To help offset the economic damage from the coronavirus outbreak, Chinese regulators said they will tolerate a rise in bad debt in the banking system, which is seen as suspiciously low by some.
Asia-Pacific
APRA to scrutinise bank climate change efforts more deeply
Banks in Australia will have to stress test their resilience to financial risks associated with climate change, the Australian Prudential Regulation Authority (APRA) said in a letter.
Hong Kong budget seeks to enhance territory’s attraction as financial centre
Hong Kong is taking measures to boost financial services in its budget, which include a range of tax cuts on certain financial activities.
China pumps in money to offset impact of corona virus on financial system
The People’s Bank of China (PBoC) reduced repo rates by 10 basis points on February 3 and separately deployed around RMB1.2tn ($173bn) into reverse bond purchases as the country returned to work after the Chinese New Year holidays.
Cleaning up Hong Kong’s IPO market faces several more years of reforms
Hong Kong’s huge success in attracting IPOs masks the fact that its stock market is still plagued with conduct issues and it is likely that there are several more years of regulatory reforms to come
China seeks compliance with EU rules as it internationalises its benchmarks
As part of making their benchmarks internationally usable by regulated financial firms, Chinese providers are increasingly looking to comply with the EU benchmarks regulation as a stamp of approval
China further opens banking market to foreign players
Measures have been put in place that remove total asset requirements for foreign banks establishing operations in China by the country’s banking regulator, which is also lowering rules around foreign shareholdings in joint venture lenders.
Trade war threatens pace of China’s regulatory reforms
In the last few years, China has embarked on a concerted effort to curb the excesses of its shadow banking system, but the trade war with the US may slow or even threaten those aims.
SFC CEO Ashley Alder to step down next year
The internationally highly regarded CEO of Hong Kong’s Securities and Futures Commission (SFC), Ashley Alder, will not renew his contract when it ends in September 2020, according to media reports.
China to remove limits on foreign ownership of some financial firms from January
The China Securities Regulatory Commission (CSRC) said that limits on foreign ownership of futures, securities and mutual fund companies will go from January 1, 2020.
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