央行发布新规，事关银行间外汇市场

Core Viewpoint - The People's Bank of China (PBOC) has issued the "Regulations on the Interbank Foreign Exchange Market" to regulate and develop the foreign exchange market, enhance high-level openness, mitigate risks, and better serve the real economy, effective from February 1, 2026 [1][4]. Group 1: Regulatory Framework - The new regulations are a comprehensive revision of the "Interim Regulations on the Interbank Foreign Exchange Market" issued in 1996, reflecting the development and regulatory practices of China's interbank foreign exchange market [4]. - The regulations establish a systematic regulatory framework by integrating existing systems and clarifying requirements across various areas such as trading venues, qualification conditions, pricing norms, transaction clearing rules, information management, data services, and self-regulation [4]. Group 2: Market Stability and Integrity - 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, adhering to principles of openness, fairness, justice, and good faith [4]. - Prohibited behaviors include fraud, market manipulation, and insider trading that harm market order and participant rights [4]. Group 3: Development and Innovation - 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, facilitating financial institutions in providing foreign exchange services to clients [4]. - The PBOC is authorized to calculate, form, and publish the central parity rate of the Renminbi based on quotes from qualified financial institutions, with restrictions on sharing this information with other entities [4]. Group 4: Feedback and Implementation - The draft of the regulations was publicly solicited for opinions on August 21, 2025, receiving 10 suggestions, most of which were adopted after thorough research and analysis [5]. - Key adopted suggestions include ensuring consistency in data distribution by financial information service providers, adhering to principles of timeliness and consistency, and adding penalties for responsible personnel in the legal liability clauses [5].