The People's Bank of China issued revised rules for the management of the interbank foreign exchange market, replacing the 1996 interim provisions with a single, consolidated regulatory framework that takes effect on 1 February 2026. The regulation integrates existing制度要求 and sets requirements across the full scope of interbank FX market activities, covering trading venues, participant eligibility, quotation standards, trading and clearing rules, information management, data services and self-regulatory arrangements. It also clarifies the rights and obligations of market infrastructure, domestic and foreign financial institutions, money-broking companies and financial information service providers, and requires adherence to principles of openness, fairness, impartiality and good faith while supporting market infrastructure to expand trading and clearing products, currencies and methods in response to market needs. The People's Bank of China and the State Administration of Foreign Exchange indicated they will continue to improve interbank foreign exchange market management, deepen market development and maintain stable market operations.
Central Bank of the Republic of China 2025-12-26
People's Bank of China issues revised interbank foreign exchange market rules effective 1 February 2026
The People's Bank of China has issued revised rules for the interbank foreign exchange market, consolidating the 1996 interim provisions into a comprehensive regulatory framework effective 1 February 2026. The regulation covers trading venues, participant eligibility, and trading and clearing rules, clarifying the roles of market infrastructure and financial institutions. It emphasizes openness and fairness, supporting market infrastructure to expand trading products and methods.