(China Alert) Fixed income: Stronger bonds

  • CIBM
-The number of foreign investors and AUM in RMB credit saw a marked increase in September -Chinese regulators have given early stage tax clarity for the CIBM -Tax treatment across all the inbound programs is now similar Update: As the RMB enters the IMF’s special drawing rights (SDR) basket this month, more adjustments are being […]
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(China Alert) Should I stay or should I go

-Global players are reassessing their JV brokerages -We expect firms to follow divergent strategies regarding ownership onshore Update: JP Morgan’s joint venture (JV) partner, First Capital Securities, has announced the two are in talks to transfer the American banking giant’s stake. Such an exit may trigger a broader industry shakeup; this would be right on […]
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(China Alert) The dawn of multi-asset solutions

  • FOF
-This is a relatively new concept in China but recent guidelines are changing this -Products will be able to target Chinese institutional capital -Foreign firms could build on global product design expertise Update: Multi-asset solutions are ubiquitous globally, yet are relatively unseen in China. Until now. As a result of new fund of fund (FoF) […]
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(China Alert) Shanghai FTZ: Setting the stage for substance

  • FTZ
-The first stage of FTZ development had a three year timeline -So far, reform initiatives have given the cold shoulder to financial services -We believe it will form the cornerstone of the next agenda Update: Z-Ben Advisors would like to wish the Shanghai Free Trade Zone (FTZ) a happy third birthday. This is actually an […]
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(China Alert) King of the MRF mountain

  • MRF
-Northbound inflows for MRF quadrupled in August -New entrants continue to stumble -The MRF rulebook is taking shape as distinct from QDII Update: MRF flows are being dominated by one firm – JP Morgan Asset Management. Just released data for August show nearly RMB4bn (USD600m) of inflows for the program. By Z-Ben Advisors’ calculations, the […]
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(China Alert) QDII: A debatable topic

  • QDII
-In a quota-scarce environment, firms are tapping demand in different ways -Opportunity remains for global managers, if currently limited Update: It has been a long old while since we’ve written an update on the QDII program, mainly because there hasn’t exactly been much to report. And it’s not like anyone, ourselves included, is anything but […]
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(China Alert) Emerging markets: All the better with China

  • Emerging market, MSCI
– Index providers are offering optional A-share inclusion: it is now a competitive decision – Selling emerging market funds could be easier with direct China exposure – soon to be best practice Update: Stage one of A-share inclusion has already been completed by Vanguard for its USD59.9bn Emerging Markets Stock Index fund. We believe that it is […]
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China Dashboard – September 2016

  • mutual fund, Mutual Funds, Stock Connect
An overview of the Chinese financial sector of August 2016 that covers topics including: fund flows, regulatory updates, cross border activities, capital markets, insurance sector, mutual fund sector, banks, trust sector, brokerage sector and private (hedge) funds. These updates are further broken down by our analysis and data. In this month’s dashboard, we cover announcement of Shenzhen-HK […]
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(China Alert) Shadow banking whac-a-mole

  • shadow banking
– Regulators have released numerous regulations to curb shadow banking in recent months – Institutions are actively reallocating assets in response – FMCs are building out capabilities to meet institutional demand Update: The sprawling shadow banking industry is being pushed into a corner as restrictions grow. Regulators from all sides are forcing financial institutions to cut down on […]
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(China Alert) Good fortune and corporate actions

  • Asset Management
-Corporate actions at large FMCs are back in focus after a long lull -Fortune SG’s marks a trend that is likely to buck the exits of old -A wider variety of global and domestic firms are showing an interest in China asset management Update: An eventful summer for China asset management has been capped by […]
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