Yi Huiman, the former chairman of the Industrial and Commercial Bank of China, is taking up the role of head of CSRC, according to the regulator’s website on Saturday.
The previous chairman, Liu Shiyu, will join the All China Federation of Supply and Marketing Cooperatives, Caixin reported. The organisation manages the supply and marketing of agricultural goods in the country.
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China Petroleum and Chemical Corporation, or Sinopec, has disclosed total trading losses of Rmb4.65bn ($691m) for last year.
According to a document filed with Hong Kong Exchanges and Clearing (HKEX) on Friday, “misjudgement” by Unipec, the trading arm of Sinopec, led to the operating loss. The hit also triggered the suspension of two Unipec executives in December last year.
The statement blamed “misjudgement about the global crude oil price trend and inappropriate hedging techniques” for the loss.
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The PBoC issued a report on the 2018 performance and development of the onshore bond market on Friday.
The number of market participants in the interbank market increased to 20,763, compared with 18,922 in 2017. Among them, foreign institutional investors totalled 1,186, a 47.1% increase from the year before.
The total value of bonds issued last year reached Rmb43.6tr, a 6.8% increase from 2017. The interbank bond market claimed 86.4% of the new issuance, or Rmb37.7tr. That was a 2.9% increase from the year before.
The total value of bonds under custody reached Rmb86.4tr, among which Rmb75.7tr were held in the interbank market. Daily turnover in the interbank market reached Rmb602.9bn, a 47.2% increase. In comparison, the exchange market saw a daily turnover of Rmb24.4bn, a 7.1% increase.
Bond yields tightened across all tenors. Issuers enjoyed the steepest decline in the cost of one year notes, which were down 119bp, and the mildest on ten year notes, which moved 65bp tighter.
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The Dalian Commodity Exchange (DCE) and the China Financial Futures Exchange (CFFEX) have been officially recognised by the CSRC as qualifying central counterparties (QCCPs), according to a statement issued on Saturday.
“The recognition of futures exchanges as QCCPs is seen as further promoting the internationalisation of China's futures markets, giving greater confidence to foreign investors and bringing futures trading more in alignment with international standards and practices,” according to the statement.
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China’s state council will set up a local equity exchange, a bank and a PBoC branch office in the Xiongan New Area to promote economic development, according to a statement on January 24.
The announcement came after President Xi Jinping’s visit to the area on January 17.
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China’s foreign minister, Wang Yi, visited Italy at the weekend and met with its prime minister, Giuseppe Conte, and foreign minister, Enzo Moavero Milanesi.
The two countries said they would deepen collaboration in manufacturing, agriculture, and innovation. They also agreed to work together to support the Belt and Road Initiative.