China to create own version of FX code

A newly established Chinese FX Committee is working on creating a Chinese version of the Global Code of Conduct, for domestic and foreign banks operating in the onshore market

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China set to join the other eight FX centres with a code of conduct

China is creating its own version of the Global Code of Conduct for foreign exchange markets, in a move aimed at aligning the country's rules with international standards outlined in May this year, FX Week has learned.

The code will apply to local and foreign banks operating in the Chinese onshore market, and it's slated for publication within a year. The work on the code is led by the recently created Chinese FX Committee (CFXC), which operates under the guidance of the People's Bank of China

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