China to create own version of FX code

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, FX Week has learned.

The code will apply to local and foreign banks operating in the Chinese onshore market, and is slated for publication within a year. The work on the code is led by the recently created Chinese FX Committee (CFXC), which operates under the guidance of the People's Bank of China