China to create own version of forex code
A newly established Chinese Foreign Exchange Committee is working on creating a Chinese version of the Global Code of Conduct, for domestic and foreign banks operating in the onshore market
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, Risk.net's sister site FXWeek.com 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 Foreign Exchange Committee (CFXC), which operates under the
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