The central bank issued "Regulations on the Management of the Interbank Foreign Exchange Market" to promote foreign exchange market services to the real economy.

On December 26, the People's Bank of China issued a notice that the "Regulations on the Administration of the Interbank Foreign Exchange Market" has been approved at the 17th meeting of the China People's Bank of China held on December 4, 2025, and is now being issued and will be implemented from February 1, 2026. The regulations state that transactions in the interbank foreign exchange market should adhere to the principles of openness, fairness, justice, and honesty and creditworthiness. It prohibits fraudulent activities, market manipulation, insider trading, etc., that affect the order of the interbank foreign exchange market and harm the legitimate rights and interests of market participants. Authorized by the People's Bank of China, the Foreign Exchange Trading Center may calculate, form, and publish the Renminbi exchange rate midpoint based on quotes from qualified financial institutions, and calculate and publish important data indicators such as the closing exchange rate and reference exchange rate according to relevant rules. Financial institutions participating in the midpoint quoting are not allowed to provide midpoint quoting information to other institutions and individuals. The interbank foreign exchange market implements a mechanism of maximum daily fluctuation range for spot trading prices, and quotes and transactions should not exceed the fluctuation range above and below the corresponding midpoint price of the currency pair. The fluctuation range is determined and published by the People's Bank of China. Financial institutions participating in the interbank foreign exchange market should take effective measures to manage conflicts of interest between financial institutions and clients, and between different clients, and should not harm the legitimate rights and interests of clients.