China: What do underwriters actually do?

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By Noah Sin
19 Mar 2018

While underwriters in the international markets tend to have an important role in price discovery and distribution, some of China’s onshore banks are trying something different and are acting nothing like underwriters.

Features of the Chinese capital markets often seem strange to outside observers. This goes all the way from the top — for instance, the central bank’s definition of ‘repo’ is what everyone else calls ‘reverse repo’ — to the minutiae of the capital markets, with titles such as ...

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