中国商报（记者 王彤旭）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，起草形成《银行间外汇市场管理规定（征求意见稿）》（以下简称管理规定），目前正在向社会公开征求意见。据悉，意 见反馈截止时间为2025年9月21日。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。 管理规定主要包括五方面内容：第一是加强银行间外汇市场监管。立足银行间人民币外汇市场，由中国人民银行和国家外汇管理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。第二是构建全链条市场监管制度。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。第三是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。第四是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 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are revising the interim regulations on the interbank foreign exchange market to enhance regulation and better serve the real economy, reflecting the need for updated frameworks in response to changing economic and financial environments [1][2]. Group 1: Regulatory Framework - The revised regulations aim to establish a comprehensive market supervision system, enhancing the forward-looking nature of foreign exchange market management [1][3]. - The interim regulations, first implemented in 1996, have been crucial for maintaining market order and protecting institutional rights, but require updates to meet current practical demands [2][3]. Group 2: Structure of the New Regulations - The new management regulations consist of four chapters: general provisions, management of market participants, business supervision, and supplementary provisions, totaling 35 articles [3]. - The regulations emphasize comprehensive supervision of all types of market participants by the People's Bank of China and the State Administration of Foreign Exchange, with clear management requirements and penalties [3]. Group 3: Market Infrastructure and Services - The regulations outline responsibilities and collaborative mechanisms for the infrastructure of the interbank foreign exchange market, including management of trading and clearing qualifications [3]. - Financial institutions are given autonomy in deciding participation in risk mitigation services, with a clear path for conducting RMB foreign exchange derivative transactions through domestic currency brokerage firms [3]. Group 4: Market Development - The management regulations propose to continuously enrich trading varieties and currencies based on market demand, adhering to market principles in providing data services [3].

Core Viewpoint - The People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) have revised the interim regulations on the interbank foreign exchange market to enhance regulation and support the real economy, with a draft open for public consultation until September 21, 2025 [1][2]. Group 1: Regulatory Enhancements - Strengthening regulation of the interbank foreign exchange market, with comprehensive oversight by the PBOC and SAFE over various participating institutions [1]. - Establishing a full-chain market regulation system that includes requirements for operational management, trader management, legal agreements, market maker management, information exchange, disclosure, data services, and self-regulation [1]. Group 2: Infrastructure and Service Improvements - Improving the management and service capabilities of foreign exchange market infrastructure, detailing responsibilities, collaboration mechanisms, abnormal handling, and information reporting requirements [1]. - Specifying that infrastructure is responsible for managing trading and clearing qualifications and fulfilling supervisory duties [1]. Group 3: Clarification of Institutional Roles - Clarifying the business boundaries for participating institutions, including the entry scope, basic conditions, and business principles for financial institutions [2]. - Emphasizing that financial institutions can independently decide on risk mitigation services such as trade offsetting and synchronous settlement [2]. Group 4: Forward-looking Management - Enhancing the forward-looking nature of foreign exchange market management by continuously enriching trading varieties and currencies based on market demand [2]. - Providing data services according to market principles and regulating the data distribution behavior of financial information service providers [2].