PBoC publishes draft of new Anti-Money Laundering Law
On June 1, the People’s Bank of China (PBoC) released a draft revision of the Anti-Money Laundering (AML) Law, which is open for public comment until June 30…
Browsing Category
Other
374 posts
Goldman Sachs, ICBC get approval for wealth management tie up
On May 25, the Industrial and Commercial Bank of China Ltd. (ICBC) said that it had received preliminary approval from the China Banking and Insurance Regulatory Commission (CBIRC) to set up a wealth management joint venture with Goldman Sachs Group Inc…
INE set to introduce first yuan-denominated crude options available to overseas investors
Trivium
The introduction of crude options contracts and allowing overseas institutions to trade is yet another measured step in China’s financial opening. Insufficient access to derivatives has long been a complaint of foreign investors looking to hedge their exposures…
CBIRC announces pilots to encourage private pension provision
China has been talking about overhauling its creaking pension system for at least 20 years, and while there have been changes, they have been far too cautious and limited to tackle what is an increasingly urgent problem. The government has been slow to open up the corporate annuity market and even slower to develop the personal pensions market, which is now becoming a top focus…
BlackRock wealth management joint venture cleared to open for business
Foreign asset managers are slowly establishing a presence on the mainland. As of now, that presence remains small…
Beijing expands QFLP program
The expansion of Beijing’s QFLP program is part of a broader push to open up the services sector in Beijing. In September 2020, the State Council approved a plan, formulated by the municipal government and the Ministry of Commerce, to set up demonstration zones and pilot programs to further open the capital’s services sector. The plan included liberalizing the scope of public market investment through the QFLP pilot program…
PBoC, NDRC and CSRC release unified catalogue of industries and projects eligible for green bond funding
The updated Catalogue is a major step forward in implementing China’s climate change commitments to reach peak emissions by 2030 and carbon neutrality by 2060. Bringing the three regulators together behind one set of classifications and rules is no mean feat –– having one single reference point will have a significant impact on the domestic green bond market and play a key role in helping Beijing ramp up its support for green finance…
PBoC releases updated anti-money laundering measures
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…
Guangdong regulators issue draft rules for GBA wealth connect program
Once implemented, the WMC will be a major step forward in the financial integration of the GBA. However – as indicated by the draft rules – regulators will initially take a conservative approach to managing money flows within the region…
PBoC tells interbank bond market agencies to improve access and services to foreign institutional investors
Foreign investors have been pouring money into China’s bond markets over the past two years for four reasons. First, regulators have allowed greater access. Second, CGBs have started to be included in global benchmark bond indexes …