Financial Reforms

Shanghai official's vow on imminent freeing up of yuan a bone of contention

Liberalising the capital account would be the last step to officially making the currency fully convertible, but it is unlikely to happen soon. Photo: Reuters

When will China fully liberalise the red-hot yuan? Even the central bank of the world’s second-biggest economy may not really have a clue, with senior officials locked in a debate over when foreign exchange controls should be lifted.

Wednesday, 19 March, 2014, 5:19pm 9 comments

Top UBS banker Zhao Ju takes sabbatical for Harvard politics course

The John F. Kennedy School of Government at Harvard. Photo: Harvard

Zhao Ju, currently China Co-head for UBS, will take a sabbatical of up to 12 months from the end of this year when he will become a visiting fellow in the class of 2014 in the prestigious John F. Kennedy School of Government at the famous university in the United States, according to two sources close to Zhao.

23 Oct 2013 - 3:26am 6 comments

Dividing the pros from the merely rich

Securities and Futures Commission. Photo: K.Y. Cheng

The Securities and Futures Commission has finally released the long-awaited reform plan to change the regulatory regime for so-called professional investors.

21 May 2013 - 5:48am

Beijing cuts through with action on financial reforms

Mainland leaders are walking the walk on reform. Photo: Bloomberg

The State Council meeting chaired by Premier Li Keqiang on Monday outlined the specifics of Beijing's goals by laying down that clear timetables have to be set for reforms, in a move that analysts say should bode well for investors in the long run.

8 May 2013 - 5:58am

Reforms in tax havens aid sleuths

William McGovern: good signs

As opaque networks of secretive companies linking offshore havens with Hong Kong are forced to become more transparent, it will be easier to track down assets hidden in jurisdictions such as the British Virgin Islands (BVI), says William McGovern, a former official with US regulator, the Securities and Exchange Commission.

3 May 2013 - 4:22am

Wider trading band the next logical step in reform of yuan

Zhou Xiaochuan. Photo: Xinhua

Beijing has foreshadowed a widening of the trading band of the yuan ahead of meetings of the International Monetary Fund, the World Bank and the G20 summit. This is true to form. The trading band was last widened around last year's financial summits. It is a time when China comes under pressure to allow its currency to rise. But while the move may help deflect criticism from trading partners, it has deeper significance.

22 Apr 2013 - 1:58am

Premier pledges continued steady investment growth

Roads are high on Beijing's list of priorities, despite concerns over their profitability. Photo: May Tse

The mainland will continue to increase investment at a "reasonable" pace, Premier Li Keqiang was quoted as saying yesterday, while promising to control risks arising from the pile of local government debt.

18 Apr 2013 - 5:33am

The plight of Wenzhou's reform project could determine the nation's future

Wenzhou launched 78 projects to reform its financial organisations, service sector, regulatory system and capital market. Photo: Bloomberg

Wenzhou has been implementing financial reform for just one year, but its progress is attracting attention. The State Council decided last year to set up this pilot region for comprehensive financial reform, with the aim of accumulating experience for the country.

4 Apr 2013 - 3:17am

China's new securities regulator must continue on path of market reform

Guo Shuqing. Photo: Reuters

Guo Shuqing's departure after 17 months in office at the China Securities Regulatory Commission is not good news for a securities market in need of overhaul. The various schemes he launched were aimed at long-term market reform, and their effects can only be felt after a few years of implementation.

28 Mar 2013 - 3:30am

Talking points

Martha Karua

Kenyans head to the polls for the first time since a new constitution was passed in 2010 to reform the political system and ease ethnic divides. Leading the race of eight presidential candidates are Uhuru Kenyatta and Raila Odinga, the sons of Kenya's first post-independence president and vice-president respectively. 

4 Mar 2013 - 3:27am

Mainland financial reform needs new approach, says IMF's Zhu Min

IMF deputy managing director Zhu Min says the mainland's economic output will grow 8.2 per cent this year. Photo: Jonathan Wong

The mainland's financial system needed to play a more active role in helping its real economy become more resilient to external shocks as the world grew economically interdependent, a top International Monetary Fund official said yesterday.

16 Jan 2013 - 3:41am

Accounting chief supports reform

Susanna Chiu, president of the Institute of Certified Public Accountants, will work with the government on oversight reform. Photo: Edmond So

The first female president of Hong Kong's peak accountancy body backs reform plans to expand oversight of auditors of listed companies, but believes the industry group will continue to play an important regulatory role.

7 Jan 2013 - 4:31am

Tough tasks await next PBOC head

The next governor of the People's Bank of China is expected to implement a number of radical financial reforms. Photo: Reuters

The next governor of the People's Bank of China is likely to have got there by first becoming the head of one of the country's big state-owned lenders. His initial task? To curb the power of those very banks.

30 Nov 2012 - 3:35am

Underground banking may become thing of the past in Wenzhou

Wenzhou wants to become a major financial services centre.

Wenzhou, the mainland's hub for private businesses, has taken a major step forward in legalising the underground banking system and liberalising capital outflow by publishing a guideline for a much-awaited financial reform.

The new rule aims to transform Wenzhou, plagued by a series of crises related to shadow banking, into the nation's financial services centre.

24 Nov 2012 - 3:59am

China pushing ahead financial reform in Wenzhou

Workers work in the factory of China Huite Shoes Company in Wenzhou. Photo: Ricky Wong

A Chinese province is pushing ahead a closely-watched financial reform pilot project aimed at formalising private lending to reduce financial risks, official media reported on Friday.

8 May 2015 - 9:46am