Chenyu Xu
35 posts
Chenyu XuRegulators clamp down on direct insurance companies’ use of “accounting reinsurance”
The stricter regulations on accounting reinsurance will pressure distressed insurers to explore costlier but regulatory-compliant financing tools…
NFRA issues measures expanding AMCs’ role in dealing with bad loans
Under the measures, AMCs can purchase assets that banks haven’t formally classified as nonperforming. We assume that these loans should be categorized as such, but banks are reluctant to do so due to…
China Investment Corporation appoints new Party secretary
On November 13, Zhang Qingsong, 59, was appointed Party Secretary of China Investment Corporation Ltd. (CIC), China’s sovereign wealth fund…
PBoC Governor Pan Gongsheng promises supportive, countercyclical monetary policy
Pan’s report is a timely reminder that China’s monetary policy has entered a new era. For years, the PBoC was reluctant to cut rates…
MoF announces RMB 10 trillion local government debt relief scheme
The new debt swap scheme will reduce the likelihood of LGFV defaults by allowing local governments to swap high-interest implicit debts for lower-interest official debts. However…
NFRA deputy stresses risk control and product development at insurance industry conference
Xiao’s cautionary remarks on insurers’ asset expansion appear to contradict his simultaneous call for them to underwrite a variety of retail-centric liabilities and support emerging ventures…
NFRA urges insurers to expand annuity
The NFRA’s initiative to encourage insurers to expand commercial annuities could add diversity to retirement savings options and ease the strain on the state-funded pension system, making retirement incomes more sustainable. However…
Authorities making progress in recapitalizing China’s biggest commercial banks
The banks currently have relatively high capital adequacy ratios, which they’ve maintained using retained earnings. However, net interest margins are now so narrow that…
Major banks cut deposit rates by 25 bps
Until recently, the PBoC was wary of cutting rates for fear of eroding bank net interest margins (NIMs). But under its new monetary policy regime, the PBoC can trigger a decline in…