28 Jul 2023

SAFE to expand cross-border forex management pilot

A gradual opening of the capital account hits two of China’s longer-term ambitions. It furthers the internationalization of the RMB and strengthens financing avenues for China’s tech self-reliance drive…

27 Jul 2023

NFRA releases notice to expand scope of tax-deductible health insurance products

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24 Jul 2023

NAFMII announces first batch of sci-tech innovation hybrid securities

Realizing tech self-reliance hinges in large part on money, and leveraging the capital markets to juice innovation is crucial…

24 Jul 2023

PBoC, SAFE raise macroprudential adjustment parameter

Companies and banks will likely be hesitant to borrow foreign currency with USD rates so high, so the MAP adjustment in and of itself probably won’t impact the exchange rate much, but it’s another strong signal that the PBoC is unhappy with the pace of depreciation…

20 Jul 2023

MIIT, NFRA release opinions on cybersecurity insurance

Cybersecurity is likely to be the fastest growing segment of China’s insurance industry over the next few years, as weak network security becomes one of the biggest risks to individuals, companies, and the economy more broadly…

18 Jul 2023

Green Finance Committee relabels bonds in alignment with joint EU standards

Applying a harmonized green classification standard consistent with EU standards will open the door for more international investment by reducing the costs of verification and due diligence through increasing the interoperability and alignment of taxonomies…

17 Jul 2023

Former Everbright chairman becomes latest financial official to fall under CCDI investigation

Financial scandals at the highest levels of state-backed firms are a particular concern for regulators, given their potential to affect social stability and the financial system. Regulators also want to ensure that capital meant to finance China’s industrial and tech development ambitions doesn’t wind up in the pockets of corrupt officials…

17 Jul 2023

State Council releases high-level regulations for supervision of PE investment funds

Many of the rules in this document have been in place on a slightly less formal basis for years, so the State Council regulation itself won’t lead to major changes in how the industry functions, but it puts the industry on a firmer legal footing and carries more weight. The CSRC and the NDRC are expected to formulate significantly more detailed regulations and policies aimed at the industry in the near to medium-term…

17 Jul 2023

China’s state pension manager appoints new Party secretary

Despite his qualifications, Ding will have a tough time wrangling money from other parts of the state. We are skeptical of his ability to make much progress in putting the NCSSF on more solid financial footing…

13 Jul 2023

State Media, banks push back on Goldman Sachs’s Chinese bank downgrades

As the Securities Times points out (in granular detail), Goldman Sachs has been wrong plenty of times – and it very well might be wrong again…

12 Jul 2023

PBoC notice aims to streamline digitization of banks’ cross-border capital account management

The measures in this notice, should they be included in the final version, should lessen the administrative and financial burden on both banks and companies related to cross-border settlement…

12 Jul 2023

Regulators approve GFEX lithium carbonate derivatives

The GFEX’s development is critical to China’s low-carbon transition – and many of the key industries driving it…

11 Jul 2023

State Council relaxes regulations in some FTZs applicable to foreign financial firms

Despite the increase in geopolitical tensions, notably between China and the US, Beijing has said it remains committed to further integrating into the global economy, opening up its own economy and attracting foreign investment, especially in financial services…

11 Jul 2023

Major mutual funds cut management fees following CSRC guidance

Large Chinese mutual funds have plenty of space to make these cuts. The reductions may hurt small operators, but it appears regulators have already figured that eventuality into the rollout…

10 Jul 2023

Cyberspace regulator signs GBA data transfer MoU with Hong Kong

Beijing is trying to strike a fragile balance with its cross-border data regulations, and the jury is out on whether data security concerns will hamper China’s concurrent goal to develop data trading and the digital economy…

10 Jul 2023

Big banks further reduce rates on USD deposits

These moves will have little impact on exchange rates. Most firms can still hold USD assets offshore, where they can earn a good deal more than what Chinese banks are offering…

10 Jul 2023

Pan Gongsheng appointed as PBoC Party secretary

Pan’s appointment raises a lot of questions about the future of the PBoC. Given that Pan isn’t a member of the Central Committee, does it signal diminished influence and independence for the monetary authority…

10 Jul 2023

PBOC releases measures to improve the administration of central bank deposit account services

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30 Jun 2023

June foreign financial institution approvals and specific financial opening developments

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29 Jun 2023

Shanghai launches reinsurance trading market

China’s efforts to turn Shanghai into a reinsurance hub date back to at least 2019…

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