The Hong Kong Monetary Authority issues a statement promising updates to the "Global Code of Conduct for the Foreign Exchange Market"

The Hong Kong Monetary Authority issued a commitment statement today (November 6) regarding the update of the "Global Code of Conduct for the Foreign Exchange Market." In view of the update of the relevant guidelines by the Global Foreign Exchange Market Committee in December 2024, the Hong Kong Monetary Authority reaffirmed its commitment to adhere to the updated guidelines when acting as a market participant in the foreign exchange market. The "Global Code of Conduct for the Foreign Exchange Market" is a set of good conduct guidelines applicable to the global foreign exchange market, aimed at providing common guidance to enhance the integrity and effective operation of the wholesale foreign exchange market. The code was jointly developed by central banks and market participants in various regions including Hong Kong, first published in May 2017, and subsequently updated in July 2021 and December 2024. The Hong Kong Monetary Authority issued its first commitment statement in May 2018 to demonstrate its commitment to the code, and updated the commitment statement in July 2022.