规范和发展外汇市场 《银行间外汇市场管理规定》出炉

Core Viewpoint - The People's Bank of China has released new regulations for the interbank foreign exchange market to enhance market management, promote high-level openness, and ensure the protection of legal rights while mitigating risks, effective from February 1, 2026 [1][2] Group 1: Regulatory Framework - The new regulations aim to strengthen the supervision of the interbank foreign exchange market by clarifying 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 [1] - The regulations emphasize that transactions in the interbank foreign exchange market must adhere to principles of openness, fairness, justice, and good faith, prohibiting fraudulent activities, market manipulation, and insider trading that could disrupt market order and harm participants' legal rights [1] Group 2: Market Stability and Infrastructure - The regulations seek 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, while ensuring adherence to principles of openness, fairness, justice, and good faith [2] - Financial institutions are required to establish robust internal management systems and risk control mechanisms, implementing a separation of front, middle, and back office functions to enhance operational efficiency and security [2] Group 3: High-Quality Development - The regulations promote the high-quality development of the interbank foreign exchange market by encouraging the expansion of trading and clearing varieties, currencies, and methods based on market demand, facilitating financial institutions in providing foreign exchange services to clients [2] - The People's Bank of China and the State Administration of Foreign Exchange will continue to improve the management of the interbank foreign exchange market and deepen its development to ensure stable market operations [2]