26 Jul 2022

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…


26 Jul 2022

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…


25 Jul 2022

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…


25 Jul 2022

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…


25 Jul 2022

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…


22 Jul 2022

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…


19 Jul 2022

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…


15 Jul 2022

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.


11 Jul 2022

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.


10 Jul 2022

New China Trust ok’d to enter bankruptcy proceedings

Xiao Jianhua was money man to some of China’s most elite families, so we may never know the true nature of his offense. What we really want to know is what Xiao told investigators, and whether he cut a deal for his cooperation 


07 Jul 2022

NAFMII launches pilot program for transition finance bonds

China is pursuing a green and low-carbon transformation of its industries, not an elimination of industries. That means traditional and heavily polluting industries are here to stay, but in a cleaner form. Transition finance – and transition bonds – provide an increasingly important funding channel for these industries, which are ineligible for green finance, to lower their carbon footprint…


07 Jul 2022

PBoC announces mainland-Hong Kong “Swap Connect”

Banks in Hong Kong routinely complain to Beijing that there’s not enough RMB offshore, so the advent of a currency swap expansion will come as welcome news. Beijing has been extremely wary of foreign capital investing in derivatives…


06 Jul 2022

Mainland-Hong Kong Stock Connect officially includes ETFs

The announcement came just days before Hong Kong marked the 25th anniversary of its return to Chinese sovereignty and is being viewed by some as a “gift” by Beijing to Hong Kong, but despite the symbolic timing, the move to include ETFs in the Stock Connect was inevitable and logical. This is just the latest in a spate of activity related to the two-way opening of China’s capital markets over the past few months…


06 Jul 2022

Xi, Lee tie Hong Kong’s future to mainland’s development

While primarily rhetorical rather than policy oriented, the speeches of Xi and Lee suggest that both the central government and local Hong Kong leaders will look to enhance economic synergies between the mainland and Hong Kong…


28 Jun 2022

Goldman Sachs-ICBC wealth management JV gets go-ahead to start operations

There’s no denying that Chinese policymakers want more savings flowing away from property investments and vanilla bank deposits and into capital markets. There’s also no denying that the world’s preeminent wealth management know-how is located outside of China…


28 Jun 2022

PBoC issues measures to support cross-border ecommerce settlement in RMB

China has been pushing hard to develop cross-border ecommerce and settlement services will be a key part in determining its success. These changes will be welcomed particularly by online merchants hit by the recent supply chain disruptions, but what these traders really need is a return to normal business operations and an end to the uncertainty caused by Beijing’s zero-Covid policy…


24 Jun 2022

Xi chairs Politburo meeting on financial sector discipline inspection

Xi wants anti-corruption to become less “course corrections through periodic crackdowns,” and more threaded into the very fabric of financial sector operations. Even with the economy faltering


24 Jun 2022

State Council unveils plan for GBA integration through Nansha

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24 Jun 2022

Banks bullish on GBA prospects

While the development of the GBA has been slowed substantially, first by civil unrest in Hong Kong and then by COVID-19-related restrictions on the movement of people and goods, financial institutions remain optimistic about their prospects in the region. It’s worth remembering that the GBA initiative bears the personal imprimatur of Xi Jinping and that it’s likely to remain a major policy priority for the foreseeable future…


22 Jun 2022

CSRC denies warning foreign banks on executive pay

Our guess is that the CSRC did meet foreign bank executives to brief them on the new guidelines and the executives then interpreted this as the CSRC intervening in internal decisions on pay, fearing they may be targeted to make some kind of contribution to support Common Prosperity. This turn of events illustrates just how jittery foreign companies have become about China’s unpredictable regulatory and business environment…


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