China Foreign Exchange Committee (CFXC) serves as a senior-level forum under the sponsorship of the People’s Bank of China (PBC) and State Administration of Foreign Exchange (SAFE). CFXC is expected to provide an overall guidance to China’s FX market from the macro and systematic perspective concerning the reform and development of China’s foreign exchange (FX) market, so as to promote the healthy and orderly development of the market. Membership is drawn from the PBC and SAFE, primary market participants and infrastructure providers.
Discuss key issues concerning the reform and development of China’s FX market as well as concerning other relevant markets, and, where appropriate, formulate guidance or put forward proposals.
Serve as a channel of communication amongst market participants and the relevant public authorities.
Develop and promote voluntarily adherence to guidelines for best practice in the FX market. Endorse and facilitate adherence to the FX Global Code in China and develop China FX Code as a local annex to the Global Code and promote adherence.
Provide guidance to and help promote Self-disciplinary Mechanism of market participants, via training, monitoring, assessment , as well as dispute resolution.
Participate in the Global FX Committee(GFXC), and cooperate with international counterparts.
CFXC shall comprise representatives from the PBC and SAFE, senior practitioners from key market players and infrastructure providers in China’s FX market, and senior FX experts.
Membership of CFXC shall be reviewed annually and adjusted if needed.
The Chairperson of CFXC is elected by all members.
The secretariat of CFXC resides with China Foreign Exchange Trade System.
CFXC will meet on a regular (quarterly) basis or by special request if needed.
Members shall aim to attend the CFXC meetings and to actively contribute to the work of the CFXC. Each member could nominate an alternate in advance to attend the meeting if the member himself/herself is unable to.
The secretariat will produce minutes of the CFXC meetings and publish them shortly after.