China

Foreign banks are currently limited to underwriting business involving offshore non-financial issuers. ‘Class A’ licences will allow them to underwrite bonds in the interbank market.

Before Monday, the CFETS only provided FX options trading where one side of the pair was the CNY. New contracts include EUR/USD, USD/JPY, GBP/USD, AUD/USD and USD/HKD.

The CSRC said it has adapted its plan to accelerate the opening-up of the capital market from international best practices.

The rate on mortgages for first-time home buyers must be at least the loan prime rate; for second-time home buyers it must be at least LPR plus 60bp.

The PBOC said it will accelerate the development of a regulatory framework for fintech in a bid to promote China as a world leader in financial technology.

Between 2006 and 2014, Deutsche Bank hired relatives of executives of Chinese and Russian state-owned enterprises to generate business for the bank.

Under draft rules, parent companies must meet certain conditions to list spinoff units, including requirements to have been listed, and profitable, for at least the last three years.

The move will further facilitate the participation of foreign institutional investors in the interbank bond market, who need the extra time to fund their trades.

Some managers of privately-offered funds are using capital intended for specific investments on themselves or to illegally operate P2P lending businesses.

Shenzhen’s ChiNext board has begun work to prepare for adoption of a registration-based IPO system, currently in use at Shanghai’s new tech board.