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China Construction Bank sells US$3 billion worth of debt on blockchain
November 11, 2020--First from a Chinese bank, the US$3 billion digital certificates of deposit set to be traded on a digital exchange in Labuan, Malaysia using bitcoin
Blockchain is making stocks and bonds more accessible to retail investors
China Construction Bank has partnered with Hong Kong-based fintech company Fusang to launch the sale of US$3 billion worth of debt on a blockchain, the first digital security issued by a Chinese bank on the technology.
Blockchain has made issuing conventional financial instruments, such as equities and bonds, possible at much lower costs as fewer financial intermediaries are involved in the process.
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Source: scmp.com
Japan Banks to Hit Profit Goals as Stimulus Curtails Bad Loans
November 10, 2020--Credit costs are likely to stay within targets, analysts say
MUFG, Mizuho and Sumitomo Mitsui report earnings this week
Japan's three biggest banks are likely to stay on course toward achieving their annual profit goals as bad-loan costs remain in check, analysts said ahead of fiscal second-quarter results due this week.
Massive government and central bank aid has spurred lending and kept companies afloat during the pandemic-fueled recession, reducing the need to ramp up provisions. Investment banking has been picking up, helping to alleviate the impact of rock-bottom interest rates that are squeezing lending profitability at home and abroad.
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Source: bloomberg.com
Indonesia-A Recipe for Stronger Financial Risk Management
November 10, 2020--The move towards a sovereign asset and liability management approach
Indonesia gradually adopted an asset and liability management (ALM) approach, looking at both sides of the sovereign balance sheet.
Today, the Indonesian government has a broader picture of financial risk exposure by incorporating central bank and state-owned enterprise data in addition to public debt into their financial risk management decisions.
The Government Debt and Risk Management (GDRM) program played a significant role in Indonesia's adoption of the ALM approach.
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Source: World Bank
US manager VanEck applies for China retail fund management licence, report says
November 9,2020--US asset manager VanEck has applied to set up a wholly-owned retail fund management business in China, the Financial Times reports,quoting Chief Executive Officer Jan van Eck and Richard Tang,chief executive of VanEck Greater China.
The move comes after Beijing scrapped foreign ownership limits in retail fund management in April.
VanEck is one of four foreign asset managers that have since applied for the licence. The others are US asset managers BlackRock, Fidelity and Neuberger Berman. BlackRock was the first to be approved in August.
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Source: asiaasset.com
IMF Staff Completes 2020 Article IV Mission to the People's Republic of China
November 4, 2020--The Chinese economy continues its fast recovery from the pandemic, helped by a strong containment effort and swift policy actions early on to mitigate the crisis and support the recovery. GDP growth is projected at 1.9 percent in 2020 and 8.2 percent in 2021.
Moderately expansionary macroeconomic policies in 2021 will help a balanced recovery, supported by a shift from public to private demand. Further structural reforms can help contain financial risks, promote greener and more inclusive growth, and reduce external imbalances.
China can help the international community to overcome several of the major challenges facing the global economy, by supporting international efforts to expand access to a vaccine, providing debt relief to low-income countries and sustainable financing for global infrastructure investment, and tackling climate change.
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Source: IMF
China halts Ant Group's $37bn listing
November 4, 2020--China suddenly suspended the $37bn (£28.5bn) listing of Ant Group on Tuesday (3 November), after billionaire founder Jack Ma was called to a meeting with financial regulators.
The Ant Group IPO this week was gearing up to become the biggest in history when it listed on the Shanghai STAR Market tech exchange and Hong Kong exchanges. Ant then put the Hong Kong part of the listing on hold after Shanghai suspended its IPO.
The Shanghai exchange said in a statement that there had been "major issues such as changes in the regulatory environment."
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Source: in.news.yahoo.com
Hong Kong's Intermediary Role on Funding the BRI: How does it fare against Singapore?
November 4, 2020--A look into the intermediary role of Hong Kong in financing cross-border Belt and Road Initiative projects and compare it with Singapore, a similar offshore financial center and competitor.
China has rolled out the red carpet of the Belt and Road (BRI) back in 2013 drawing inspiration from the Silk Road in ancient times. The grand plan focuses on infrastructure development and investments to enhance regional and global connectivity between China and the world. It includes a Silk Road Economic Belt on land and a 21st century Maritime Silk Road at sea.
Given the cross-border nature of the projects and the sheer size of financing needed to accomplish its goals (estimated at around USD 5 trillion by Chinese authorities ), it seems clear that major offshore centers should play a role in intermediating savings towards these projects along the BRI countries. In Asia, Hong Kong and Singapore are the clear choices given the proximity and relationship with Mainland China. Hong Kong is well placed to finance the infrastructure projects under the BRI as it includes a large number of foreign banks which can intermediate foreign savings to that end. Other than the large asset pool in hard currency, Hong Kong is also the largest offshore RMB center in the world.
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Source: bruegel.org
IMF Staff Completes 2020 Article IV Mission to the People's Republic of China
November 4, 2020--The Chinese economy continues its fast recovery from the pandemic, helped by a strong containment effort and swift policy actions early on to mitigate the crisis and support the recovery. GDP growth is projected at 1.9 percent in 2020 and 8.2 percent in 2021.
Moderately expansionary macroeconomic policies in 2021 will help a balanced recovery, supported by a shift from public to private demand.
Further structural reforms can help contain financial risks, promote greener and more inclusive growth, and reduce external imbalances.
China can help the international community to overcome several of the major challenges facing the global economy, by supporting international efforts to expand access to a vaccine, providing debt relief to low-income countries and sustainable financing for global infrastructure investment, and tackling climate change.
view more
Source: IMF
CSOP's China bond ETF scoops more than $1bn in assets
November 3, 2020--CSOP Asset Management's first exchange traded fund in Singapore has already become the largest ETF domiciled in the city-state, underscoring strong interest from global investors wanting access to China's onshore debt markets.
The firm's ICBC CSOP FTSE Chinese Government Bond Index ETF, which is benchmarked against the FTSE Chinese Government Bond Index, was listed on the Singapore Stock Exchange on September 21.
CSOP AM, a subsidiary of Shenzhen-based China Southern Asset Management, has now announced that the ETF, the first Singapore-listed ETF investing directly in China's onshore bond market, had attracted more than $1bn in assets.
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Source: technocodex.com
UPDATE 1-China to let two foreign investor schemes trade stock index futures from Nov. 1
October 30, 2020--Members of two foreign investor schemes will be allowed to trade stock index futures listed on the China Financial Futures Exchange (CFFE) from Nov. 1, the CFFE said on Friday, as China continues to open up its financial markets.
The two schemes are the Qualified Foreign Institutional Investor (QFII) scheme and its yuan-denominated sibling RQFII.
China has continued to open up its financial markets to foreign investors, despite ongoing trade tensions with the United States and the coronavirus outbreak, to provide much-needed capital for its economy.
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Source: reuters
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