15 May 2020

High-level COVID-19 policy developments

 A series of important meetings were held over the past month with the goal of moving China’s economic renormalization forward, while continuing to support …


15 May 2020

Party enforcers put forward evaluation criteria for PBoC officials

On May 15, Xu Jia’ai, head of PBoC disciplinary inspection unit discussed the scope of …


15 May 2020

CSRC chief signals more support for banks to set up fund management units

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14 May 2020

Financial regulators release plan for the GBA

On May 14, regulatory authorities jointly released the Opinions on Providing Financial Support for the Development of the Guangdong-Hong KongMacao Greater Bay Area – a plan to support the development of …


13 May 2020

CBIRC orders closure, merger of banks’ unlicensed operations

On May 13, local financial media reported that CBIRC had once again told joint-stock commercial banks to rectify the unlicensed businesses they operate …


13 May 2020

CBIRC issues new version of rules on banks’ online lending

On May 9, CBIRC issued a new version of draft rules to clamp down on risky loans by online lenders, in an effort to improve control and oversight of …


13 May 2020

CBIRC lays out de-risking priorities

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11 May 2020

Hannover Re’s Shanghai branch approved to increase its registered capital

On May 11, financial media reported that CBIRC approved German reinsurance company Hannover Re to increase the registered capital of its Shanghai branch from RMB 2.6 billion to …


10 May 2020

Q1 monetary policy report promises more support

Despite pledging to intensify counter-cyclical adjustments to combat the fallout from COVID-19, the first-quarter monetary policy report does not suggest a fundamental change of direction for policy. The PBoC is looking to increase targeted support for…


09 May 2020

MoF releases draft regulations on SFIs

The MoF’s efforts to disentangle crossholdings between SFIs and SOEs are a welcome development, as these tie-ups are…


09 May 2020

CBIRC to investigate CITIC Bank for consumer information leak

The CITIC case is just the latest in a string of data breaches that underscore concerns among both regulators and consumers in China that protection of privacy, data, and rights in the financial industry is inadequate. Regulators are tightening scrutiny of…


09 May 2020

CSRC relaxes requirements for foreign participation in custodian services

Under the phase one US-China trade agreement inked in January, China agreed to allow branches of US financial institutions to provide custodial services for funds by June 2020, as part of a…


08 May 2020

CBIRC releases draft measures for regulating fund trusts

This policy is part of the new asset management regulatory framework, issued in 2018, which sought to crack down on risky shadow banking activities. In particular, these measures are aimed at…


08 May 2020

Big state-owned banks’ high dividend payouts may be under threat

Cutting dividends is not unheard of for the big four, who reduced payouts after facing bad loans and stagnant profit growth in 2015. A stress test conducted by the government last year showed that…


08 May 2020

CBIRC hints at relaxing implementation of wealth management rules

If the transition period is extended again, it will be the second extension in as many years. The problems with compliance toward these new rules stem from the fact that banks have billions of yuan of WMPs that are invested in…


08 May 2020

Record number of brickand-mortar bank outlets closed in 2020

The closure of brick-and-mortar bank outlets is inevitable in a country where mobile and online banking and e-commerce are now ubiquitous, and the sector…


08 May 2020

More small and medium-sized banks allowed to issue perpetual bonds

Smaller banks — and particularly those that aren’t listed — have fewer channels available for raising capital than their larger counterparts. They aren’t generating enough profit to add to their…


08 May 2020

China abolishes QFII and RQFII quotas

The scrapping of QFII and RQFII quotas represents a very modest concession to financial opening given that existing quotas were not…


08 May 2020

PBoC makes two key personnel appointments

In early May, local financial media reported that Sun Tianqi had been appointed as the head of the financial stability bureau of the People’s Bank of China (PBoC) and Zhou Chengjun was promoted from…


06 May 2020

CBIRC approves financial investment companies to manage debt-to-equity swaps

This is yet another attempt by regulators to push forward the debt-to-equity swap program, which has made disappointing progress since it was unveiled in 2016. The program is part of the broader agenda to…


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