Latest regulation/policy news
China policy round-up: trade talks coming, social credit system speeds up, NDRC helps zombie companies exit
In this round-up, China and the US talked on Thursday after unhelpful comments from US president Donald Trump, China’s state council released policies on using social credits to regulate the market and the National Development and Reform Commission (NDRC) published guidelines to help financial institutions exit from the market.
China policy round-up: trade talks back on, trust crack down, State Council tackles trade, Anbang Insurance fully taken over
In this round-up, trade talks resumed on shaky ground, the insurance regulator tightened rules on trusts investing in real estate companies, the State Council promised to ease the tax burden for smaller enterprises and the government completed the takeover of Anbang Insurance
China policy round-up: MoF, CSRC give SFC access to mainland firms’ audit papers, Chinese premier promises to scrap foreign ownership ahead of schedule, FTZs to enjoy greater policy-setting freedom
In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.
China policy round-up: China cuts UST holding, shorter foreign investment negative lists to launch by June, London Clearing House welcomes first Mainland member
In this round-up, China’s holdings of US treasuries reached the lowest level in two years, the Ministry of Commerce (MoC) promised to unveil foreign investment negative lists in 10 days, and Bank of China (UK) can now provide clearing services in London.
Baoshang Bank’s takeover by the People’s Bank of China, and the continuing after-effects on the country’s banking sector, have forced regulators to adopt short-term measures to save smaller and weaker banks and securities houses.
The Shanghai Stock Exchange (SSE) has introduced rules for daily trading limits, limit order price ranges and treatment of ‘abnormal fluctuations’ for the Star Market, its new technology innovation board that is in its final preparation stage.
China policy round-up: regulators moot quota-free QFII, NDRC tightens offshore bond issuance rules, Hong Kong proposes ‘insurance connect’
In this round-up, Pan Gongsheng, vice governor of the People’s Bank of China, suggests cancelling quota limits for the Qualified Foreign Institutional Investor (QFII) scheme, the National Development and Reform Commission (NDRC) heightened scrutiny on offshore bond issuers, and the Hong Kong Insurance Authority prepares the ‘Mainland-Hong Kong Insurance Connect’.
China’s central bank offered investors a way of hedging the risk of a bank certificate of deposit this week, allowing Bank of Jinzhou to raise Rmb2bn ($289m) after suspicions it would be the next small bank to fail. Rebecca Feng reports.
The Chinese state council introduced new measures governing the proceeds of local government special-purpose bonds on Monday. Some of the proceeds can now be counted as project capital — which bankers said would make it easier for infrastructure projects to secure loans.
The People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (Safe) have set new rules on cross-border capital management for Chinese Depository Receipt (CDR) issuers. Meanwhile, the Shanghai tech board’s listing committee will give its verdict on three candidates on June 5.
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Latest news by market and league table performance
GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||21.85|
|2||China Merchants Securities Co||14.67|
|3||Industrial and Commercial Bank of China (ICBC)||14.44|
|4||Agricultural Bank of China (ABC)||8.89|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||10-Jul-19||BMW Finance N.V.||Germany||3,500|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||32.50|
|4||Bank of China (Hong Kong) (BOCHK)||6.22|
|4||Bank of Communications Hong Kong Branch (BOCOM HK)||6.22|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|2||22-May-19||Agricultural Development Bank of China (ADBC)||China||3,000|
|3||16-Apr-19||ICBC Singapore Branch||China||1,000|
|4||10-Apr-19||Bank of China Macau Branch (BOC Macau)||China||4,500|
|5||15-Mar-19||Bank of Communications Hong Kong Branch (BOCOM HK)||China||2,500|