Daily Management Review

China to allow subsidiaries of asset management banks to buy shares


12/03/2018


China's banking regulator allowed subsidiaries of local commercial banks specializing in asset management to directly invest in Chinese stocks, reports Reuters.



Monart
Monart
This step is expected to strengthen market confidence amid a slowdown in economic growth.

The Commission for the Regulation of Banking and Insurance Activities of the PRC for the first time announced its intention to take such measures in October.

According to official data, the volume of asset management products sold by banks amounted to 29.54 trillion yuan ($ 4.26 trillion) at the end of 2017.

Chinese stocks fell by about 22% this year amid slowing economic growth and trade conflict with the United States.

Chinese regulators stepped up efforts in October to ease concerns about a sell-off in the country's stock market.

The chairman of the People's Bank of China, said that the decline in stock indices was due to the mood of market participants, not fundamental factors. He said that the People’s Bank of China plans to take measures that will provide financial support for Chinese companies and support the growth of lending in the economy.

Meanwhile, the chairman of the China Securities Regulatory Commission (CSRC) announced a series of incentives. According to him, the commission will promote reforms that, in particular, will facilitate mergers and acquisitions and provide easier access to foreign investment.

Chairman of the Banking and Insurance Regulatory Commission of the People's Republic of China said that insurance companies would be allowed to offer products designed to alleviate liquidity problems for companies that attracted borrowed funds against their own shares.

source: reuters.com






Science & Technology

New Security Study Finds Millions Use 123456 As Password For Email Accounts

The Devastating Panama Disease Could Spell Extinction For Bananas

Walmart to hire 4 thousand robot cleaners

Samsung Galaxy Fold: Expensive but fragile

USA and South Korea launch the first commercial 5G networks

Deliveries of AR/VR devices to grow by 54% in 2019

Anti-Stall System Got Activated Before Crash In The Ethiopian 737 MAX Craft: Reuters

Google’s Global Council To Advocate On AI Ethics

US wants to send astronauts to the moon by 2024

Apple shows new entertainment services

World Politics

World & Politics

Foxconn Head Gou Could Run For Taiwan President Election Next January

France opposes EU-US trade negotiations

United States and China to implement trade agreement

Norway's largest party to ban oil production near Lofoten Islands

Estonia's euroskeptics are about to join the government

Eastern Europe wins in double food standards fight

White House Received New Sanctions’ Package For Russia: Bloomberg

EU will stop saving migrants in the Mediterranean