The Hong Kong Monetary Authority (HKMA) has renewed its Statement of Commitment to the FX Global Code, underscoring its continued adherence to the Code’s principles. This decision follows the recent updates made to the Code by the Global Foreign Exchange Committee (GFXC) in December 2024.
About the FX Global Code
The FX Global Code provides a framework of best practices designed to enhance integrity and transparency in the wholesale foreign exchange market. Initially introduced in May 2017, it was developed through collaboration between central banks and market participants worldwide, including Hong Kong. The Code has seen key revisions, notably in July 2021 and again in December 2024, to reflect the evolving dynamics of the FX market.
HKMA’s Ongoing Commitment
The HKMA first pledged its support to the FX Global Code in May 2018, renewing this commitment in July 2022. With this latest update, the HKMA reinforces its dedication to aligning its market operations with internationally recognized standards.
Collaboration and Future Steps
The HKMA continues to collaborate with the GFXC and other global institutions to encourage wider adoption of the FX Global Code. This cooperative effort plays an essential role in upholding a fair, resilient, and trustworthy global foreign exchange market.
