CSRC chair pens essay on “building a capital market with Chinese characteristics”
Achieving strategic national policy goals like tech self-reliance and decarbonizing the economy will depend heavily on the ability of promising homegrown companies to access capital through these markets…
CBIRC, PBoC release details of national pension savings pilot
This is the first indication of what the high-level plans issued by the State Council in April will look like in practice…
CBIRC holds mid-year work conference
There was little new in the readout, but the focus on financial risk is noteworthy…
PBoC holds mid-year work conference
Authorities are under pressure to lower the heat on developers and ensure that homebuyers get the properties they’ve paid for…
July foreign financial institution approvals and specific financial opening developments
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June foreign financial institution approvals and specific financial opening developments
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CSRC holds mid-year work conference
Beijing is intent on expanding access to direct financing from the capital markets…
First slate of Chinese companies list GDRs in Switzerland
These aren’t massive cash injections, but they’re a notable first step…
NAFMII tweaks Panda bond rules to streamline issuance
This move isn’t revolutionary, but it does add another string to the RMB’s internationalization bow…
PBoC launches RMB reserve pool with BIS, five overseas monetary authorities
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PBoC, SAFE announce expansion of forex cash-pooling pilot for MNCs
This move is part of a push to develop the “headquarters economy,” i.e. to incentivize more MNCs to base their regional operations on the Chinese mainland, creating higher value-added economic activity…
CBIRC urges banks to step up risk management for online lending
Small banks haven’t been able to fix the problem themselves, and an extra year is unlikely to change anything…
PBoC, CBIRC issue draft rules on assessing systemically important insurers
Insurance companies are becoming increasingly important players in the financial sector as the authorities have gradually allowed them to diversify away from low-risk, low-return government bonds into higher-yielding assets such as equity investments and infrastructure…
Shenzhen banks capitalize on GBA Wealth Management Connect
Brisk activity on the WMC in its first several months bodes well for the program and for the future of cross-border financial connectivity in the GBA…
CSRC, NDRC release high level plans for boosting private bond sales
Improving private firms’ access to onshore debt markets is a long-standing problem, so any action to unclog the pipes is a good thing…
China Development Bank dismisses vice president
Zhou has likely been ensnared in China’s wide-ranging campaign to clean up corruption in the financial sector…
CSRC approves trading in futures and options based on CSI 1000
Policymakers need to beef up investors’ ability to hedge risk to realize the goal of developing diverse, long-term-focused, institution-dominated capital markets. This move – and many similar moves made over the past two years – does just that…
CSRC issues trial rules aimed at providing new exit option for VC funds
PE and VC play a central role in Beijing’s efforts to support the development of homegrown innovation. Giving investors in PE and VC funds more options to cash out of their investments is a response to complaints about the lack of exit channels, and is designed to bolster the appeal of these funds…
CSRC introduces measures to waive securities fees for private sector firms
These measures will save companies some money, and should help boost exchange-traded bond issuance at the margin, but they aren’t going to invigorate private sector bond markets on their own.
Local bank consolidation continues, with mergers in Hebei and Liaoning
China’s regional commercial banks and rural lenders have been a source of endless problems for regulators. While combined they comprise less than 25% of the country’s banking assets, they present the biggest risks to financial stability.