🔍 Market Access and Compliance

The Central Bank of the People's Republic of China

This is a transcript of a speech by a senior People's Bank of China official reflecting on the development of Hong Kong's financial markets since early 2025, published as part of the PBC's series of speeches and research papers on central bank digital currency (CBDC). It is a communication and signaling document rather than a new rule, and it does not create any obligations for firms or individuals. Its value is mainly as an indicator of PBC thinking on Hong Kong's role as an offshore financial centre and on digital currency work.

USD/CNY Fixing Rate

This is the People's Bank of China's standing explanation of how the daily USD/CNY central parity rate (the 'fixing') is calculated, not a new rule. Each trading day, the China Foreign Exchange Trade System surveys market makers, discards the highest and lowest quotes, and takes a volume-weighted average of the rest. A 'counter-cyclical factor' was added to the quoting model to dampen sentiment-driven swings and keep the fix closer to economic fundamentals. The page matters mainly as background on how China manages its currency, since the fix sets the reference point for onshore trading and daily RMB moves.

First Meeting of the Investment Working Group of the China-Canada Joint Economic and Trade Commission Held in Ottawa, Canada

China and Canada held the first meeting of the Investment Working Group under their Joint Economic and Trade Commission in Ottawa on September 28, 2026. Vice Minister of Commerce Li Chenggang and Canadian Deputy Minister for International Trade Glenn Purves co-chaired talks on investment policy communication, improving the investment environment, and two-way investment cooperation. No new rules, commitments, or binding measures were announced — the two sides agreed only to keep using the working group to build momentum for future high-level exchanges. For businesses, this is a positive diplomatic signal of stabilizing bilateral investment relations rather than a change in any enforceable requirements.

China’s Macroprudential Management System: Development Practice and Future Evolution-Keynote Speech by Governor Pan Gongsheng at the Annual Conference of Financial Street Forum 2025

PBOC Governor Pan Gongsheng used a keynote speech at the 2025 Financial Street Forum to lay out how China will build a comprehensive macroprudential management system under the 15th Five-Year Plan, while confirming the monetary stance stays accommodative. He also said the PBOC will resume buying and selling government bonds in the open market, keep cracking down on virtual-currency speculation and take a cautious watch-and-assess approach to overseas stablecoins, and roll out a one-time personal credit-record relief policy for pandemic-era small defaults that have been repaid. The speech signals direction rather than imposing new binding rules today, but it tells banks, insurers, brokers and fintech firms where supervision is heading.

MOFCOM Spokesperson’s Remarks on the U.S. Cybersecurity Advisory Warning of China-Based AI Companies’ Alleged Distillation Campaigns Targeting U.S. AI Models

China's Ministry of Commerce rejected a U.S. joint cybersecurity advisory (issued September 8 by the NSA, CISA and FBI) that accused Chinese AI companies of running 'industrial-scale' knowledge distillation campaigns against U.S. frontier models. MOFCOM argues distillation is a normal, neutral engineering practice used worldwide, accuses Washington of double standards and of using national security to protect a computing-power monopoly, and points out that U.S. firms also distill Chinese open-source models. Beijing says it is open to the agreed intergovernmental AI dialogue but warns it will take countermeasures if the U.S. moves to suppress Chinese AI companies over distillation.

China launches platform to provide cross-border legal services

China's Ministry of Justice has launched Fatong, a national online platform that gives Chinese companies and citizens doing business overseas one place to find foreign laws, country-by-country legal guides, case examples and legal consultations. The platform, which began trial operations on July 1, covers 187 countries and offers both an AI assistant and human professional review of legal questions. It matters because Chinese firms expanding abroad face rising legal and compliance risk, and Beijing is now providing state-backed legal support infrastructure. This is a service launch, not a new rule — it creates no new compliance obligations for companies.