央行发布《银行间外汇市场管理规定》促进外汇市场服务实体经济

Core Viewpoint - The People's Bank of China (PBOC) has issued the "Regulations on the Management of the Interbank Foreign Exchange Market," which will take effect on February 1, 2026, aiming to standardize and develop the foreign exchange market, protect the legitimate rights and interests of all parties, and prevent related risks [3][5]. Group 1: Regulatory Framework - The new regulations revise the previous interim regulations from 1996, establishing a systematic regulatory framework that covers trading venues, qualification requirements, pricing norms, transaction clearing rules, information management, data services, and self-regulation [3][7]. - The regulations emphasize the principles of openness, fairness, justice, and good faith in the interbank foreign exchange market, prohibiting fraud, market manipulation, and insider trading [3][8]. Group 2: Market Operations - The PBOC will authorize the foreign exchange trading center to calculate and publish the RMB central parity rate based on quotes from qualified financial institutions, and to release important data indicators such as the closing price and reference rate [3][11]. - The interbank foreign exchange market will implement a daily maximum fluctuation management mechanism for spot trading prices, with the fluctuation limits determined and published by the PBOC [3][11]. Group 3: Participant Management - Domestic financial institutions must conduct RMB and foreign currency transactions through the foreign exchange trading center and are required to manage conflicts of interest effectively, ensuring the protection of clients' legitimate rights [3][10]. - The regulations require financial institutions to establish internal management systems and risk control mechanisms, ensuring a separation of front, middle, and back offices [3][10]. Group 4: Data and Information Management - The foreign exchange trading center and Shanghai Clearing House are responsible for organizing interbank foreign exchange market transactions and clearing under the supervision of the PBOC and the State Administration of Foreign Exchange [3][9]. - Financial institutions and related entities must protect transaction-related information and ensure compliance with data security and network safety regulations [3][13].