Feedback on the public consultation of the People's Bank of China on the "Regulations on the Management of the Interbank Foreign Exchange Market"

The "Interbank Foreign Exchange Market Management Regulations" were publicly solicited for opinions by the People's Bank of China and the State Administration of Foreign Exchange from August 21 to September 21, 2025. During the opinion solicitation period, a total of 10 opinions and suggestions were received. After thorough research and demonstration, the vast majority of the opinions have been adopted and absorbed. The opinions mainly focused on the following aspects: 1. It was suggested to clarify the requirements for financial information service providers and other institutions to distribute relevant data of the interbank foreign exchange market to the market. Adoption: Adopted. In order to ensure that the data distributed by financial information service providers remains consistent with the original data source, it is required that the distributed data should follow the principles of "timeliness and consistency." 2. It was suggested to clarify the cost management principles of financial infrastructure for financial institutions. Adoption: Adopted. Considering that the cost management of the interbank foreign exchange market adheres to transparency and fairness, it is specified that cost management should follow the principles of "openness and reasonableness." 3. It was suggested to clarify the responsibility for individuals who violate foreign exchange management regulations. Adoption: Adopted. To align with existing regulations and practices, provisions for penalties for responsible individuals have been added to the legal liability clauses. 4. It was suggested to clarify whether currency brokerage companies can provide data services. Adoption: Adopted. The "Administrative Measures for Currency Brokerage Companies" and the "Notice on Regulating Data Services by Currency Brokerage Companies" have already specified the relevant provisions for currency brokerage companies to provide data services. In addition, suggestions for textual modifications regarding the "Interbank Foreign Exchange Market Management Regulations" have been fully absorbed. And for individual policy interpretations and consulting issues, relevant agencies have been provided with policy explanations and communications.