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On Friday, China's key bank released draft guidelines for the purpose of tightening regulations on financial institutions' asset management business, which is a major component of the country's rampantly ascending shadow banking sector.
The fresh guidelines unified top-level rules for asset management products issued by trust firms, financial institutions, insurance asset management companies, fund, securities firms as well as futures companies. That’s what the People's Bank of China told in an online statement released jointly with the country's insurance, securities, banking as well as foreign exchange regulators.
Banks aren’t permitted to utilize asset management products to pump funds in commercial banks' credit assets or provide so-called "channel service" for other banks to dodge regulations, as the new draft rules states.
Aside from that the guidelines forbid banks from conducting asset pools just to manage funds raised via asset management products.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
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