4 days ago

China to restart GDR approvals with new rules

The CSRC paused GDR issuance with the intention of shutting off an arbitrage loophole as opposed to reversing course on cross-border fundraising…

5 days ago

Regulators set caps on some bank deposit rates in latest move to discourage saving

Beijing wants to achieve multiple goals simultaneously, and is hoping for less money sitting in digital bank vaults and more cash flowing into consumption and the capital markets, lower borrowing costs for companies, and protection of banks’ net interest margins and profits…

7 days ago

Central Financial Commission names new deputy director

We don’t know a lot about Wang, but will be following him closely in his new position of power.

1 week ago

PBoC, SAFE introduce plan to expand currency exchange pilots for MNCs

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1 week ago

PBoC’s forex committee hints at more active currency management

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1 week ago

Li Yunze, head of new financial regulator, outlines key tasks

Li’s coming out swinging. His brief speech was heavy on oversight and ideology and light on issues like reform and opening. China’s new financial supervisory…

1 week ago

PBoC releases Q1 monetary policy report

We agree that with the PBoC that worries about deflation are overblown. Consumption is taking longer to recover than was widely expected earlier this year. Given that, we’re now expecting authorities to …

1 week ago

CSRC inaugurates listing of SSE STAR Market 50 ETF options

Greenlighting more derivative products like this is an important part of efforts to achieve Beijing’s goal of building a more sophisticated capital market dominated by long-term, institutional investors. This product also …

2 weeks ago

Former Sichuan vice governor Li Yunze became Party secretary of the newly established financial regulator NFRA

Li’s appointment is a big deal. Ensuring the stability of China’s financial system is one of Beijing’s top priorities. 52-year old Li will be an influential figure in the financial policy space for the next decade…

16 May 2023

April credit data shows borrowing falters as households deleverage

This is a shockingly bad credit print. The numbers were around half consensus forecasts. A pullback…

11 May 2023

CSRC releases work plan to promote issuance of high-tech bonds

Policymakers have for years tried to expand the role of direct financing and wean the economy off its traditional dependence on indirect financing provided by the banking system, which seems incapable of allocating financial resources adequately to the government’s priority areas. 

04 May 2023

19 Hong Kong-listed firms have applied for their stocks to trade in RMB

Traditionally, Hong Kong was a gateway for foreigners into China. Its future lies in being a gateway for Chinese capital to the world.

04 May 2023

Swap Connect expected to launch this quarter

The Swap Connect will increase the international appeal of China’s financial markets by giving foreign investors a way to hedge their exposure to Chinese fixed-income products.

02 May 2023

April foreign financial institution approvals and specific financial opening developments

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27 Apr 2023

CSRC issues draft of revisions to regulations on futures industry professionals

This is yet another regulation aimed at fleshing out the broad regulatory framework set out in the Futures and Derivatives Law.  Derivatives are an increasingly important and rapidly expanding part of China’s financial system,

27 Apr 2023

CBIRC issues rules to tighten regulation of trust companies’ satellite branches

This notice is part of a broader effort by the CBIRC to overhaul the trust industry, improve risk control and governance, and strengthen regulation after a series of scandals, defaults, and illegal activities that left investors nursing heavy losses. After years of deliberation, the commission in March released the final version of rules on the classification of trust companies’ trust businesses…

27 Apr 2023

CBIRC tells insurers to reduce rate of return on new products

Falling interest rates have raised regulators’ concerns that insurance companies could be exposed to losses from negative interest rate spreads. There’s also concern that competition for new business may drive some insurers to offer policyholders higher returns than they can earn on their investments…

26 Apr 2023

CSRC announces delisting of two tech firms for IPO fraud

If Beijing wants households to put more of their savings into equity markets, building trust in those markets is key. With the registration-based IPO system now rolled out to all mainland boards, regulators want …

26 Apr 2023

Industry body reportedly calls on banks to cut deposit rates

The elevated savings rate is a symptom of households’ low confidence about the future and expectations that capital or property markets will not provide better returns. A modest decline in deposit rates, however, is unlikely to …

26 Apr 2023

PBoC offers reassurance about divergence in M1 and M2 growth

The M1-M2 divergence signals that some of the money being created isn’t being used. Banks are under pressure to lend, but there aren’t enough takers, so they may be dishing out loans to accommodating state-owned enterprises who then just sit on the money.  The PBoC may …

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