CSRC releases interim provisions on the management of futures positions
The passage of the Futures and Derivatives Law signaled Beijing’s intention to ensure that the domestic derivatives markets are properly regulated following a string of scandals that exposed the potential for trading to destabilize the broader financial markets and bring huge losses to small investors…
July foreign financial institution approvals and specific financial opening developments
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PBoC, SAFE lay out financial and monetary policy goals for remainder of 2023
There isn’t a whole lot of urgency in this readout – financial regulators are signaling that policy in H2 2023 will look a lot like policy in H1 2023.
NFRA releases draft measures to strengthen operational risk management of banking and insurance institutions
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Officials outline plans to boost financing for science and tech innovation
Oiling the wheels of this virtuous cycle has become a hot topic for policymakers and officials. China can’t achieve its tech self-sufficiency goals without funding, and reorienting the financial sector to meet that challenge will be a top priority for financial policymakers for the foreseeable future…
Financial regulator urges banks, insurers to step up efforts to support consumption
The potential for China’s banks to boost consumption is limited. Many households are financially overstretched and reluctant to increase borrowing…
NFRA relaxes restrictions on foreign investment in AMCs
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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…
NFRA releases notice to expand scope of tax-deductible health insurance products
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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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…