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Financial regulation

Financial regulation
Key developments in regulation of financial markets with a focus on those in Hong Kong and mainland China.
last updated:
9 September, 2024
Hong Kong customs officers lead away a suspect in a HK$1.6 billion money laundering case in October. Hong Kong is hard at work combating money laundering, which relies on international cooperation to be effective. Photo: Handout
Hong Kong

Editorial | Cooperate to tackle Hong Kong money laundering

US allegations against Hong Kong are not only misguided but also counterproductive to battling a crime that recognises no borders.

Banking & finance

China’s record-low government bond yields spark fresh warning from central bank

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Banking & finance

Hong Kong set to host global heavyweights at Asian Financial Forum

Banking & finance

Cybersecurity regulator to continue crackdown on illegal financial services

Cyberspace Administration of China says it has taken action against a number of accounts on social media platforms.

The Cyberspace Administration of China’s headquarters in Beijing. Photo: Baidu
China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

Banking & finance

China pushes M&A to build 10 hi-tech firms to be globally competitive by 2027

The industries in question include integrated circuits, biopharmaceuticals and new materials.

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Wealth management

Mainland Chinese investors unimpressed with Wealth Management Connect expansion

Restrictive marketing rules and stringent eligibility requirements will continue to deter wealthy Chinese from the scheme, analysts say.

An aerial photo taken on November 25, 2023 shows a night view of the Zhujiang New Town in Guangzhou, in south China’s Guangdong Province. Photo: Xinhua
Ant Group

Jack Ma makes rare speech at Ant Group’s 20th anniversary

The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020.

Digital currencies

Hong Kong to introduce stablecoin bill to regulate virtual token

The government published the Stablecoins Bill in the gazette on December 6; first reading in the Legislative Council set for December 18.

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Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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The cumulative transaction value of China’s digital yuan had reached 7 trillion yuan (US$968 billion) as of the end of June. Photo: Xinhua
China economy

Opinion | China’s move to centralise oversight of financial sector shouldn’t be feared

Stronger party control over the financial sector will allow the building of a more cohesive framework for further orderly decentralisation.

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President Xi Jinping (centre) speaks at the five-yearly central financial work conference in Beijing on October 31, 2023, where the strengthening of centralised and unified leadership over the financial sector was emphasised. Photo: Xinhua
IPO

Hong Kong to fast track mainland Chinese firms’ IPOs to revive market

Listing approvals for China’s onshore-listed companies will be streamlined provided they meet certain criteria, HKEX CEO Bonnie Chan says.

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Hong Kong politics

Hong Kong slams ‘malicious slander’ by US lawmakers over money-laundering claims

Government describes allegations in lawmakers’ letter to US Treasury Secretary Janet Yellen as ‘grossly unfounded’.

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US-China relations

Hong Kong is becoming hub for financial crime, US lawmakers say

In a letter, US lawmakers have asked Treasury Secretary Janet Yellen to rethink ties with Hong Kong’s banking sector.

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US Treasury Secretary Janet Yellen. Photo: Getty Images via AFP
China trade

Russia’s ‘economic isolation’ seen benefiting China amid fresh US sanctions

While trade between China and Russia may be affected in the short term, Beijing’s leveraging power in future negotiations is getting stronger, analysts say.

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Presidents Xi Jinping and Vladimir Putin toast during a reception in Moscow following China-Russia talks in March 2023. Photo: TNS
IPO

Hong Kong to boost financial reforms to aid Chinese firms: Paul Chan

Amid geopolitical tensions, city can help mainland firms that are struggling to raise funds abroad, financial secretary says.

Banking & finance

Citigroup CEO meets Chinese officials as Beijing touts financial market reforms

Fraser said the Wall Street bank will ‘further its participation in the market to help promote US-China economic ties and trade’.

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Banking & finance

Top bankers stress resilience and wisdom key to navigating uncertainty

Speakers at the Global Financial Leaders’ Investment Summit say collaboration and strategic thinking hold the key to tackling a divided world.

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Participants at the Global Financial Leaders’ Summit engage in discussions with their counterparts. Photo: Mia Castagnone
Singapore

Singapore ends pursuit of 15 laundering suspects who surrendered US$1.4 billion

Much of the illicit funds in the record money laundering scandal came from illegal gambling and unlicensed money lending in China.

HKEX

Top bankers gather in Hong Kong for summit as regulators promise more reforms

Chinese Vice-Premier He Lifeng, who is bringing a huge delegation, will deliver a keynote speech.

Africa

Senegal heads to polls as new leaders eye parliamentary mandate

President Bassirou Diomaye Faye is seeking a majority to see through the promise of ambitious reform that elected him eight months ago.

Senegal’s President Bassirou Diomaye Faye attends a press conference in Dakar, Senegal, on August 29. Photo: AP
China stock market

China’s market regulator strikes positive tone as investors expect turbulence

CSRC boss Wu Qing urges securities firms and asset managers to enhance their capabilities and strengthen risk controls.

A man waits to cross a road in the central business district of Beijing on November 10, 2024. Photo: AFP
Blockchain

‘The King is back’: Binance billionaire CZ plots life after prison

The founder of the world’s largest cryptocurrency exchange talks about his four-month incarceration, future plans, and more.

Blockchain

US set to ease crypto regulatory crackdown under Trump

President Donald Trump has previously pledged to fire the SEC chairman on the first day of his second administration.

China stock market

China eases requirements on foreign investments in listed companies

New rule aims to draw foreign funds into yuan-denominated A shares by slashing capital requirements and reducing the lock-up period.

The Shenzhen Stock Exchange in south China’s Guangdong province. Photo: Xinhua
Digital currencies

Binance founder CZ says will not return to crypto exchange after imprisonment

Zhao Changpeng said he does not ‘have any need to go back’ to the world’s largest cryptocurrency exchange, although he remains the largest shareholder.

Founder and former CEO of Binance Zhao Changpeng attends an event in Rome on May 10, 2022. Photo: Getty Images
Banking & finance

Chinese market regulator grants HSBC domestic fund custody licence

Lender joins four other foreign banks with right to provide custody services to onshore funds domiciled in mainland China.

Blockchain

Chainlink makes a case for blockchain-driven finance at SmartCon in Hong Kong

As Chainlink touts its technology that has brought blockchain transfers to the Swift network, geopolitical scrutiny is growing in the space.

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