People’s Bank of China issues Regulations on the Administration of the Interbank Foreign Exchange Market

26 February 2026

To regulate and develop the foreign exchange market, expand high-level opening-up, protect the legitimate rights and interests of all parties, prevent related risks, and promote the foreign exchange market to better serve the real economy, the People’s Bank of China has revised the “Interim Regulations on the Administration of the Interbank Foreign Exchange Market” and issued the “Regulations on the Administration of the Interbank Foreign Exchange Market” (“Regulations”), which came into effect on 1 February 2026. 

The key highlights of the Regulations include: 

  • strengthening the supervision of the interbank foreign exchange market by clarifying corresponding requirements in areas such as trading venues, qualification conditions, quotation standards, transaction clearing rules, information management, data services, and self-regulation, achieving full coverage of business supervision; 
  • maintaining the sound operation of the foreign exchange market by standardising the rights and obligations of interbank foreign exchange market infrastructure, domestic and foreign financial institutions, money brokerage companies, and financial information service providers, requiring adherence to the principles of openness, fairness, impartiality, and good faith, and protecting the legitimate rights and interests of market participants; and 
  • promoting the high-quality development of the interbank foreign exchange market by supporting foreign exchange market infrastructure to continuously enrich trading and clearing products, currencies, and methods according to market demand, and facilitating financial institutions to provide foreign exchange services to their clients. 

Going forward, the People’s Bank of China and the State Administration of Foreign Exchange will continue to improve the management of the interbank foreign exchange market, deepen the development of the foreign exchange market, and maintain the sound operation of the foreign exchange market.