On December 3, the State Administration of Foreign Exchange issued the Guidelines for the Code of Conduct of Foreign Exchange Market Transactions, aiming at further promoting the honest, fair, orderly, and efficient operation of the foreign exchange market.

"As the main suppliers of financial services, financial institutions such as banks are the core participants in providing foreign exchange market services from a professional perspective and are the key target to be regulated in the guidelines." Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said. 

The guidelines focus on regulating the trading behavior in the foreign exchange market, and the core contents are transaction management and information management. Wang Chunying introduced that market participant should effectively identify and protect sensitive information, exchange transaction information in the required way, properly keep transaction information records and exchange information records, and fulfill information disclosure obligations to customers or the public."

In addition, the guidelines set a one-year transition period for banks and other financial institutions to conduct foreign exchange transactions over the counter. 

According to the announcement, the guidelines will be implemented from January 1, 2022. 

Source：Xinhua News