Core Viewpoint - The People's Bank of China (PBOC) has revised the interim regulations on the interbank foreign exchange market to enhance regulation, promote high-level opening, and ensure the market serves the real economy effectively [1] Group 1: Regulatory Framework - The new regulations will take effect on February 1, 2026, and aim to create a systematic regulatory framework for the interbank foreign exchange market [1] - The regulations will strengthen oversight across various areas including trading venues, qualification requirements, pricing norms, transaction clearing rules, information management, data services, and self-regulation [1] Group 2: Market Stability and Participant Rights - The regulations are designed to maintain the stable operation of the foreign exchange market by clarifying the rights and obligations of market infrastructure, domestic and foreign financial institutions, currency brokers, and financial information service providers [1] - The principles of openness, fairness, justice, and good faith are emphasized to protect the legitimate rights and interests of market participants [1] Group 3: Development of the Foreign Exchange Market - The regulations aim to promote high-quality development of the interbank foreign exchange market by encouraging the diversification of trading and clearing products, currencies, and methods based on market demand [1] - Financial institutions will be facilitated in providing foreign exchange services to their clients [1] Group 4: Future Management - The PBOC and the State Administration of Foreign Exchange will continue to improve the management of the interbank foreign exchange market and deepen its development to maintain stable market operations [2]

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].

近日，为加强银行间外汇市场监管，促进外汇市场服务实体经济，中国人民银行和国家外汇管理局起草 了《银行间外汇市场管理规定（征求意见稿）》（以下简称《管理规定》），并向社会公开征求意见。 《管理规定》所称银行间外汇市场是指通过中国外汇交易中心进行人民币与外币交易的市场。为加强银 行间外汇市场监管，促进外汇市场服务实体经济，中国人民银行和国家外汇局对《银行间外汇市场管理 暂行规定》(银发〔1996〕423 号文印发，以下简称《暂行规定》) 进行修订。《管理规定》起草说明指 出，修订《暂行规定》是落实中央金融工作会议精神和加强外汇市场法治建设的需要。《暂行规定》于 1996年发布施行，是我国银行间外汇市场的重要法规，对健全市场规则体系、维护市场公平秩序、保障 机构合法权益、促进市场法治建设起到了重要作用。随着我国经济和金融市场改革发展与对外开放不断 推进，外汇市场内外部环境已发生较大变化，《暂行规定》不能充分适应实践要求，需要修改完善。 "修订《暂行规定》是健全银行间外汇市场监管体系的客观要求。"《管理规定》起草说明表示，2005年 以来，中国人民银行、国家外汇局出台多部法规，从价格、产品、币种、交易机制、清算模式等 ...

厘清参与机构业务边界。《管理规定》明确金融机构的入市范围、基本条件和业务原则；明确金融机构 可自主决定参与交易冲销、同步交收等风险缓释服务；重申金融机构通过境内货币经纪公司协商达成人 民币外汇衍生品交易的实现路径。 提升外汇市场管理的前瞻性。《管理规定》提出，要根据市场需求不断丰富交易品种、币种等，按照市 场化原则提供数据服务，规范金融信息服务商分发数据行为。 《管理规定》包括总则、市场参与机构管理、业务监督管理和附则4个章节，合计35条。 加强银行间外汇市场监管。《管理规定》提出，立足银行间人民币外汇市场，由中国人民银行和国家外 汇局共同对银行间外汇市场各类参与机构实施全面监管，明确相应的管理要求和罚则。 构建全链条市场监管制度。《管理规定》明确机构运营管理、交易员管理、法律协议、做市商管理、信 息交流、信息披露、数据服务与分发、费用和自律管理等要求。 提高外汇市场基础设施管理和服务能力。《管理规定》明确银行间外汇市场基础设施的职责、协作机 制、异常处置、信息报送等要求；规定基础设施负责交易和清算资格管理并履行监督职责。 中国人民银行8月22日消息，为加强银行间外汇市场监管，促进外汇市场服务实体经济，中国人 ...

中国人民银行8月22日消息，为加强银行间外汇市场监管，促进外汇市场服务实体经济，中国人民银行 和国家外汇局对《银行间外汇市场管理暂行规定》（以下简称《暂行规定》）进行修订，形成《银行间 外汇市场管理规定（征求意见稿）》（以下简称《管理规定》），现向社会公开征求意见。《管理规 定》提出，构建全链条市场监管制度，提升外汇市场管理的前瞻性。 《暂行规定》于1996年发布施行，是我国银行间外汇市场的重要法规，对健全市场规则体系、维护市场 公平秩序、保障机构合法权益、促进市场法治建设起到了重要作用。随着我国经济和金融市场改革发展 与对外开放不断推进，外汇市场内外部环境已发生较大变化，《暂行规定》不能充分适应实践要求，需 要修改完善。 ● 本报记者 彭扬 加强银行间外汇市场监管。《管理规定》提出，立足银行间人民币外汇市场，由中国人民银行和国家外 汇局共同对银行间外汇市场各类参与机构实施全面监管，明确相应的管理要求和罚则。 构建全链条市场监管制度。《管理规定》明确机构运营管理、交易员管理、法律协议、做市商管理、信 息交流、信息披露、数据服务与分发、费用和自律管理等要求。 提高外汇市场基础设施管理和服务能力。《管理规定》明确 ...

提高外汇市场基础设施管理和服务能力。明确银行间外汇市场基础设施的职责、协作机制、异常处置、 信息报送等要求。规定基础设施负责交易和清算资格管理并履行监督职责。 中国人民银行8月22日消息，为加强银行间外汇市场监管，促进外汇市场服务实体经济，中国人民银行 和国家外汇管理局起草了《银行间外汇市场管理规定（征求意见稿）》，现向社会公开征求意见。 厘清参与机构业务边界。明确金融机构的入市范围、基本条件和业务原则。明确金融机构可自主决定参 与交易冲销、同步交收等风险缓释服务。重申金融机构通过境内货币经纪公司协商达成人民币外汇衍生 品交易的实现路径。 管理规定起草说明提出，修订《银行间外汇市场管理暂行规定》是落实中央金融工作会议精神和加强外 汇市场法治建设的需要。暂行规定于1996年发布施行，是我国银行间外汇市场的重要法规，对健全市场 规则体系、维护市场公平秩序、保障机构合法权益、促进市场法治建设起到了重要作用。随着我国经济 和金融市场改革发展与对外开放不断推进，外汇市场内外部环境已发生较大变化，暂行规定不能充分适 应实践要求，需要修改完善。 据介绍，管理规定包括总则、市场参与机构管理、业务监督管理和附则4个章节，合计3 ...

钛媒体App 8月22日消息，中国人民银行、国家外汇管理局就《银行间外汇市场管理规定（征求意见 稿）》公开征求意见。《管理规定》主要内容包括，（一）加强银行间外汇市场监管。（二）构建全链 条市场监管制度。（三）提高外汇市场基础设施管理和服务能力。（四）厘清参与机构业务边界。 （五）提升外汇市场管理的前瞻性。（央行） ...

人民财讯8月22日电，为加强银行间外汇市场监管，促进外汇市场服务实体经济，中国人民银行和国家 外汇管理局起草了《银行间外汇市场管理规定（征求意见稿）》，现向社会公开征求意见。 ...