The State Administration of Financial Supervision and Regulation has released the "Measures for the Administration of Market Risks of Commercial Banks," a comprehensive document spanning five chapters and 43 articles. This regulatory framework precisely defines market risks, primarily focusing on the repercussions of fluctuations in interest rates, exchange rates, stock prices, and commodity prices on the profitability and stability of banks, while specifically excluding interest rate risks associated with the banking book. The Measures underscore the importance of enhancing the governance structure for market risks, mandating rigorous risk management standards, and reinforcing full-process oversight. This includes implementing specific measures like model validation and stress testing to elevate the sophistication and effectiveness of market risk management within commercial banks.