（文章来源：证券时报） 9月22日，在介绍"十四五"时期金融业发展成就时，中国人民银行副行长、国家外汇局局长朱鹤新在国 新办新闻发布会上表示，"十四五"以来，在持续深化外汇市场发展的同时，不断完善外汇市场宏观审慎 加微观监管两位一体的管理框架，成功应对多轮次、高强度的外部冲击。"十四五"以来，破获外汇案件 超过6100件，有力打击地下钱庄等违法违规活动。外汇市场功能完善，运行稳健，韧性明显增强。 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have released a draft regulation to enhance the management and oversight of the interbank foreign exchange market, marking the first revision in 29 years, aimed at better serving the real economy and adapting to market demands [1][2]. Summary by Sections Regulatory Framework - The draft regulation aims to strengthen the regulatory framework of the interbank foreign exchange market, which has evolved significantly since the implementation of the interim regulations in 1996 [1][2]. Key Content of the Draft Regulation - The draft regulation includes five main aspects: 1. Strengthening oversight of the interbank foreign exchange market by the People's Bank of China and the State Administration of Foreign Exchange, with clear management requirements and penalties for various market participants [3]. 2. Establishing a comprehensive market supervision system that outlines requirements for institutional management, trader management, legal agreements, market maker management, information exchange, disclosure, data services, and self-regulation [3]. 3. Enhancing the management and service capabilities of foreign exchange market infrastructure, specifying responsibilities for transaction and clearing qualifications, and supervisory duties [3]. 4. Clarifying the business boundaries for participating institutions, including entry conditions and principles, and emphasizing risk mitigation services [3]. 5. Improving the forward-looking nature of foreign exchange market management by diversifying trading varieties and currencies based on market demand [3]. Specific Requirements - The draft regulation specifies that the foreign exchange trading center should expand the variety of RMB and foreign currency trading products and methods to meet the needs of the real economy, including spot, forward, swaps, and options [4].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, emphasizing the importance of risk prevention, strong regulation, and promoting development in the foreign exchange sector [1][2]. Group 1: Key Points from the Meeting - Since 2025, the foreign exchange management department has focused on implementing the central economic work conference's spirit, enhancing support for the real economy's high-quality development, and facilitating foreign trade [2]. - The department has introduced policies to ease foreign exchange settlement for quality enterprises and expanded cross-border trade pilot programs [2]. - A total of $30.8 billion in new investment quotas has been allocated to Qualified Domestic Institutional Investors (QDII) [2]. Group 2: Future Work Plans - The meeting outlined plans to deepen foreign exchange reform and support stable foreign trade, including optimizing foreign exchange management for new trade entities and facilitating overseas funding for engineering companies [3]. - There will be a push to cancel registration for reinvestment by foreign-invested enterprises and to facilitate cross-border financing for technology companies [3]. - The focus will also be on enhancing the regulatory capacity under open conditions, improving legal frameworks for foreign exchange management, and utilizing technology to increase regulatory efficiency [3].

Core Viewpoint - MSCI will continue to monitor the liquidity of the Egyptian foreign exchange market, indicating concerns over the lack of clarity in market regulation in certain areas [1] Summary by Categories - **Company Focus** - MSCI emphasizes the importance of liquidity in the Egyptian foreign exchange market and its ongoing commitment to monitoring this aspect [1] - **Market Regulation** - There is a noted lack of clarity in the regulation of certain sectors within the Egyptian market, which may impact investor confidence and market stability [1]