PBoC releases draft rules on inspection procedures
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CBIRC issues draft regulations to tighten oversight of online insurance market
Online insurance is another segment of the financial services industry that has grown rapidly and where regulation has …
PBoC, CSRC, and SAFE expand capital market opening, combine QFII and RQFII
A spate of recent policies aimed at the gradual opening of China’s capital account, at least for capital inflows, suggests that Beijing is trying to …
SAFE standardizes rules on administrative punishment for forex violations
This is just the latest example of financial regulators moving to standardize rules so that market participants know …
Financial regulators propose relaxing rules to boost foreign bond investment
Red tape and excessive, cumbersome regulations have been major and persistent complaints of foreign investors in China’s capital markets over the years. But as the government seeks to …
Chinese regulators issue draft rules to promote use of RMB in cross-border transactions
The draft rules are another incremental step in the PBoC’s long-standing, but somewhat on-off, strategy of encouraging the internationalization of the RMB – something that seems to …
PBoC issues final rules to protect rights and interests of financial consumers
China is taking consumer rights protection more seriously than ever in all areas that touch the lives of individuals. The financial sector is especially important, partly because …
PBoC deputy governor sheds more light on digital currency
The PBoC is leading the race to roll out a sovereign digital currency. It has built up a huge head start on other major central banks, and news has emerged in dribs and drabs over the past few months about …
State Council, PBoC tighten oversight of financial holding companies
This new regulatory framework serves as an important step in bringing financial conglomerates under closer regulatory oversight. In recent years, there have been numerous …
CBIRC releases draft rules on liability insurance
A deluge of legislation in recent years, most recently the Civil Code and revised Securities Law, has greatly increased the obligations and liabilities of companies, government agencies, and individuals. They are all now at greater risk of …
Japanese broker Ueda Yagi Tanshi to set up first wholly foreign-owned money broker on the mainland
China is moving quickly to implement its commitments to open the domestic financial sector to foreign competition. While money brokers do not grab the headlines to the same extent as …
Citigroup granted fund custody license
Despite growing tensions in its relationship with the US, China is sticking to the commitments it has made since November 2017 to open its financial sector to foreign companies – an important signal to …
Zhang Xiaohui on RMB internationalization
Beijing feels increasingly threatened by the US’ ability to impose financial sanctions on Chinese institutions – and countries and companies that do business with them – as bilateral relations deteriorate. As such, for Chinese authorities, self-reliance is increasingly becoming …
CBIRC issues new rules to supplement Insurance Asset Management measures
Regulators are keen to provide clear guidance to the insurance industry’s rapidly developing asset management business. According to the CBIRC, the outstanding balance of insurance asset management products stood at …
Top finance officials pledge continued opening of financial sector
With foreign direct investment declining as a result of US-China tensions and, more recently, the economic fallout of the COVID-19 pandemic, reassuring foreign investors that China is – and will continue to be – open for business has taken on …
Beijing to further open up services sector
Beijing’s plan is not officially a pilot free trade zone (FTZ) but the design is similar and it has the same aim. FTZs offer preferential policies to attract domestic and overseas investment in certain favored sectors and allow …
CBIRC releases three-year action plan for financial sector corporate governance
After a string of scandals and failures at Chinese financial institutions over the past few years, regulators have identified corporate governance as a major weak link that poses significant risks to the financial system. Over the past few months, several top officials, including Guo Shuqing, the chairman of the CBIRC and party chief of the central bank, have given high-profile speeches and written articles for …
BlackRock wins approval for wholly owned China mutual fund management company
The CSRC’s approval is a milestone in the opening of China’s financial services sector to foreign institutions and marks the official entry of wholly foreign-owned fund managers into one of the biggest mutual fund markets in the world. Foreign financial institutions have been …
BlackRock, Temasek, and China Construction Bank approved to form wealth management joint venture
As China’s financial opening proceeds apace, more foreign financial institutions are looking to pile into the wealth management sector. In December, France’s Amundi reached an agreement with Bank of China to …
AmEx begins bank card clearing operations in China
It’s been a lengthy wait, but the start of AmEx’s bank card clearing operations is another indication of China’s commitment to opening its financial sector to foreign participation, as it promised in November 2017. Previously, China had resisted opening its payments market to foreign players, despite …