央行发布《银行间外汇市场管理规定》

Core Viewpoint - The People's Bank of China has released new regulations for the interbank foreign exchange market, aiming to establish a systematic regulatory framework that integrates existing rules and adapts to market developments and supervisory practices [1][2]. Group 1: Regulatory Framework - The new regulations enhance supervision of the interbank foreign exchange market by specifying requirements across various areas such as trading venues, qualification conditions, pricing norms, transaction clearing rules, information management, data services, and self-regulation, achieving comprehensive business oversight [2][3]. - The regulations aim to maintain the stable operation of the foreign exchange market by standardizing the rights and obligations of market infrastructure, domestic and foreign financial institutions, currency brokers, and financial information service providers, ensuring adherence to principles of openness, fairness, justice, and good faith [2][3]. - The regulations promote high-quality development of the interbank foreign exchange market by supporting the diversification of trading and clearing products, currencies, and methods based on market demand, facilitating financial institutions in providing foreign exchange services to clients [2][3]. Group 2: Market Participation and Management - The interbank foreign exchange market is defined as the market for trading Renminbi and foreign currencies through the China Foreign Exchange Trading Center [3][4]. - Domestic financial institutions must conduct Renminbi and foreign currency transactions through the foreign exchange trading center, and foreign financial institutions must comply with relevant regulations from the People's Bank of China and the State Administration of Foreign Exchange [4][5]. - The regulations require that financial institutions establish robust internal management systems and risk control mechanisms, ensuring the separation of front, middle, and back offices [7][8]. Group 3: Transaction and Clearing Management - The regulations stipulate that the foreign exchange trading center and Shanghai Clearing House must enhance business collaboration, conduct data exchanges, and ensure the safe and efficient operation of systems and services [6][9]. - Financial institutions participating in the interbank foreign exchange market must manage conflicts of interest effectively and protect the legitimate rights and interests of clients [11][12]. - The regulations introduce a maximum daily fluctuation management mechanism for spot transaction prices, with limits set by the People's Bank of China [10][11]. Group 4: Implementation and Compliance - The regulations will come into effect on February 1, 2026, and will replace previous interim regulations and notifications regarding the development of the foreign exchange market [17]. - The People's Bank of China is responsible for interpreting these regulations, ensuring compliance and enforcement among market participants [16][17].