China Development Bank's Shandong branch head, Zhong Xiaolong, was reportedly being probed in connection with illegal loan guarantees made by the bank's Jilin branch, where he was a former deputy head.
The measures ease restrictions on foreign investment in securities firms, asset management companies, FX brokerage, insurance and pension management, among others.
Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai compare China and Hong Kong's regulatory frameworks in relation to culture and conduct.
China currently lacks smooth market exit channels, reflected in insufficient supporting measures and high exit costs for financial institutions in distress, said an NDRC spokesperson.
Under the new rules, local AMCs must price bad assets fairly and are prohibited from setting buyback terms in acquisition contracts to help financial institutions cover up bad assets.
Chinese investigators are said to be targeting Liu's affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.
Following the success of the Hong Kong Bond Connect and Shanghai-London Stock Connect, China and the UK are exploring the feasibility of a bond connect programme.
The PBOC is organising market-oriented institutions to jointly research and develop a central bank digital currency, in a programme that has already been approved by the State Council.
The move follows the PBOC's suspension of traders earlier this week for "abnormal" trades which put the overnight repo rate far below normal market rates.
China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.
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