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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Press Digest March 8: Regulation, PBOC, Housing
Highlights from Chinese press reports on Wednesday:
- China will create a new national financial supervisory authority to replace the China Banking and Insurance Regulatory Commission in an overhaul of its financial regulators to enhance supervision and strengthen risk management, according to Caixin. The new regulator will report directly to the State Council and will be responsible for ensuring investor protection, and will assume supervision of large companies from the People’s Bank of China. The new authority will not be responsible for the management of the capital markets, which stays with the China Securities Regulatory Commission (CSRC). However, the CSRC will now also report directly to the State Council, according to Caixin.
- China has reinstated the People’s Bank of China provincial branch system to manage activities such as currency issuance, treasury management, maintaining financial stability and anti-money laundering. Announced at the Two Sessions meeting in Beijing, analysts cited by 21st Century Herald said the reforms would help better coordinate policy with local governments, enhance the monetary transmission mechanism, and support financial services for the real economy. The previous PBOC city and county branch system would be scrapped, according to the paper.
- Defusing risks in the real-estate industry should be done in a “slow release” manner, according to Ni Hong, Minister for Housing. Speaking on the sidelines of the Two Sessions meeting in Beijing, Ni said curtailing risk would first involve supporting high quality developers to improve their balance sheets. For other developers, self-help support would be given, however some firms would be made to “pay a due price” for risky behaviour. Ni said he was “very confident” in the stabilisation of the market this year given recent trends in house prices and transactions. (Source: Yicai.com)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.