Nomura securities joint venture begins operation
Nomura has said the Shanghai-based joint venture will operate brokerage, investment consulting, proprietary trading, and asset management businesses within the next four to five years, and intends to…
Another CBIRC regulator taken down over Baoshang Bank
Jia is the latest regulatory official from the Inner Mongolia CBIRC office to fall in the wake of the Baoshang Bank takeover. Investigations have uncovered widespread corruption surrounding the …
China’s digital currency continues to move forward
These are the latest comments by a PBoC official to try and squash speculation that DCEP will be similar to a crypto-currency like bitcoin. That may be a disappointment for crypto enthusiasts, but it is …
Amundi approved to launch wealth management joint venture
The joint venture aims to leverage Amundi’s extensive international investment management capabilities and the BoC’s branding and distribution channels to serve …
BlackRock, Temasek agree to wealth management JV with China Construction Bank
These are just the latest foreign companies to jump on the wealth management bandwagon in China. CCB is one of the big four state-owned banks, and, as we have highlighted in previous monitors, it has established …
CBIRC considers removing limit for banks to sell bonds to insurers
Lowering the criteria for banks to sell perpetual bonds to insurance companies should provide a bigger market for the debt as the government encourages banks to …
PayPal completes acquisition of Chinese payments company
As we commented in our previous analysis of this development in October, the Chinese online payments market is dominated by domestic firms such as WeChat Pay and Alipay. Foreign payments firms will face an uphill battle trying to …
Hengfeng Bank to receive RMB 100 billion bailout
Hengfeng is yet another small regional lender that’s effectively being bailed out by the state, a sign of mounting problems in the banking industry exposed by …
Shenzhen issues “socialist pilot zone” action plan
Despite nominally being an elaboration on the State Council’s original policy, the new work plan is still light on specific information as to what shape these reforms might take. However, Shenzhen’s development as a …
JPMorgan wins business license for its majority-owned securities company
In recent months, a number of foreign banks have applied for or received permission to open majority-controlled securities businesses or to …
SMBC Nikko Securities to open wholly owned China subsidiary
As China’s financial opening proceeds, a consistently growing number of foreign firms are looking to take advantage of the relaxation in various foreign ownership rules. As Shimizu’s comments show …
CSRC approves Ant- Financial, Vanguard joint venture
The joint venture will look to provide investment services and advice to individuals in China, which comports with authorities’ push for more inclusive financial services. As with the asset management JVs …
AXA takes full control of AXA Tianping P&C
There have been no foreign equity caps on property and casualty insurance since 2007, so this deal is not directly related to the opening measures we have seen over the past 21 months. Nevertheless, this is a high-profile deal that …
JPMorgan set to take majority stake in futures JV
Caps on foreign ownership of futures companies were meant to be scrapped on January 1 this year – according to a CSRC announcement in October 2019. However, it appears as though this deadline…
Central Economic Work Conference points to policy continuity
Regulators are sticking to the economic policy path laid out in recent years.
Intesa Sanpaolo receives fund distribution license
According to the terms of its newest license, Yi Tsai will distribute both publicly offered funds and privately distributed funds from the product range of Penghua Fund Management…
MoF rolls out new ownership transfer rules for SOE FIs
While it may be tempting to read this development as a signal that the government is tightening its grip over certain financial institutions, we view this move as …
PSBC debuts on the Shanghai Stock Exchange
PSBC’s tepid first-day performance was expected – as the offering price was nearly 20% above the company’s Hong Kong-listed shares. The high price was in part due to …
CBIRC reviews progress of opening measures
The CBIRC has indeed made significant progress on financial opening this year.
PBoC launches electronic information exchange system for letters of credit
The new system aims to address long-standing issues with such payment guarantees – including a lack of uniform standards and difficulties in information sharing and …