The national foreign exchange market issued the China Foreign Exchange Market Guidelines on May 8，and the move has been hailed as a major reform. It took a page out of the global foreign exchange market standards and is already a symbol of China's foreign exchange market rules complying with the international standards.

As a basic system of self-discipline for China's foreign exchange market，the Guidelines are not legal or regulatory constraints on market participants. But by raising the standards for self-discipline，they help build confidence in the foreign exchange market and in turn help continue the development of the market. In this exclusive interview，China Forex reporter speaks to Chu Guoqiang，director of the Foreign Exchange Trading Unit，Financial Marketing Department，Agricultural Bank of China，Cao Shounian，deputy general manager of the Financial Market Trading Center，China Construction Bank，Xiao Ting，vice president of Financial Market Business Center，Bank of Communications，Yao Zhenhua，director of China Trading，Citibank China，and He Xin，managing director，Societe Generale (China).

China Forex: It has been said that the introduction of the Guidelines is a major initiative in the reform and development of China's foreign exchange market. What would you say is the main significance for China's foreign exchange market?

Chu Guoqiang: In order to enhance fairness in a comprehensive framework for the global foreign exchange market，the Bank for International Settlements (BIS) developed the Global Foreign Exchange Market Guidelines. Since 2015，the People's Bank of China，as a member of the BIS Foreign Exchange Market Best Practices Committee，has participated in the promulgation of the Global Foreign Exchange Market Guidelines. Before the release of the global guidelines，China's foreign exchange market issued its own "China Foreign Exchange Market Standards." This is of great significance to the development of China's foreign exchange market. First，it is conducive to promoting the reform of the exchange rate mechanism for the renminbi. The reform of China's exchange rate formation mechanism is constantly making progress. The stable and orderly foreign exchange market can guarantee the smooth implementation of reform policies and avoid disturbances from "irrational factors." Second，it is conducive to the smooth integration of China's foreign exchange market and the international market. As the world's largest developing country，China has a foreign exchange market with certain emerging market characteristics. The "Guidelines" have drawn on the experience of the more mature international market，and integrated its practices. This is conducive to the stable development of the foreign exchange market. It also advances the internationalization of the renminbi.