MNI China Press Digest Nov 23: Yuan Assets, Opening Up, Covid

The following lists highlights from Chinese press reports on Wednesday:

• Despite international volatility caused by rising inflation and interest rate hikes, yuan assets are increasingly attractive given China’s stability in cross-border capital flows, current account surplus and direct investment inflows, Lu Lei, deputy director of the State Administration of Foreign Exchange told the Financial Street Forum annual meeting on Tuesday. Lu said foreign capital was only 5% of China's capital markets and had potential to be increased. He said the management of cross border capital flows should focus on openness and security, and the level of openness should be in accordance with conditions of individual countries.
• China will expand the opening up of its financial industry by improving rules and standards, and accelerating the establishment of a financial system and regulatory model in line with the international community, 21st Century Business Herald reported citing Zhou Liang, vice chairman of China Banking and Insurance Regulatory Commission. The CBIRC encouraged domestic and foreign-funded financial institutions to cooperate in product, business, management, and personnel training using their advantages in capital, technology, and experience, said Zhou, speaking at the Financial Street Forum 2022. It will also build a financial safety net, and prevent and resolve various financial risks in a timely and effective manner, Zhou was cited as saying.
• Beijing and Shanghai city tightened measures to curb the spread of Covid-19. Beijing will require a negative Covid-19 test result within 48 hours to enter public places such as shopping malls and government buildings, or before taking buses and subways starting from November 24, compared to the previous requirement of 72 hours, according to the municipal government’s briefing. Epidemic control work is at the most critical and urgent moment, the briefing said, after 634 new local cases were reported for the 15 hours to 3 pm on Tuesday. While Shanghai said people who had been in Shanghai for less than five days will not be allowed to enter public places such as restaurants, bars, supermarkets and indoor gyms from Thursday, according to a statement published by the municipal government.