Issuance of special-purpose bonds to recapitalize banks surges in 2023
Sluggish credit growth and a slowdown in bad loan disposals meant banks had little need to recapitalize last year. However, the rapid expansion of credit in Q1, plus expectations that banks may have to lend more to support the economic recovery, means some banks now need to recapitalize…
Former PBoC deputy governor charged with corruption
Rooting out good old-fashioned bribery and influence-peddling is still at the top of the Party’s agenda. But investigations are increasingly focused on officials’ failure to pursue the Party’s interests, such as ensuring finance serves Beijing’s development priorities…
Why vice premier He Lifeng is in a strong position to implement economic and financial policy
Liu He’s biggest weakness was that he lacked a team of enforcers to implement policy effectively. He Lifeng faces no such obstacle, making the quality of policy more important than ever…
PBoC cuts reverse repo rate
Taken in isolation, a 10 bps cut in the reverse repo rate won’t significantly impact bank funding costs or loan demand, but it sends a strong signal to the markets that policymakers want borrowing costs to fall…
Top financial officials outline key goals at Lujiazui financial forum
The discussion at Lujiazui is high-level and broad brush, and officials offered little new in terms of policy trajectory…
China, EU launch second phase of common green finance taxonomy
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May foreign financial institution approvals and specific financial opening developments
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GBA Wealth Connect revamp to expand investor access to global equities
The GBA WMC has generated significant interest from banks and investors alike since its launch. With zero-COVID finally in the rearview mirror, Hong Kong authorities are eager to leverage the GBA WMC to aid the city’s economic recovery and to reassert its status as a world-class financial hub…
New financial regulator reviews Q1 insurance sector solvency data
Despite the meeting’s relatively rosy analysis, insurance industry solvency rates have continued to decline under the strain of the implementation of the second phase of C-ROSS and the pressure that falling interest rates have put on insurers’ balance sheets…
CBIRC tells life insurance actuaries to cap assumed rates of return on new products
Falling interest rates have raised regulators’ concerns that insurance companies could be exposed to losses from negative interest rate spreads…
China to restart GDR approvals with new rules
The CSRC paused GDR issuance with the intention of shutting off an arbitrage loophole as opposed to reversing course on cross-border fundraising…
Regulators set caps on some bank deposit rates in latest move to discourage saving
Beijing wants to achieve multiple goals simultaneously, and is hoping for less money sitting in digital bank vaults and more cash flowing into consumption and the capital markets, lower borrowing costs for companies, and protection of banks’ net interest margins and profits…
Central Financial Commission names new deputy director
We don’t know a lot about Wang, but will be following him closely in his new position of power.
PBoC, SAFE introduce plan to expand currency exchange pilots for MNCs
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PBoC’s forex committee hints at more active currency management
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Li Yunze, head of new financial regulator, outlines key tasks
Li’s coming out swinging. His brief speech was heavy on oversight and ideology and light on issues like reform and opening. China’s new financial supervisory…
PBoC releases Q1 monetary policy report
We agree that with the PBoC that worries about deflation are overblown. Consumption is taking longer to recover than was widely expected earlier this year. Given that, we’re now expecting authorities to …
CSRC inaugurates listing of SSE STAR Market 50 ETF options
Greenlighting more derivative products like this is an important part of efforts to achieve Beijing’s goal of building a more sophisticated capital market dominated by long-term, institutional investors. This product also …
Former Sichuan vice governor Li Yunze became Party secretary of the newly established financial regulator NFRA
Li’s appointment is a big deal. Ensuring the stability of China’s financial system is one of Beijing’s top priorities. 52-year old Li will be an influential figure in the financial policy space for the next decade…
April credit data shows borrowing falters as households deleverage
This is a shockingly bad credit print. The numbers were around half consensus forecasts. A pullback…