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 …
PBoC to begin digital currency pilot programs
The threat of digital currency alternatives has motivated Chinese officials to move more quickly on their own equivalent.
PSBC opens wealth management unit
PSBC is just the latest domestic bank to set up a wealth management subsidiary. This push is likely to accelerate in 2020, as the transition period to comply with …
China to allow some foreign firms to manage public offering of funds
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Citigroup moves closer to exiting its Chinese securities joint venture
The move is part of Citigroup’s strategy to set up a wholly owned brokerage on the mainland in the wake of the government’s decision to open up …
Yi Gang outlines monetary policy priorities
This highlights how China’s thinking on economic growth now places more emphasis on de-risking and moving up the value chain.
CBIRC releases final version of measures to regulate banks’ wealth management subsidiaries
There have been no significant changes from the measures outlined in September. However, a minor clarification was added in the footnote of …
Financial regulators allow more institutions to participate in NPL securitization pilot
With the banking sector looking increasingly fragile, regulators are focused on finding ways to deal with bad debt in the least disruptive manner possible …