事关外汇！央行发布新规

Core Viewpoint - The People's Bank of China (PBOC) has released the "Regulations on the Management of the Interbank Foreign Exchange Market" to standardize and develop the foreign exchange market, enhance high-level openness, and protect the legitimate rights and interests of all parties involved, effective from February 1, 2026 [1]. Group 1: Regulatory Framework - The new regulations aim to strengthen supervision of the interbank foreign exchange market by clarifying requirements across various areas such as trading venues, qualification conditions, pricing standards, trading and clearing rules, information management, data services, and self-regulation [5]. - The regulations emphasize maintaining 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, adhering to principles of openness, fairness, justice, and good faith [5][6]. - The regulations promote high-quality development of the interbank foreign exchange market by supporting the continuous enrichment of trading and clearing varieties, currencies, and methods based on market demand [5]. Group 2: Market Conduct and Compliance - Transactions in the interbank foreign exchange market must adhere to principles of openness, fairness, justice, and good faith, prohibiting fraud, market manipulation, and insider trading that could disrupt market order and harm participants' rights [6][9]. - A daily maximum fluctuation management mechanism for spot trading prices will be implemented, with the PBOC determining and publishing the fluctuation limits for currency pairs [6][13]. - Financial institutions are required to manage conflicts of interest effectively and must not harm the legitimate rights of clients [6][17]. Group 3: Market Participants and Responsibilities - The regulations specify that the foreign exchange trading center and Shanghai Clearing House will operate under the supervision of the PBOC and the State Administration of Foreign Exchange, organizing trading and clearing within defined scopes [10]. - Financial institutions must establish robust internal management and risk control systems, ensuring separation of front, middle, and back offices [12]. - The regulations outline that financial institutions participating in the interbank foreign exchange market must take effective measures to manage conflicts of interest between themselves and their clients [17]. Group 4: Data Management and Disclosure - The foreign exchange trading center is authorized to calculate and publish the RMB central parity rate based on quotes from qualified financial institutions, with strict confidentiality regarding the quotes [13]. - The foreign exchange trading center and Shanghai Clearing House are required to fulfill information disclosure obligations, regularly publishing market data and clearing information [19][20]. - Data services provided by the foreign exchange trading center and Shanghai Clearing House must adhere to principles of fairness, reasonableness, and non-discrimination, ensuring data security and compliance with relevant regulations [21].