16 Dec 2019

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 …

13 Dec 2019

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 …

13 Dec 2019

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 …

13 Dec 2019

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…

13 Dec 2019

Central Economic Work Conference points to policy continuity

Regulators are sticking to the economic policy path laid out in recent years.

11 Dec 2019

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…

11 Dec 2019

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 …

10 Dec 2019

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 …

09 Dec 2019

CBIRC reviews progress of opening measures

The CBIRC has indeed made significant progress on financial opening this year.

09 Dec 2019

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 …

09 Dec 2019

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.

05 Dec 2019

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 …

04 Dec 2019

China to allow some foreign firms to manage public offering of funds

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03 Dec 2019

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 …

02 Dec 2019

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.

02 Dec 2019

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 …

02 Dec 2019

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 …

02 Dec 2019

Bank of China and Bank of Communications appoint new heads

The new Bank of China president, Wang Jiang, is one of a growing number of finance industry veterans who over the past two years have taken up senior provincial leadership roles in an effort to …

30 Nov 2019

Hong Kong, Macau, and Taiwan residents eligible for mainland social insurance coverage

This new plan aims to increase synchronicity in cross-border work environments and draw non-mainland residents to the mainland for employment.

29 Nov 2019

FSDC discusses de-risking and financial opening

Chinese policymakers have been anxious to address troubling weaknesses among small lenders.

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