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PBoC releases updated anti-money laundering measures

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Aside from complying with the requirements of the FATF, the PBoC’s efforts to upgrade and improve anti-money laundering regulations are also key components of the government’s financial derisking campaign and efforts to combat financial crime. The inclusion of nonbank financial institutions (NBFIs) in the regulations is aimed at addressing the criticisms in the FATF’s evaluation report, and ensuring that they are subject to the same level of regulatory supervision as banks and have adequate internal control systems and risk management policies in place…
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PBoC appoints new deputy governor with an eye to IMF role

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Promoted to his second vice-ministerial position at the age of 48, Li has all the hallmarks of a rising star in China’s financial system. There is speculation that Li’s appointment is a prelude to him taking a top job at the International Monetary Fund (IMF) …
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Citigroup to seek license for new wholly owned securities business

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Rules on foreign ownership of securities businesses were eased in 2020, after which several foreign lenders,including JPMorgan Chase & Co.; Goldman Sachs Group Inc.; and Credit Suisse Group AG, gained approval from regulators to take majority ownership of their securities joint ventures. Most are now seeking to increase their stakes further, with some aiming for 100% ownership …
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Governor Yi Gang reiterates PBoC’s commitment to green finance

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This is the third public speech Yi has given in less than a month focused on climate change and green finance, reflecting the importance the central bank is now attaching to the issue in the wake of Xi Jinping’s pledges last year to reach peak emissions by 2030 and carbon neutrality by 2060. Yi’s repeated statements drive home the message that the central bank is serious about making an impact on carbon emissions and the environment through the financial system …
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CSRC chairman flags risks of ‘hot money’ to stability of domestic capital markets

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Yi’s wide-ranging speech gives us good insight into what’s on the mind of stock market regulators – and there’s plenty to keep them occupied. Yi isn’t the first regulator to publicly express concern about the potentially destabilizing impact of hot money on China’s capital markets – on March 2, banking regulator Guo Shuqing warned that the aggressive stimulus policies undertaken by many developed countries were fueling asset bubbles that could spill over into China’s financial markets …
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CBIRC issues rules to improve management of bank liabilities

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The new rules are consistent with other regulatory efforts to improve oversight of bank funding as part of a broader campaign to de-risk the financial system. Still, the new measures will not cause a big headache for most banks, although some smaller lenders that rely on regulatory workarounds to meet their funding needs might struggle in the short term …
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