31 Jan 2023

CBIRC releases draft measures aimed at standardizing commercial banks’ custody business

As China’s financial system grows and becomes increasingly complex, it is critical that policymakers put the legal framework in place to underpin that system. As such, over the past few years, financial regulators have released numerous measures like these aimed at solidifying various regulatory frameworks and bringing them more closely in line with international practice…


31 Jan 2023

Shenzhen Stock Exchange launches trial of GBA bond platform

This new GBA Bond Platform (not to be confused with the GBA Bond Connect) represents yet another effort to increase financial connectivity in the GBA region and  tap into sources of cross-border funding. The fact that the pilot involves RMB products issued in Hong Kong suggests the initiative is also linked to efforts to internationalize the Chinese currency. We will continue to monitor the platform’s development…


31 Jan 2023

CBIRC issues new rules on consumer protection for banking and insurance institutions

These measures are the latest in a long line of regulations issued by the central bank and the CBIRC to improve protection for consumers of financial products and ensure that the business practices of banking and insurance institutions do not take advantage of their customers. Financial literacy in China is weak and consumers have frequently fallen victim to unscrupulous sales practices and promises of fool-proof investments, not to mention the illegal collection and sale of personal data…


24 Jan 2023

CBIRC chairman pens essay on financial sector reform

Guo is irreplaceable. During his tenure at the CBIRC, the hard-charging regulator made China’s financial system a far less risky place…


20 Jan 2023

CBIRC holds annual work conference

The CBIRC and the rest of the financial regulatory apparatus do deserve kudos – as they often remind us – for their achievements over the past half-decade. They’ve cleaned up serious financial risks – with, for the most part, minimal disruption to the economy…


20 Jan 2023

PBoC, MofCom release notice on boosting cross-border RMB use

Internationalizing the RMB is a key goal for Beijing, as it means…


20 Jan 2023

PBoC, CBIRC call on major banks to boost support for real economy

The PBoC and CBIRC’s overarching message isn’t all that new. They aren’t asking banks to lend more in 2023, per se, but to lend smarter…


20 Jan 2023

SAFE holds annual work conference

The overarching goal of Beijing’s financial opening policy is to drive more capital to high-quality development – that means SAFE’s priorities fall into roughly two buckets:…


20 Jan 2023

PBoC holds annual work conference

Everything enumerated in this readout is old news. The PBoC faces a complex environment in 2023…


20 Jan 2023

PBoC convenes Q4 monetary policy meeting

China’s economic woes can’t be fixed with monetary policy. What’s needed is a recovery in consumer sentiment, accompanied by fiscal support for households…


19 Jan 2023

PBoC governor Yi Gang lays out vision for creating a modern central banking system

None of this is new, but underscoring the PBoC’s commitment to becoming a more modern central banking institution is very important. It’s all part of the unsexy process of detailed financial reform that is always happening behind the scenes in China…


19 Jan 2023

PBoC extends CNY trading hours

More than 60 offshore banks and other financial institutions are CFETS members. Longer trading hours mean they can trade CNY – rather than offshore CNH – at more convenient times…


10 Jan 2023

Lawmakers review draft of Financial Stability Law that sets up guarantee fund to prevent systemic financial risks

The central government and PBoC have so far borne the lion’s share of the cost of bailouts and want the financial sector and local governments to shoulder more of the burden. But it will be a tough sell.


10 Jan 2023

CBIRC steps up regulation of commercial banks’ off-balance sheet activities

Financial institutions’ off-balance sheet activities have long been a concern for China’s regulators and policymakers, who have been on a mission to rein in shadow banking and defuse financial risks since 2017 when a major crackdown began after a string of corporate scandals. Poorly regulated and opaque off-balance sheet activities tend to be more risky than on-balance sheet lending and could pose a systemic risk to the financial system.


15 Dec 2022

MoF releases draft regulations to standardize financial accounting for data assets

As data continues to account for an increasing proportion of firms’ assets, developing a better, more uniform valuation system is critical. These rules are an early step in standardizing the financial treatment of data and will lay the groundwork for future financial, legal, and economic frameworks.


14 Dec 2022

Eight ministries jointly release fintech pilot plan for Yangtze River Delta region

The YRD is not only one of China’s main industrial hubs, it is also home to cities that are leading the way in fintech – Hangzhou, for example, is the home of e-commerce giant Alibaba and its fintech affiliate Ant Group, which operates the country’s biggest mobile payment platform. So, it’s no surprise that policymakers have turned to the region to experiment with and develop financial tools to support the country’s engines of technological innovation.


13 Dec 2022

CBIRC tightens rules on use of term “bank” in organization names

Our natural assumption was that the CBIRC was potentially after fintech services abusing the term “bank.” We thought this might include pioneering institutions like Tencent’s WeBank, which is a real registered bank. However, such firms are apparently not the primary target of this notice.


09 Dec 2022

Charles Li sure knows how to speak Beijing’s language – the Macau exchange may not have been devised by policymakers, but it certainly aligns with their objectives. To that effect, the exchange will be a novel trial balloon vis-à-vis Beijing’s push to expand capital access for small mainland firms.


08 Dec 2022

CBIRC revises corporate governance measures for financial institutions

As part of a broader derisking campaign that began several years ago after a string of scandals involving banks and insurers, regulators identified corporate governance as…


08 Dec 2022

CBIRC tightens regulation of financial leasing firms

This notice is part of Beijing’s ongoing efforts to identify and defuse risks in the financial sector. Financial leasing has traditionally been…


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