An inspection last year found that some employees at the digital bank used consumer loans to invest in stock and futures trading.
PBOC deputy director for payments Mu Chungchun said the new digital currency and electronic payment system that would not rely entirely on blockchain.
Since the start of this year, Chinese regulators have been consistent about a plan to opening up the futures market to foreign investors.
Brokerage firms can set lower thresholds before margin calls need to be initiated, and can accept additional forms of collateral to make up any shortfalls.
China’s sovereign wealth fund and the Shandong provincial government will invest in Hengfeng Bank, which failed to disclose its financial statements for two straight years.
The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.
The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.
In the event of a default, Shanghai Clearing House can initiate rapid disposal of non-cash collateral, demand the disposal of a clearing member’s other assets, or perform a forced liquidation, among other measures.
Currently, Chinese banks mostly trade bonds only in the interbank market. The move will increase their allowed scope for bond investments and improve the real economy’s access to financing.
The individual learned of a gaming company’s acquisition plans months in advance and used 14 stock accounts set up by acquaintances to profit from the information.