China

The ratings agency is a target of an investigation by the securities regulator for poor governance and risk management following a spate of overly optimistic ratings given to local issuers.

The government is asking the 4 state-owned asset managers set up in 1999 to repair bank balance sheets for help with custody, liquidation and restructuring of P2P assets.

Loans classified as non-performing jumped to $284bn at banks, up 10% during the second quarter. Banking regulator says asset quality is "stable".

Foreign individuals working in China will be allowed to open domestic brokerage accounts to trade A-shares; foreign employees living abroad will be entitled to participate in employers' stock incentive programmes.

Celebrity trader Gao Yong used his control over 16 securities accounts to manipulate stock prices, profiting by almost CNY 900 million in just six months.

Northbound investor ID system is scheduled to be implemented on 10 September, pending market readiness and regulatory approval, and will not affect the business of existing market participants.

Fourteen asset managers have received approval to launch pension target funds, which will improve A-share liquidity and offer consumers more pension management alternatives.

New call auction mechanism expected to reduce equity market price manipulation will go into effect on 20 August and also apply to transactions on the Hong Kong-Shanghai Stock Connect.

The Asset Management Association of China says in the first half of 2018, 163 private fund institutions have failed to renew their registration status with the association every three months as required.

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.