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China's Market News: ABS on Non-Performing Loans Will Be Restricted to Institutional Investors

China's Market News: ABS on Non-Performing Loans Will Be Restricted to Institutional Investors

Renee Mu, Currency Analyst

This daily digest focuses on market sentiment, new developments in China’s foreign exchange policy, changes in financial market regulations and Chinese-language economic coverage in order to keep DailyFX readers up-to-date on news typically covered only in Chinese-language sources.

- China’s Central Bank Governor said asset-backed securities will only be made available to institutional investors.

- The securities regulator said that China will not re-introduce the circuit-breaker system for a long period of time.

- Shenzhen will raise transaction taxes on second-hand home purchases by 50% on April 1 in the effort of controlling property prices.

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PBOC News: China’s Central Bank

- China’s Central Bank Governors attended press conference at NPC meetings.

China’s Central Bank Governor Zhou Xiaochuan said China has decided to rely more on domestic consumption. Although international trade is important, the country will not over rely on trade to promote GDP growth. Thus, the Central Bank will avoid introducing polices designed to move exchange rates to stimulate exports.

He believes that, in general, the Central Bank will continue to adopt a prudent monetary policy if no major financial crisis begins to take place. However, the monetary policy will remain flexible in case of any unexpected crisis.

In terms of asset-based securities (ABS) based on non-performing loans, China’s Central Bank Deputy Governor Pan Shenggong said that in order to control risks, the Central Bank has selected several large-sized financial institutions with strong credit to participate in the pilot program. Also, potential buyers of the ABS products will be restricted to institutional investors; as it is not allowed to sell these products to retail investors.

Sina News: China’s most important online media source, similar to CNN in the US. They also own a Chinese version of Twitter, called Weibo, with around 200 million active usersmonthly.

- China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) chairmen took questions at the press conference.

CBRC Chairman Shang Fulin commented on the bank debt issue. He said the regulator is planning to launch a creditor-committee system, which allows large creditors of one company to set up a committee and figure out one solution for the specific company. He also disagreed with international grading agency Moody’s downgrading China’s outlook.

CSRC Chairman Liu Shiyu said China’s equity market is in a special period, which requires special tools. The regulator will continue to stabilize the market by injecting funds through China Securities Finance Corp for quite a long period. Chinese regulators will continue to protect stock prices.

Mr. Liu also said China will not re-introduce the circuit-breaker mechanism over the following years. The majority of Chinese equity investors are retail investors. The fact will remain unchanged for a long time. Thus, the Chinese equity market does not meet requirements to launch the circuit-breaker system.

CIRC Chairman Xiang Junbo touched on the issue of insurance companies investing in the secondary equity market. He said the overall risk of the insurance industry is under control: 90% of the investments made by insurance companies are AA-level or above assets. 88% of the investments have guarantees. As insurance companies are normally long-term investors, their participation in the equity market can provide strong support to the market.

China’s financial industries are divided into three categories: banking, securities and insurance. Each industry has its own regulator to conduct daily management. The Central Bank, on the other hand, designs macroeconomic policies and regulates financial markets on a larger scale.

Hexun News: Chinese leading online media of financial news

- Shenzhen announced new measures to control the soaring housing prices in the region: the transaction tax of purchasing second-hand homes will be raised by 50% beginning on April 1, 2016. Also the Central Bank requires commercial banks in Shenzhen to check the sources of funds used to make down payments and tighten restrictions. Shenzhen’s property prices surged more than 50% over the past year which has raised regulators concerns.

Written by Renee Mu, DailyFX Research Team

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.