logo
#

Latest news with #CSRC

China tells brokers to halt endorsements of stablecoin, sources say
China tells brokers to halt endorsements of stablecoin, sources say

Reuters

timea day ago

  • Business
  • Reuters

China tells brokers to halt endorsements of stablecoin, sources say

Aug 8 (Reuters) - Chinese regulators have asked big local brokers to halt publication of research endorsing stablecoins in a bid to curb a surge in interest in the digital currency among domestic investors, two sources familiar with the matter said. While crypto trading is banned in mainland China, brokerages have received a wave of requests for information on stablecoin and digital assets from Chinese investors since Hong Kong passed a stablecoin bill in May, sources at the brokerages say. Some major brokerages received guidance from market regulators in late July and earlier this month pushing them to discontinue publishing research notes and making public comments on stablecoins, the sources said. The People's Bank of China said it had no immediate comment on the matter, while the China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. Bloomberg first reported the news. Some think-tanks have also received guidance from financial regulators that they should cancel stablecoin-related seminars, its report said. Chinese policymakers have been more openly talking about stablecoins in the past few months, with PBOC governor Pan Gongsheng saying in June the boom in digital currencies and stablecoins poses huge challenges to financial regulation. A Shanghai regulator held a meeting last month for local government officials to consider strategic responses to the rise of stablecoins and digital currency - a sign of a potential shift in tone from China over crypto assets. But the post on the Shanghai State-owned Assets Supervision and Administration Commission's official WeChat account giving details of the meeting is no longer available. Stablecoins are a type of cryptocurrency designed to maintain a constant value. They are usually pegged to a fiat currency such as the U.S. dollar, and are commonly used by crypto traders to move funds between tokens.

China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports
China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports

Reuters

timea day ago

  • Business
  • Reuters

China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports

Aug 8 (Reuters) - Chinese regulators have asked local brokers and other bodies to stop research publication and seminars to endorse stablecoins in a bid to check the asset class and avoid instability, Bloomberg News reported on Friday. Some brokerages and think tanks received guidance from market regulators in late July and earlier this month, pushing them to cancel seminars and discontinue dissemination of research on stablecoins, the report said, citing people familiar with the matter. Regulators are also concerned that stablecoins could be exploited as a new tool for fraudulent activities in mainland China, the Bloomberg report said. China Securities Regulatory Commission and the People's Bank of China did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report. Stablecoins are a type of cryptocurrency designed to maintain a constant value and are usually pegged to a fiat currency such as the U.S. dollar and are commonly used by crypto traders to move funds between tokens. While China's 2021 ban on cryptocurrency remains in effect on the mainland, Hong Kong passed a stablecoin bill earlier this year to boost its status as a global digital asset hub.

China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports
China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports

Yahoo

timea day ago

  • Business
  • Yahoo

China tells brokers to stop endorsing stablecoins in bid to avoid instability, Bloomberg News reports

(Reuters) -Chinese regulators have asked local brokers and other bodies to stop research publication and seminars to endorse stablecoins in a bid to check the asset class and avoid instability, Bloomberg News reported on Friday. Some brokerages and think tanks received guidance from market regulators in late July and earlier this month, pushing them to cancel seminars and discontinue dissemination of research on stablecoins, the report said, citing people familiar with the matter. Regulators are also concerned that stablecoins could be exploited as a new tool for fraudulent activities in mainland China, the Bloomberg report said. China Securities Regulatory Commission and the People's Bank of China did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the report. Stablecoins are a type of cryptocurrency designed to maintain a constant value and are usually pegged to a fiat currency such as the U.S. dollar and are commonly used by crypto traders to move funds between tokens. While China's 2021 ban on cryptocurrency remains in effect on the mainland, Hong Kong passed a stablecoin bill earlier this year to boost its status as a global digital asset hub. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

China Clears Fewest HK Listing Applications in Eight Months
China Clears Fewest HK Listing Applications in Eight Months

Mint

time31-07-2025

  • Business
  • Mint

China Clears Fewest HK Listing Applications in Eight Months

China has cleared the fewest Hong Kong listing applications in eight months, a potential sign such deals may slow down after local companies went on a fundraising spree in the city all year. Only three firms received the China Securities Regulatory Commission's nod to proceed with their fundraising plans in Hong Kong, according to figures compiled by Bloomberg. That's the lowest monthly tally since November and a fraction of the 16 companies that got greenlit in June. There is still a long queue of companies seeking to do so, with more than 50 firms submitting their paperwork to the Chinese regulator in the first three weeks of July. More than 200 firms are waiting in line, according to the CSRC's website. Though the Chinese securities watchdog hasn't said why the figures are slowing, state media reported on Thursday that mainland authorities are considering doubling the minimum valuation requirements for onshore-traded firms to list in Hong Kong to 20 billion yuan . Still, most firms waiting currently meet this criteria, the Securities Times said, citing unidentified officials. The CSRC didn't immediately respond to faxed request for comment. Any prolonged slowdown in the review process would be felt in Hong Kong given that mainland-based firms have been the driving force behind the city's sizzling market for listings — Bloomberg Intelligence forecasts overall proceeds will double to more than $22 billion this year. The slowdown in clearing applications also comes amid a recent increase of listings that have flopped. Six of the worst-performing issuances this year began trading in June or July, with Cloudbreak Pharma Inc., down about 45% since its listing this month, being this year's biggest laggard. While the CSRC doesn't officially approve overseas listings, it reserves the right to block them, effectively making it mandatory for Chinese companies to seek the regulator's review before proceeding with such deals. Proceeds from first-time share sales in Hong Kong exceeded $2.3 billion in July, according to data compiled by Bloomberg. While that's quadruple the figure from a year earlier, it's the lowest tally in three months, according to the data. This article was generated from an automated news agency feed without modifications to text.

China Market Update: Health Care Surges On Hengrui-GSK Deal, Market Cheers US-EU Trade Agreement
China Market Update: Health Care Surges On Hengrui-GSK Deal, Market Cheers US-EU Trade Agreement

Forbes

time28-07-2025

  • Business
  • Forbes

China Market Update: Health Care Surges On Hengrui-GSK Deal, Market Cheers US-EU Trade Agreement

CLN Asian equities were mostly higher overnight as Vietnam and Indonesia outperformed while Japan and India underperformed. Hong Kong and Mainland China were both higher overnight on high volumes as health care stocks outperformed, while internet and technology stocks were mixed. China's markets celebrated the announcement of a trade agreement between the US and EU involving 15% tariffs on US-bound goods from the trade bloc. The announcement led to speculation and reports that the US and China will either reach a deal in the coming days, or extend the current state-of-affairs, and deal deadline, by another three months. The China Securities Regulatory Commission (CSRC) held its mid-year work conference. The main takeaway from the work conference release was a continued focus on guiding more savings into the stock market. This follows recent reforms to pensions in China, which would make it easier for beneficiaries to direct investments into stocks and/or mutual funds and ETFs. China's industrial profits in June, reported over the weekend, were down -4.3% from June 2024. While a decline, it is a reversal from the -9.1% decline in May. Exports continue to be volatile, after they came roaring back on the confirmation of exemptions from the US in May. A trade deal is likely to bolster profits at China's industrial firms. Insurance companies surged on the lowering of interest rates for life insurance policies, which is expected to bring in significantly more customers for such policies. China is probably one of the only places globally where the cost of capital is still falling. Interest rates have hit rock-bottom as the yield on the 10-year China government bond continues at a low 1.7%. Could we have a reflation trade in China? Markets have rebounded this year, but is China's interest rate and inflation cycle being factored in? Anyway, it is very much out of sync with the rest of the world. Jiangsu Hengrui Pharmaceuticals gained +24.54% after signing a licensing deal with GSK, permitting the British drug maker to sell 11 treatments developed by Hengrui outside of China. This follows the trend of more and more out-licensing deals, i.e. deals to sell China-developed drugs outside of China. In 2024, there were 70 such deals, up from only 2 in 2017. After China's drug development capabilities matured, it did not take long for the country to benefit from, among other comparative advantages, clinical trial data from an extremely large sample size. New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read Chart2 Chart1 Chart3 Chart4 Chart5 Chart6

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store