In order to facilitate the development of China’s FX market, and promote the role of financial institution in the construction of the FX market, the China FX Market Self-Regulatory Framework (SRF) was established and the first working conference was held in Shanghai on June 24, 2016.

Under the guidance of the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), the SRF is a market self-regulatory and coordinating framework which includes representatives of interbank FX market participants. According to related exchange rate polices and foreign exchange regulations, the SRF is in charge of setting the self-regulatory rules of the RMB central parity rate quotation behaviour, trading of the interbank market and the client market, for the purpose of maintaining the fair-play competition, promoting the orderly operation and healthy development of the FX market.

The working conference approved the Guidelines of the SRF, which clarifies the responsibilities, organizational structure and working mechanism of the SRF. Mr. Chen Siqing, President of Bank of China was elected as the first Chairman of the SRF. The secretariat of the SRF was set up at China Foreign Exchange Trade System (CFETS), with Mr. Sun Jie, Executive Vice President of CFETS, as the Secretary-General of the SRF.

Representatives from 14 interbank FX market participants, including Bank of China, Industrial and Commercial bank of China, China Citic bank and etc., attended the working conference. Officials from PBOC and SAFE attended the conference and delivered speeches.