The People's Bank of China has issued the Interbank Market Brokerage Business Management Measures to tighten oversight of interbank market brokerage activity, standardise conduct by brokerage institutions and market participants, and improve the transparency and integrity of trading. The Measures take effect on 1 January 2026. The framework sets out the permitted scope of brokerage services, covering the money market, bill market, gold market, the interbank bond market and related derivatives, while prohibiting brokerage services that support financial institutions’ participation in bond issuance. It also requires brokers to strengthen internal controls and end-to-end business process management, including personnel management, due diligence, contracting and services, indications and quotes, trade matching, information disclosure and recordkeeping. Responsibilities are also specified for clients, including signing service agreements, cooperating with due diligence, strengthening management of communication tools and ensuring the authenticity of mandates. Supervisory arrangements are reinforced through clarified prohibited practices and improved mechanisms to investigate and address violations to prevent harm to participants’ legitimate rights and disruptions to market order. The central bank indicated it will continue to coordinate with relevant parties to support implementation.
Central Bank of the Republic of China 2025-11-14
People's Bank of China issues interbank market brokerage rules effective 1 January 2026
The People's Bank of China has issued the Interbank Market Brokerage Business Management Measures to enhance oversight and standardize conduct in interbank market brokerage activities, effective 1 January 2026. The framework outlines permissible brokerage services across various markets and mandates strengthened internal controls and client responsibilities. It also reinforces supervisory arrangements to prevent violations and market disruptions.