The branches and administrative offices of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government; the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; all designated national Chinese-funded foreign exchange banks; the China Foreign Exchange Trade System; and the Shanghai Clearing House,

In order to further regulate transactions in the foreign exchange market and promote its healthy development, the SAFE formulated the Guidelines on Code of Conduct for the Foreign Exchange Market on the basis of the laws and regulations, including Laws of the People’s Republic of China on the People’s Bank of China, and Regulations of the People’s Republic of China on Foreign Exchange Administration (Order No. 532 of the State Council of People’s Republic of China). Please see the appendix for the Guidelines on Code of Conduct for the Foreign Exchange Market, and implement it.

After receiving the Circular, the branches and administrative offices of the SAFE shall timely forward the Circular to the financial institutions and currency brokerage companies with qualifications of foreign exchange settlement and sale services within their respective jurisdictions. For any problems arising from implementation, please contact the Balance of Payments Department of the SAFE in a timely manner.

Appendix: Guidelines on Code of Conduct for the Foreign Exchange Market

State Administration of Foreign Exchange

November 26, 2021