CHINA (SHANGHAI) FREE TRADE ZONE Implications and Considerations. Huabin Wang
|
|
- Preston Wilkins
- 8 years ago
- Views:
Transcription
1 CHINA (SHANGHAI) FREE TRADE ZONE Implications and Considerations Huabin Wang Assistant General Manager Bank of China Limited, London Branch September 23, 2014
2 Table of Contents 1 CHINA (SHANGHAI) FREE TRADE ZONE 2 INTERPRETATION OF FTZ FINANCIAL POLICIES 3 DEBATES AND OUTLOOK 2
3 China s (Shanghai) Free Trade Zone Officially launched on 29 Sep 2013 Keywords: China s Pilot Scope of implementation: 29 kilometers, including 4 existing zones: Waigaoqiao Free Trade Zone; Waigaoqiao Free Trade Logistics Park; Pudong Airport Comprehensive Free Trade Zone; and Yangshan Free Trade Port Area. 3
4 Why Shanghai FTZ at the right time China Today Special Stage Financial reform Economic growth slowdown Throes of the economic restructure Digestion of the 4trillion Yuan economic stimulus FORCEFUL REFORM breakthrough RMB internationali sation Position of Shanghai RMB home market In theory, Shanghai should have played more important role in RMB internationalisation. Why? issues in infrastructure/system, relationship between the government and the market How? use Shanghai FTZ as a pilot zone Duplicable mode Progress in a controlled manner 4
5 Special path of RMB internationalisation Traditional Currency Internationalisation Capital account open is a MUST for a currency s internationalisation Innovative RMB Internationalisation Separate from Circulation first, convertibility follows when time comes RMB free convertible Capital account control Let RMB circulate under the capital account but keep the control of its convertibility to protect domestic macro economy. 5
6 Shanghai FTZ Vs Reform A challenge of the traditional philosophy Cannot do -> can do (negative list management) National treatment before admittance Significance to China s Reform Promote reform by opening up Accelerate economic restructuring by opening service trade Strive for higher-standard opening by the pilot free trade zone 6
7 Shanghai FTZ Policy Framework Shanghai FTZ Policy Framework Functional transformation of government Open up investment sectors Open up Financial services Transformation of Trade development approach Simplify the approval process, strengthen the supervision function, and complete the review process Custom Frontier opening, second-tier effective and efficient control Changes in polices re tax, forex, custom and commerce. Opening up of financial, shipping, commercial, cultural, social and professional services pre-national treatment, and negative list To build a system to promote overseas investment Innovative financial policies To establish financial transaction platform Opening up of FIs and services Promote the development of financial services To encourage the establishment of the Asiapacific headquarter, operational centre, and international settlement centre To establish international commodities trading and resources allocation platform Promote Shanghai as a shipping centre and business such as finance lease, cross-border e- commerce etc. 7
8 Snapshot of entities in the FTZ By the end of June 2014, there are 10,445 companies registered in the FTZ, of which 1,245 are foreign funded. By the end of July, 84 licensed FIs and 2878 financial service firms registered in the FTZ. Business registration Chinese Companies 88% Industries Foreign Companies 12% Services 20% Type No. Foreign Banks 23 Transaction Clearing Institutions 17 FI reinvestment projects subject to CSRC approval Chinese Banks 14 Insurance companies 11 Commodities trading platform 2 Non-banking FIs subject to CBRC approval 2 Type 15 No. 8 Trade 58% Others 3% Investment 19% Financial leasing companies, private equities 595 Financial info providers 267 Investment and asset management companies 2101
9 Table of Contents 1 CHINA (SHANGHAI) FREE TRADE ZONE 2 INTERPRETATION OF FTZ FINANCIAL POLICIES 3 DEBATES AND OUTLOOK 9
10 Interpretation of FTZ financial policies CAPITAL ACCOUNTS OPENING: Based on the capital account definition of IMF, there are 43 capital accounts, most of which have been liberalized in China. At present, there are only three capital accounts subject to control in China 1. Foreign direct investment shall be subject to approval and overseas investment are also restricted 2. Chinese residents shall not have foreign debts, and foreign debts are subject to scale management. 3. China s capital market shall not be open to foreign capital, which may participate in the market by special channels, such as QFII. OBJECTIVES: Deepen innovation and opening up of financial services Accelerate the innovation of financial system. Under proper risk control, the China (Shanghai) Pilot FTZ will pilot RMB capital account convertibility, interest rate liberalisation and the cross-border use of RMB. POLICIES ANNOUNCED IN: RMB internationalisation Interest rate liberalisation Foreign exchange rate liberalisation Opening up of the capital accounts 10
11 FTZ financial policies RMB internationalisation 1 Cross-Border Two-Way RMB Cash Pooling RMB cash pooling Remove previous restriction on quota. Free Fund transfer between offshore and onshore, cash flows generated in production, operation and industrial investment activities. No cash flows from financing activities at moment Subsidiary A Subsidiary A Subsidiary B Account of enterprise in the FTZ Subsidiary B Subsidiary C Subsidiary C 11
12 FTZ financial policies RMB internationalisation 2 Overseas RMB Loan for Enterprises in the FTZ Benefits to Clients More access to offshore capital/finance market Lower financing costs Enterprises registered in HK Case Study: Cost comparison on three scenarios for a 1-year RMB loan Loan costs Around 4.2%-4.4% Other costs Financing guarantee issuance fee >1% Loan-to-deposit ratio & amount limitations None Enterprises registered in the FTZ Onshore enterprises(outside the FTZ) Around 5.2% None None 6% None Strict limitations apply tight liquidity in the market 12
13 FTZ financial policies RMB internationalisation 3 Centralised RMB Cross-border Current Account Receipt and Payment Benefits to Clients Netting payments Efficient payments Less position management costs Onshore (outside FTZ) Receipt and Payment under the traditional supply chain 40 A B C Offshore Overseas company 13 Onshore (outside FTZ) A B C Receipt and Payment under the FTZ mode FTZ Special RMB deposit account in a bank located in Shanghai 20 Offshore Overseas company
14 Commercial Opportunities Cost wise Operation FTZ financial policies RMB internationalisation 4 Cross-border E-Commerce RMB Payment Provide opportunities for E- commerce firms get into the vast Chinese market i.e. 2013, the total transaction volume in China E- commerce market was 9.9trillion Yuan (around US$1.57trillion) Lower cost, saving forex conversion cost Enhance the efficiency of fund settlement with upstream and downstream enterprises 14
15 FTZ financial policies Interest rate liberalisation Remove the upper limit of IR under current accounts in the FTZ(small amount, foreign currency) Issuance of transferable CDs Principles towards IR liberalisation: foreign currency goes first, RMB follows large amount goes first, small amount follows; Loan goes first, deposit follows Enhance pricing supervision mechanism during the IR liberalisation 15
16 FTZ financial policies Forex management reform Cross-border foreign currency cash pooling Benefits to Clients: Manage the foreign debt and lending quotas of all its members on a centralised basis Enhance the efficiency of cross-border capital use. Reduce financial cost. Domestic foreign currency main account of firm in the FTZ Net out-going transfer cannot exceed 50% of owner s equity of the group. Net in-coming transfer cannot exceed combined foreign debt limit of all members International foreign currency main account of firm in the FTZ Cross-border Current Account Foreign debt account Capital, Assets Realisation & reinvestment account Settlement Account (Overseas subsidiaries) Other overseas subsidiaries Domestic cash pool Overseas cash pool 16
17 FTZ financial policies Opening of capital accounts Split accounting system by introducing Free Trade Account The split accounting system in the FTZ enables an enterprise to open both traditional account (second-tier account) and FTA (first-tier account) at the same time. FTU FREE TRADE UNIT FTE FREE TRADE ENTITY FTN FREE TRADE NON-RESIDENT FTI FREE TRADE INDIVIDUAL FTF FREE TRADE FOREIGNER 17
18 FTZ financial policies Opening of capital accounts Split accounting system by introducing Free Trade Account Tier-two limited access +Strict control Frontier prudent management Other settlement accounts under the same entity FTE Free Trade Entity account Offshore accounts Other settlement account NRA outside FTZ (OSA/NRA) Other FTEs FTN None residents free trade account Conditional circulation Treated as cross-border Current account, direct investment 18 Onshore (outside the FTZ) In the FTZ Offshore
19 Table of Contents 1 CHINA (SHANGHAI) FREE TRADE ZONE 2 INTERPRETATION OF FTZ FINANCIAL POLICIES 3 DEBATES AND OUTLOOK 19
20 Debates and Outlook HESITATE, WAIT AND SEE? 1 2 HOWEVER, the RMB internationalisation is a fact and the journey is irreversible. The only question is the pace of travel not the direction. Creating Shanghai FTZ is a crucial move for China in executing its proactive opening-up strategy to explore best practices in financial management that are replicable nationwide The opening-up policies being implemented in Shanghai FTZ will largely shape the future landscape of China s financial services industry. 20
21 Debates and Outlook there is a big future for Shanghai Free Trade Zone, there is a big future for Shanghai - said Premier LI Keqiang during his visit to Shanghai FTZ on September 18, 2014 if Shanghai Free Trade Zone goes well, it is expected to achieve (RMB) circulate first and free convertibility follows in three years (2017). -Dr. CAO YuanZheng (Group Chief Economist, Bank of China) said on September 20,
22 Disclaimer This presentation and any associated material (collectively, the Material ) has been prepared by Bank of China Limited London Branch and Bank of China (UK) Limited. The information contained in the Material is for general reference only and is provided on an "as is" basis without warranty of any kind, may be changed at any time without prior notice and may not be relevant to all persons in all geographic locations. The Material should not be regarded as an offer, solicitation or recommendation to buy, sell, subscribe to or invest in any securities and financial products or investments or to enter into any financial transaction. People reading the Material should consult their own professional advisers before making any investment in or decision to purchase any securities and financial products or entering into any financial transaction. To the extent permitted by applicable law, Bank of China Limited, its subsidiaries, affiliates or group companies (collectively, BOC Group ) disclaims liability for any error, omission or inaccuracy in the Material and shall not be responsible for any direct, indirect or consequential loss or damages that are incidental to or resulting from any use or reliance on the Material including any opinions expressed therein. The Material is protected by copyright. No part of it may be modified, reproduced, transmitted and distributed in any format for commercial or public use without prior written consent from Bank of China Limited London Branch and/or Bank of China (UK) Limited. 22
23 Thank you!
CHINA (SHANGHAI) PILOT FREE TRADE ZONE. SHANGHAI WAIGAOQIAO FREE TRADE ZONE UNITED DEVELOPMENT CO., LTD. April/2015
CHINA (SHANGHAI) PILOT FREE TRADE ZONE SHANGHAI WAIGAOQIAO FREE TRADE ZONE UNITED DEVELOPMENT CO., LTD. April/2015 CSPFTZ New Process----Expansion China(Shanghai)Pilot Free Trade Zone-28.78km 2 A Shanghai
More informationIntroduction for Financial Services in China (Shanghai) Pilot Free Trade Zone. Mar.2014
Introduction for Financial Services in China (Shanghai) Pilot Free Trade Zone Mar.2014 Contents I II About Shanghai FTZ Opportunities For FTZ Company III ICBC Preparation and Capability Part I. About Shanghai
More informationPilot Free Trade Zone Shanghai
Pilot Free Trade Zone Shanghai Shanghai s first Free Trade zone was launched in September 2013, targeted to make Shanghai an international trade and finance hub. It was established on the strategic decision
More informationChina (Shanghai) Pilot Free Trade Zone
China (Shanghai) Pilot Free Trade Zone A New Era of Opening up and Reform in China www.pwccn.com What is the China (Shanghai) Pilot Free Trade Zone? On 29 September, 2013, the Chinese government formally
More informationThe Introduction of China (Shanghai) Pilot Free Trade Zone. May. 2014
The Introduction of China (Shanghai) Pilot Free Trade Zone May. 2014 C o n t e n t 1 FTZ Background 2 FTZ General Policy Framework 3 FTZ Financial Solution C o n t e n t 1 FTZ Background I FTZ Background
More informationShanghai-Hong Kong Stock Connect 2015.01.07
Shanghai-Hong Kong Stock Connect 2015.01.07 The launch of Stock Connect further expands the crossborder RMB investment channel Shanghai-Hong Kong Stock Connect officially launched on 17 Nov 2014, enabling
More informationChina Financial Policy Focus August 2014
China Financial Policy Focus August 2014 Part 1 looks ahead at what to expect in the coming 6 months. Risks: real estate & non performing loans, non-bank financial institutions challenge to the statusquo.
More informationChina (Shanghai) Pilot Free Trade Zone. Consulate General of P.R. China in Toronto
Officially launched on 29 September 2013 The first of its kind on the Chinese mainland Three years to build to meet international standards What is FTZ? Why is it now? How is it? What kind of business
More informationUtilizing and Prospects for the Guangdong Pilot Free Trade Zone
Mizuho Bank, Ltd., Hong Kong Corporate Banking Division No. 1 China ASEAN Research & Advisory Department June 2015 Utilizing and Prospects for the Guangdong Kazutaka Sakauchi China ASEAN Research & Advisory
More informationRenminbi (RMB) corporate and treasury services in London
Renminbi (RMB) corporate and treasury services in London City of London RENMINBI SERIES London offers an extensive range of RMB corporate banking services including: o Corporate accounts; o Term deposits;
More informationOverview of RMB Internationalisation
Overview of RMB Internationalisation Candy Ho Head of RMB Business Development, Asia Pacific Date: 8 May 2013 Why is RMB important? China overtook US as the largest goods trading nation in 2012 China:
More informationMizuho China Business Express
Policy Issues for Foreign Exchange Administration May 5, 2014 Mizuho Bank (China), Ltd. (Translated Date: January 21, 2015) Advisory Division Mizuho China Business Express (No. 324) State Administration
More informationSSE Newsletter. October 2015. Vol. 29. Highlights:
Vol. 29 SSE Newsletter October 2015 Highlights: SSE Composite rose by 10.80% in October 2015, while trading volume showed significant increase compared with that of the previous month SSE, Deutsche Boerse
More informationRMB solutions for importers and exporters
RMB solutions for importers and exporters Unravel the complexities of RMB Mind the gap The potential Share of world trade vs payments The proof of the pudding Percentage of China s trade in RMB RMB 13th
More informationEddie Yue: Renminbi a new era and the role of Hong Kong
Eddie Yue: Renminbi a new era and the role of Hong Kong Keynote address by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Global Offshore RMB Funding Forum 2012, Hong
More informationThe Chinese corporate credit bond market. Broad prospects for development
The Chinese corporate credit bond market Broad prospects for development Dear Mr. Martin Scheck, Mr. Spencer Lake, Distinguished Guests, Ladies and Gentlemen, Good Morning! I am very pleased to attend
More informationFrom a Custodian's Perspective - The Broad Brushstrokes of the QFII program
From a Custodian's Perspective - The Broad Brushstrokes of the QFII program Tracy Lee Vice President, Sales & Business Development HSBC Securities Services, HSBC Singapore RESTRICTED Agenda A.Overview
More informationShanghai New Free Trade Pilot Zone ( FTPZ )
www.pwccustoms.com Shanghai New Free Trade Pilot Zone ( FTPZ ) Damon Paling, Partner Ray Zhu, Partner September 5, 2013 Speaker Introduction Damon Paling Partner, Customs and Trade Contact Tel: 86 (21)
More informationFinancial Impact from the Shanghai FTZ
Financial Impact from the Shanghai FTZ Eiichi Sekine Chief Representative, Beijing Representative Office Nomura Institute of Capital Markets Research I. The decision to establish and run the China (Shanghai)
More informationRMB Internationalization & Hong Kong. Graham Coker Trade Director, Transaction Services UK & Ireland
RMB Internationalization & Hong Kong Graham Coker Trade Director, Transaction Services UK & Ireland RMB Internationalisation China s Market Reform Agenda RMB is called CNY onshore and CNH offshore. Hong
More informationIntroduction of Free Trade Zone RMB Bond Business
Introduction of Free Trade Zone RMB Bond Business Yidan WANG wangyidan@shclearing.com April 2016 London Contents Company Overview Business Background Business Model Future Plan 第 四 章 A brief look into
More informationShanghai-Hong Kong Stock Connect to Boost Reciprocal Investment in RMB Securities
Shanghai-Hong Kong Stock Connect to Boost Reciprocal Investment in RMB Securities Eiichi Sekine Chief Representative, Beijing Representative Office Nomura Institute of Capital Markets Research I. Plans
More informationCHINA UPDATE: CHINA (SHANGHAI) PILOT FREE TRADE ZONE SPECIAL EDITION November - December 2013
CHINA UPDATE: CHINA (SHANGHAI) PILOT FREE TRADE ZONE SPECIAL EDITION November - December 2013 China (Shanghai) Pilot Free Trade Zone Framework Released... 1 Tax and Customs Policies in the Zone... 3 Reformation
More informationLegislative Council Panel on Financial Affairs. Establishment of Shanghai-Hong Kong Stock Connect
CB(1)1543/13-14(04) For discussion on 9 June 2014 Legislative Council Panel on Financial Affairs Establishment of Shanghai-Hong Kong Stock Connect Purpose This paper briefs Members on the establishment
More informationSSE Newsletter. September 2013. Vol. 9. Highlights:
Vol. 9 SSE Newsletter September 2013 Highlights: SSE Composite and trading volume of September 2013 show slight increase compared with that of the previous month. CSRC issued policies to boost FTZ(Free
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationCNH Market--A Burgeoning Offshore RMB Market
CNH Market--A Burgeoning Offshore RMB Market Liu Chenggang from Bank of China September, 2011 Contents I. Evolution of CNH Market II. Introduction ti of CNH Market III. Future Development of CNH Market
More informationGateway to China: How using the renminbi could transform your China business
Gateway to China: How using the renminbi could transform your China business The rise of renminbi Over the past three decades, China s GDP has grown at an average rate of 10% a year moving the country
More informationIntroduction of Chinese Debt Capital Market From Private Sector Perspective
Presented To: ABMI Conference Introduction of Chinese Debt Capital Market From Private Sector Perspective CITIC Securities Corporation Limited December 2009 Table of Contents Contents Part 1 OVERVIEW OF
More informationINDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012
ICBC: Your Global Portal to RMB Market July 2012 Content General Introduction Investment in RMB Services Solution 1 General Introduction to Renminbi (RMB) RMB Renminbi (commonly abbreviated as RMB) is
More informationRMB Internationalization and RMB Offshore Markets Development
RMB Internationalization and RMB Offshore Markets Development Dr. Qin Xiao Former Chairman, China Merchants Group and China Merchants Bank Council Member, Hong Kong Financial Services Development Council
More informationMAJOR AND CONTINUING CONNECTED TRANSACTIONS RENEWAL OF THE EXISTING FINANCIAL SERVICES FRAMEWORK AGREEMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationFinancial Reforms for the Shanghai (Pilot) Free Trade Zone: slowly coming into focus
Financial Reforms for the Shanghai (Pilot) Free Trade Zone: slowly coming into focus Contents Overview 1 New Accounts for the FTZ 2 Currency Exchange for Investment and Financing 2 Cross-border Use of
More informationUshering in A New Era of Renminbi Liberalization
Treasury and Trade Solutions Ushering in A New Era of Renminbi Liberalization August 2015 Understanding and the Renminbi Liberalization Cross border controls in continue to relax Understanding the RMB
More informationFX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010
FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends
More informationWill the Chinese market welcome foreign investors? Reasons for the Focus on Future Reforms
Mizuho Bank, Ltd., Hong Kong Corporate Banking Division No.1 China ASEAN Research & Advisory Department September 2015 Will the Chinese market welcome foreign investors? Reasons for the Focus on Future
More informationOverview of Offshore RMB
Overview of Offshore RMB Jaunary 214 Lee Beng-Hong Head of Markets, China Macro background Liberalization of RMB China fully liberalized the use of RMB for cross border trade settlement in March 212 close
More informationCoalition for Peace & Ethics Working Papers
Coalition for Peace & Ethics Working Papers No. 4-1 (April 2014) Introduction to China (Shanghai) Pilot Free Trade Zone Shaoming Zhu Abstract: China is experimenting with economic development along socialist
More informationMarket compass for China. The coming wave of globalisation
Market compass for China The coming wave of globalisation The People s Republic of China An exceptional set of records For the past two decades, China s economy has reshaped the world with double digit
More informationChina Merchants Bank Co., Ltd. 2013 Annual Results Announcement
China Merchants Bank Co., Ltd. 2013 Annual Results Announcement Forward-Looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking statements that involve risks
More informationStructure Products Asia 2006
Structure Products Asia 2006 China Structured Products : Innovation and Evolution Chin-Chong Liew Partner and Head of Derivatives & Structured Products Asia (Ex-Japan) 23 November 2006 Hong Kong 2 Chinese
More informationForeign Investor s Chance to Invest in RMB EIE/EIFs by Means of RFDI
Llinks Corporate Bulletin April 2012 New Means for Foreign Investors to Invest in RMB Equity Investment Funds: By David Yu, Nicholas Lou and Kevin Huang Ever since the promulgation of the Administrative
More informationLatest developments in the international RMB market
Fourth Meeting of London Hong Kong RMB Forum 12 November 2014 The private-sector led London Hong Kong Forum to promote cooperation on the development of international renminbi (RMB) business (the Forum
More informationShip finance leasing in China
Ship finance leasing in China FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Jonathan Silver Of Counsel, Norton
More informationSSE Newsletter. August 2014. Vol. 18. Highlights:
Vol. 18 SSE Newsletter August 2014 Highlights: SSE Composite of August 2014 generally remained stable, while trading volume showed significant increase compared with that of the previous month SSE held
More informationOne Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade Zone s Free Trade Account.
June 2014 One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade s Free Trade Account. New rules published by PBOC Shanghai on 22 May provide much needed practical guidance on the
More informationRENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN
BUDAPEST RENMINBI INTITIATIVE PAPERS No1 RENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN Author: Szilárd Erhart, Head of th MNB s Renminbi Project, Central Bank of Hungary While China s weight in international
More informationCatalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1
Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1 I. General (24 Items) 1- Basic Rules 1. Regulations of the People's Republic of China
More informationCROSS-BORDER ACCESS PLATFORM. Mainland Investors. International Investors. Equity. Commodities FIC. Mainland Products. International Products
1 OVERVIEW Hong Kong is entering a new phase as a leading international financial centre. The scale and depth of the world s interaction with Mainland China s markets and investors are being transformed
More informationE-commerce liberalization in China: State Council and MIIT push forward
E-commerce liberalization in China: State Council and MIIT push forward Contents State Council orders government agencies to take liberalization steps 1 JUNE [ MIIT removes foreign ownership restrictions
More information2014 Annual Results Announcement
214 Annual Results Announcement Hong Kong 27 March 215 Disclaimer This document may contain time-sensitive information which is only current as of the date of publication. In addition, this document may
More informationLocal incorporation in 2008 allows all branches to provide full-range People s Bank of China (PBOC)
China - Factsheet Currency Renminbi (CNY) or (RMB) Why Deutsche Bank Time Zone GMT + 8 Local incorporation in 2008 allows all branches to provide full-range Central Bank People s Bank of China (PBOC) customer
More informationRecent asset management regulatory changes in China
Regulatory angle Recent asset management regulatory changes in China Jennifer Qin Partner Asia Pacific Investment Management Leader Deloitte In 2012, the financial regulatory bodies introduced a number
More informationBANK OF CHONGQING CO., LTD. * 重 慶 銀 行 股 份 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationRenminbi banking business in Hong Kong
Renminbi banking business in Hong Kong by the External Department Hong Kong s renminbi banking business was launched in early 24 to facilitate crossborder tourist spending and to further strengthen economic
More informationA REGIONAL GATEWAY FOR RMB. Singapore
A REGIONAL GATEWAY FOR RMB Singapore GROWING INTERNATIONAL AND REGIONAL ROLE OF THE RMB Rising Potential for International use of RMB China accounts for more than 10% of global trade and investment flows
More informationAsset Management Industry Development in Hong Kong, Singapore and China
Asset Management Industry Development in Hong Kong, Singapore and China by Terence Chong Vivian Wong Working Paper No. 7 March 2012 Institute of Global Economics and Finance The Chinese University of Hong
More informationCHINA S OFFSHORE RMB MARKET
INTERNATIONAL SERVICES WHITE PAPER CHINA S OFFSHORE RMB MARKET AN OVERVIEW FOR MANAGERS AND FINANCIAL PERSONNEL By Daniel Joseph, PNC s International Treasury Management group PNC offers a library of materials
More informationKing & Wood Mallesons /
KWM Connect QFII and RQFII a practical insight to recent developments by Richard Mazzochi, Minny Siu and Hayden Flinn King & Wood Mallesons / KWM Connect 1 In the opening session of the Asia Financial
More information2.1.1 Residents are free to undertake any amount of investment in foreign currency assets offered in Malaysia by a resident.
2. RULES APPLICABLE TO RESIDENTS 2.1 Investment in foreign currency assets 2.1.1 Residents are free to undertake any amount of investment in foreign currency assets offered in Malaysia by a resident. 2.1.2
More informationNATIONAL ASSOCIATION OF FINANCIAL MARKET INSTITUTIONAL INVESTORS
NATIONAL ASSOCIATION OF FINANCIAL MARKET INSTITUTIONAL INVESTORS 2012 August 21 http://www.nafmii.org.cn/site/home/en INSIDE THIS ISSUE MARKET NEWS 2 Bond Market Macroeconomics NAFMII NEWS 3 NAFMII RESEARCH
More informationThe introduction of a new filing and registration regime for foreign debt management in China
The introduction of a new filing and registration regime for foreign debt management in China 1 Briefing note November 2015 The introduction of a new filing and registration regime for foreign debt management
More informationSmart Operation and Innovative Development
Smart Operation and Innovative Development - The 2015 Open-Day for Ping An's Investors Shao Ping President of Ping An Bank June 26, 2015 Cautionary Statements Regarding Forward-Looking Statements 2 To
More informationThe Offshore Renminbi Market and Australia
The Offshore Renminbi Market and Australia Eden Hatzvi, William Nixon and Michelle Wright* The Chinese authorities have continued to make progress in internationalising China s currency, the renminbi (RMB).
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationHow To Make Money From Factoring
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationRENEWAL OF CONTINUING CONNECTED TRANSACTION FINANCIAL SERVICES AGREEMENT WITH CHINALCO FINANCE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationChina Life Insurance Co. Ltd.
Primary Credit Analyst: Connie Wong, Singapore (65) 6239-6353; connie_wong@standardandpoors.com Secondary Contact: Philip P Chung, CFA, Singapore (65) 6239-6343; philip_chung@standardandpoors.com Table
More informationECONOMIC REVIEW(A Monthly Issue) March, 2014
ECONOMIC REVIEW(A Monthly Issue) March, 2014 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers Liu
More informationThe Shanghai Free Trade Zone
The Shanghai Free Trade Zone Tom Rafferty (Editor/Economist, Asia) tomrafferty@eiu.com 17 December, 2014 1 Introduction Background to development zones in China The origins and premise of the Shanghai
More informationShanghai-Hong Kong Stock Connect
Shanghai-Hong Kong Stock Connect Introduction Shanghai-Hong Kong Stock Connect is a programme jointly developed by Hong Kong Exchanges and Clearing Limited ( HKEx ), Shanghai Stock Exchange ( SSE ) and
More informationShanghai Free Trade Zone: what you need to know to date and what to expect
December 2014 Shanghai Free Trade Zone: what you need to know to date and what to expect Introduction Since its official launch on 29 September 2013, the China (Shanghai) Free Trade Zone (the Zone ) has
More informationChina Life Insurance Co. Ltd.
December 30, 2010 China Life Insurance Co. Ltd. Primary Credit Analyst: Eunice Tan, Hong Kong (852) 2533 3553; eunice_tan@standardandpoors.com Secondary Contact: Ryan Tsang, CFA, Hong Kong (852) 2533-3532;
More informationFORMATION OF JOINT VENTURE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationChina: the evolution of foreign exchange controls and the consequences of capital flows
China: the evolution of foreign exchange controls and the consequences of capital flows People s Bank of China I. Introduction With the adoption of market-oriented economic system reforms and the opening-up
More informationinvestment activities
lakyara Deregulation of Chinese insurers' investment activities Takeshi Jingu 10. January. 2013 Executive Summary In 2012, the Chinese insurance industry experienced a slowdown in premium revenue growth
More informationCONNECTED TRANSACTION SUBSCRIPTION OF SHARES IN PICC HEALTH
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationAPPENDIX: RISK DISCLOSURES AND OTHER INFORMATION OF SHANGHAI-HONG KONG STOCK CONNECT
APPENDIX: RISK DISCLOSURES AND OTHER INFORMATION OF SHANGHAI-HONG KONG STOCK CONNECT This Appendix describes some of the key risk factors concerning Stock Connect based on the Company s current understanding
More informationTreasury Bonds directly makes the Sub-Fund riskier than traditional exchange traded funds investing in A-Shares or in markets other than the PRC.
IMMEDIATE RELEASE IMPORTANT NOTES 1. E Fund Citi Chinese Government Bond 5-10 Years Index ETF (the Sub-Fund ) is a passively managed exchange traded fund ( ETF ) and is traded on the Stock Exchange of
More informationChina's Global Integration - Developments in China s Onshore RMB market
China's Global Integration - Developments in China s Onshore RMB market Thank you Martin for your kind words It is a pleasure to be here today.. I m grateful to be given the chance to share a platform
More informationFinance and treasury. 90 Doing business and investing in China
Finance and treasury 90 Doing business and investing in China Observations 1. The expanding role of the yuan or renminbi (RMB) in the global economy creates opportunities for many companies. 2. While the
More informationIntroductory Guide to RMB Currency Futures
Introductory Guide to RMB Currency Futures RMB Internationalisation The opening up of Mainland China now is creating more and more business opportunities. China is the second largest economy and a major
More informationThe RMB market in France Becoming a global currency
The RMB market in France Becoming a global currency 元 (Renminbi): BECOMING A GLOBAL CURRENCY Over the last few years, the Renminbi (RMB) internationalization has been growing steadily. Measures have been
More informationResults of MSCI 2015 Market Classification Review
Results of MSCI 2015 Market Classification Review China A Shares on Track for Inclusion MSCI and CSRC Will Form Working Group to Address Remaining Issues Geneva June 9, 2015 MSCI Inc. (NYSE: MSCI), the
More informationCommercial Banks to Launch Fund Management Companies
Commercial Banks to Launch Fund Management Companies Christophe Han and Charles Qin Following an extended period of solicitation of opinions and a heated debate on the issues of commercial bank's incorporation
More informationDemand for RMB and Financial Services through Hong Kong by German Businesses
Demand for RMB and Financial Services through Hong Kong by German Businesses Think Asia, Think Hong Kong Munich, 11 September 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 1 Asia: Key
More informationLatest Commentary on Guangdong Free Trade Zone Foreign Investment Policies. Frontline Legal & Labor Affairs
Frontline Legal & Labor Affairs Latest Commentary on Guangdong Free Trade Zone Foreign Investment Policies WANG JING & CO. (Shenzhen Branch) Attorneys: Pan Lidong, Zhang Sheng, Shi Linli The Chinese government
More informationCross-Border Capital Flows Statistics and Its Implication for Monitoring in China
First IMF Statistical Forum Statistics for Global Economic and Financial Stability Cross-Border Capital Flows Statistics and Its Implication for Monitoring in China Wang Xiaoyi State Administration of
More informationSpeech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015
Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015 Following is the speech by the Secretary for Financial Services and the Treasury,
More informationECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014
ECONOMIC REVIEW(A Monthly Issue) March, April, 2015 2014 Economics & Strategic Planning Department http://www.bochk.com Effects The of Reasons CNH Exchange Why the Rate Singapore on Offshore Economy RMB
More informationChina s Unwinding Stock Market Bubble
China s Unwinding Stock Market Bubble The Chinese equity market is experiencing significant volatility, exhibiting the classic signs of a bubble fueled by changing government regulation. Chinese authorities
More informationRelaxation of PRC regulatory restrictions on cross-border security and guarantees
May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration
More informationSSE Newsletter. August 2015. Vol. 27. Highlights:
Vol. 27 SSE Newsletter August 2015 Highlights: SSE Composite fell by 12.49% in August 2015, while trading volume showed significant decrease compared with that of the previous month SSE revised Article
More informationLegislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong
CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16
More informationCHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationImportant notice of trading via Shanghai-Hong Kong Stock Connect
Important notice of trading via Shanghai-Hong Kong Stock Connect What is Shanghai-Hong Kong Stock Connect? Shanghai-Hong Kong Stock Connect is a pilot programme developed by Hong Kong Exchanges and Clearing
More informationChina's debt - latest assessment SUMMARY
China's debt - latest assessment SUMMARY China s debt-to-gdp ratio continues to increase despite the slowing economy. A convincing case can be made that the situation is manageable: the rate of credit
More informationANNOUNCEMENT CONTINUING CONNECTED TRANSACTIONS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationStudy on the Solution to the Financing of Enterprises in Supply Chain Finance
Study on the Solution to the Financing of Enterprises in Supply Chain Finance Huang Ruiyu & Wang Yuxi School of Management Shanghai University of Engineering Science Shanghai China Abstract Facing the
More informationANNOUNCEMENT CONNECTED TRANSACTION RELATING TO CAPITAL INJECTION INTO ENN FINANCE COMPANY LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information