17 Jul 2023

China’s state pension manager appoints new Party secretary

Despite his qualifications, Ding will have a tough time wrangling money from other parts of the state. We are skeptical of his ability to make much progress in putting the NCSSF on more solid financial footing…

13 Jul 2023

State Media, banks push back on Goldman Sachs’s Chinese bank downgrades

As the Securities Times points out (in granular detail), Goldman Sachs has been wrong plenty of times – and it very well might be wrong again…

12 Jul 2023

PBoC notice aims to streamline digitization of banks’ cross-border capital account management

The measures in this notice, should they be included in the final version, should lessen the administrative and financial burden on both banks and companies related to cross-border settlement…

12 Jul 2023

Regulators approve GFEX lithium carbonate derivatives

The GFEX’s development is critical to China’s low-carbon transition – and many of the key industries driving it…

11 Jul 2023

State Council relaxes regulations in some FTZs applicable to foreign financial firms

Despite the increase in geopolitical tensions, notably between China and the US, Beijing has said it remains committed to further integrating into the global economy, opening up its own economy and attracting foreign investment, especially in financial services…

11 Jul 2023

Major mutual funds cut management fees following CSRC guidance

Large Chinese mutual funds have plenty of space to make these cuts. The reductions may hurt small operators, but it appears regulators have already figured that eventuality into the rollout…

10 Jul 2023

Cyberspace regulator signs GBA data transfer MoU with Hong Kong

Beijing is trying to strike a fragile balance with its cross-border data regulations, and the jury is out on whether data security concerns will hamper China’s concurrent goal to develop data trading and the digital economy…

10 Jul 2023

Big banks further reduce rates on USD deposits

These moves will have little impact on exchange rates. Most firms can still hold USD assets offshore, where they can earn a good deal more than what Chinese banks are offering…

10 Jul 2023

Pan Gongsheng appointed as PBoC Party secretary

Pan’s appointment raises a lot of questions about the future of the PBoC. Given that Pan isn’t a member of the Central Committee, does it signal diminished influence and independence for the monetary authority…

10 Jul 2023

PBOC releases measures to improve the administration of central bank deposit account services

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30 Jun 2023

June foreign financial institution approvals and specific financial opening developments

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29 Jun 2023

Shanghai launches reinsurance trading market

China’s efforts to turn Shanghai into a reinsurance hub date back to at least 2019…

29 Jun 2023

HKEX launches Dual Counter Model

This is the latest effort by Beijing to broaden the supply of RMB-denominated investment products available offshore as part of its long-term strategy to internationalize the Chinese currency…

29 Jun 2023

Hengqin, Nansha, and Qianhai look to incentivize offshore fund investment

Now that China has reopened after three years of strict COVID controls, smaller cities and less developed zones within the GBA, are stepping up action to ensure they make progress on one of Xi Jinping’s pet initiatives. Despite geopolitical tensions, policymakers still view foreign capital as vital to developing the mainland part of the GBA and, more broadly, to China’s overall economic and “green” development and efforts to move up the value chain…

29 Jun 2023

Hong Kong insurers see boom in sales to mainland visitors

The strong rebound in sales is hardly surprising given the difficulty that mainland residents faced in traveling to Hong Kong during the implementation of China’s zero-COVID policy. Moreover, insurance products will continue to prove attractive as mainland consumers look for stable, low-risk investment vehicles amid rising global interest rates and increasing economic uncertainty in China…

26 Jun 2023

PBoC solicits opinions on increasing oversight of bond valuation industry

At their core, these measures are about formalizing the structures behind bond pricing and price discovery. The current lightly-regulated, largely informal valuation system begets a lack of transparency that can lead to mispricing, which, in addition to injecting uncertainty and risk into the financial system, makes investors less confident in the bond products they are buying…

22 Jun 2023

Fang Xinghai delivers speech highlighting financial reform and opening progress

In his speech, Fang talked a lot about what has been done and said nothing about what will be done. In regards to the opening policies that Fang mentioned, we expect more experimentation with RMB internationalization through Hong Kong capital markets and that select Chinese companies will continue to raise capital via GDRs…

22 Jun 2023

PBoC cuts LPR rates

The LPR cuts will help ensure access to cheap credit for businesses and households. But credit supply isn’t the problem, credit demand is the problem – and that’ll remain low until consumer and business confidence returns…

22 Jun 2023

Beijing approves long-awaited PE industry regulations

As policymakers double down on channeling more capital toward tech innovation, it’s no longer tolerable for the PE industry to oversee itself…

16 Jun 2023

Second-tier banks cut deposit rates

It’s not entirely clear what financial authorities want to achieve here. Do they want to bolster banks’ profits, which have been squeezed by narrowing margins? Or are they laying the groundwork for lower lending rates by first reducing bank funding costs?

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