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| Notice by the China Foreign Exchange Trade System of Issuance of the Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market (2026 Revision) | | 中国外汇交易中心关于发布《银行间外汇市场尝试做市机构指引》的通知（2026修订） |
| No. 19 [2026] of the China Foreign Exchange Trade System | | 中汇交发〔2026〕19号 |
| Members of the interbank foreign exchange market: | | 银行间外汇市场成员： |
| For the purposes of further strengthening the management of trial market makers in the interbank foreign exchange market, guiding market makers in serving the market, and promoting the regulated development of the foreign exchange market, the China Foreign Exchange Trade System has revised the Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market (see the Annex), and, after recording them with the State Administration of Foreign Exchange, hereby issues them with effect from the date of issuance, upon which the Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market (No. 3 [2021], CFETS) and the Supplementary Explanation of the Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market (No. 277 [2023], CFETS) shall be repealed. | | 为进一步加强银行间外汇市场尝试做市机构管理，引导做市机构服务市场，促进外汇市场规范发展，中国外汇交易中心修订了《银行间外汇市场尝试做市机构指引》（见附件）。经向国家外汇管理局备案，现予以发布，自发布之日起施行。原《银行间外汇市场尝试做市机构指引》（中汇交发〔2021〕3 号）和《关于＜银行间外汇市场尝试做市机构指引＞补充说明》（中汇交发〔2023〕277号）即行废止。 |
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特此通知。 |
| Annex: Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market (2026 Revision) | | 附件：银行间外汇市场尝试做市机构指引（2026年修订版） |
| China Foreign Exchange Trade System | | 中国外汇交易中心 |
| January 23, 2026 | | 2026年1月23日 |
| Annex | | 附件 |
| Guidelines for Trial Market Makers in the Interbank Foreign Exchange Market | | 银行间外汇市场尝试做市机构指引 |
| (2026 Revision) | | （2026年修订版） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of further developing the interbank foreign exchange market, improving market liquidity, and enhancing the price discovery mechanism, the China Foreign Exchange Trade System ("CFETS") formulates these Guidelines in accordance with the Provisions on the Administration of the Interbank Foreign Exchange Market (PBC Order No. 13 [2025]), the Guidelines for Market Makers on the Interbank Foreign Exchange Market (No. 1 [2021], SAFE), and the Trading Rules of Interbank RMB Foreign Exchange Market (No. 401 [2019], CFETS). | | 第一条 为进一步发展银行间外汇市场，提高市场流动性，完善价格发现机制，中国外汇交易中心（以下简称外汇交易中心）根据《银行间外汇市场管理规定》（中国人民银行令〔2025〕13号）、《银行间外汇市场做市商指引》（汇发〔2021〕1号）和《银行间人民币外汇市场交易规则》（中汇交发〔2019〕401号），制定本指引。 |
| Article 2 For the purposes of these Guidelines, "trial market maker in the interbank foreign exchange market" ("trial market maker") means a member of the interbank foreign exchange market ("market member") which, with the approval of the CFETS, actively and continuously provides two-way quotes for corresponding trading instruments in the interbank RMB foreign exchange market. | | 第二条 本指引所称银行间外汇市场尝试做市机构（以下简称尝试做市机构），是指经外汇交易中心同意，向银行间人民币外汇市场积极持续提供相应交易品种的买卖双向报价的银行间外汇市场成员（以下简称市场成员）。 |
| Article 3 Trial market makers shall be divided into spot trial market makers, forward trial market makers, and option trial market makers, which may make markets on a trial basis in spot, forward swaps, currency swaps, options, and other markets respectively. The CFETS shall determine the number of trial market makers for each trading instrument based on market developments. | | 第三条 尝试做市机构分为即期尝试做市机构、远掉尝试做市机构和期权尝试做市机构，可分别在即期、远掉期和货币掉期、期权等市场开展尝试做市。外汇交易中心根据市场发展情况确定各交易品种尝试做市机构数量。 |
| Chapter II Rights and Obligations | | 第二章 权利与义务 |
| Article 4 A trial market maker shall have the following rights: | | 第四条 尝试做市机构享有以下权利： |
| (1) During the specified trading hours, providing two-way quotes for RMB against major trading currencies in the interbank foreign exchange market on a continuous basis. | | （一）在规定的交易时间内，在银行间外汇市场连续提供人民币对主要交易货币的买、卖双向价格； |
| (2) Receiving appropriate support in aspects such as the trading system and transaction data. | | （二）交易系统、交易数据等方面获得适当的支持； |
| (3) Participating in matched trades and other trading mechanisms and innovative business in the foreign exchange market. | | （三）可参与撮合交易等交易机制及外汇市场创新业务。 |
| Article 5 A trial market maker shall perform the following obligations: | | 第五条 尝试做市机构应履行以下义务： |
| (1) A price quoted in the interbank foreign exchange market shall be a valid price at which a transaction may be made and fall within the range of exchange rates specified by the People's Bank of China at which transactions are completed in the interbank market. | | （一）向银行间外汇市场所报价格应为有效的可成交价格，且不得超过中国人民银行规定的银行间市场交易汇价的浮动幅度； |
| (2) Complying with the regulatory requirements, trading rules, and self-disciplinary standards of the foreign exchange market, playing an active role in regulating the foreign exchange market, trading honestly, and refraining from influencing the order of the interbank foreign exchange market or damaging the interests of other market members by illegal or other improper means. | | （二）遵守银行间外汇市场监管规定、交易规则和自律准则，在外汇市场规范方面发挥积极作用，诚实交易，不利用非法或其他不当手段影响银行间外汇市场秩序或损害其他市场成员利益。 |
| Chapter III Application Conditions and Process | | 第三章 申请条件及流程 |
| Article 6 Each selection cycle shall begin every two years, and an ordinary market member that applies to become a spot, forward-swap, or option trial market maker shall meet the following basic conditions: | | 第六条 每两个年度为一个评选周期，普通市场成员申请成为即期、远掉或期权尝试做市机构，需具备以下基本条件： |
| (1) A domestic banking institution that has maintained membership of the market for two or more years and possesses the necessary business experience and technical capabilities. | | （一）取得市场成员资格两年（含）以上的境内银行类金融机构，具备必要的业务经验和技术能力； |
| (2) In the previous selection cycle, the trading volume of the corresponding instruments ranks among the top 10% of ordinary market members, and there are a required number of effective bilateral credit counterparties, to wit, 30 or more, in the case of spot trades or forward swaps, or ten or more, in the case of options. For the purposes of this Article, "effective bilateral credit" means that the credit limits granted by both parties to each other exceed the specified amount or satisfy business conditions. | | （二）前一评选周期内，相应品种交易量在普通市场成员中排名前10%，且有效双边授信对手方数量满足一定要求：即期、远掉期有效双边授信对手方数量大于（含）30家，期权有效双边授信对手方数量大于（含）10家。本条所指有效双边授信，是指双方相互授信额度超过指定金额或满足业务条件； |
| (3) Having a professional foreign exchange market making team, formulating foreign exchange market making business plans and supporting risk management systems, and making corresponding technical preparations for market making business. | | （三）配备专业的外汇做市业务团队，制定外汇做市业务方案以及配套的风险管理制度，做好相应的做市业务技术准备； |
| (4) Other conditions as prescribed by the CFETS. | | （四）外汇交易中心规定的其他条件。 |
| Article 7 An ordinary market member that applies to become a trial market maker shall submit an application for becoming a trial market maker in the interbank foreign exchange market to the CFETS, explaining its foreign exchange business operations, preparations for trial market making business, and compliance in foreign exchange business. | | 第七条 普通市场成员申请成为尝试做市机构，应向外汇交易中心提交银行间外汇市场尝试做市机构申请表，说明本机构外汇业务开展情况、尝试做市业务准备情况以及外汇业务合规情况等。 |
| ．．．．．． | | ．．．．．． |
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