China

CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities' Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

The central bank bills swap will allow banks to temporarily exchange perpetual bonds for central bank bills for one year, at a rate of 0.25 percent.

As part of a plan to develop the Greater Bay Area, the HKMA and PBOC are reportedly planning to work together on the introduction of cross-border mobile payments and other financial services.

Since last June, a crackdown on peer-to-peer lenders by China’s Ministry of Public Security, codenamed 'Fox Hunt', has yielded $1.5bn in seized assets and 62 arrests.

Many local government-run AMCs have not been focused on dealing with bad loans as intended due to a lack of clarity on their business scope.

ICBC has become the 5th bank to receive approval to set up a wealth management subsidiary, through which it can channel WMP funds into the stock market.

Following a record number of defaults in 2018, China’s state planning agency is launching an investigation into bonds issued by state owned-enterprises.

Amid concerns of volatility when the new board launches, Chinese regulators reportedly convened a meeting with industry participants seeking views on measures to control market hype.

New rules from SAFE will allow foreign employees of China-listed companies to invest domestically using funds remitted into the country from overseas.