]. - The interim regulations, first implemented in 1996, have been crucial for maintaining market order and protecting institutional rights, but require updates to meet current practical demands [2][3]. Group 2: Structure of the New Regulations - The new management regulations consist of four chapters: general provisions, management of market participants, business supervision, and supplementary provisions, totaling 35 articles [3]. - The regulations emphasize comprehensive supervision of all types of market participants by the People's Bank of China and the State Administration of Foreign Exchange, with clear management requirements and penalties [3]. Group 3: Market Infrastructure and Services - The regulations outline responsibilities and collaborative mechanisms for the infrastructure of the interbank foreign exchange market, including management of trading and clearing qualifications [3]. - Financial institutions are given autonomy in deciding participation in risk mitigation services, with a clear path for conducting RMB foreign exchange derivative transactions through domestic currency brokerage firms [3]. Group 4: Market Development - The management regulations propose to continuously enrich trading varieties and currencies based on market demand, adhering to market principles in providing data services [3].