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China will maintain an independent and accommodative monetary policy amid the unfolding global rate cut cycle, with future adjustments to be determined by domestic priorities and incoming data, officials and analysts said on Monday.官方及分析人士于周一表示，在当前全球降息周期逐步展开的背景下，中国将继续实施独立且稳健宽松的货币政策，未来政策调整将依据国内发展重点与实际经济数据来确定。Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said on Monday that China's monetary policy will remain independent and data-driven, following the US Federal Reserve cutting the federal funds rate by 25 basis points last week.中国人民银行行长潘功胜在周一指出，继上周美国联邦储备委员会宣布将联邦基金利率下调25个基点后，中国货币政策仍将坚持独立性与数据驱动原则。"China's monetary policy adheres to the principle of staying oriented to domestic needs while balancing internal and external factors," Pan said at a news conference, adding that future decisions will be based on macroeconomic conditions and evolving circumstances.潘功胜在新闻发布会上强调：“中国货币政策始终坚持以国内需求为主导，同时统筹兼顾内外部均衡。”他进一步表示，未来货币政策决策将立足宏观经济形势与实际情况变化来制定。Citing international central banking practice, Pan said the PBOC will follow a data-based approach to policy adjustment, and make comprehensive use of multiple tools to ensure ample liquidity and guide financing costs lower.提及国际央行通行做法时，潘功胜表示，中国人民银行会遵循数据导向的政策调整思路，综合运用多种货币政策工具，确保市场流动性合理充裕，并引导融资成本持续下行。Such efforts are aimed at bolstering consumption, expanding investment and consolidating economic recovery, Pan said, stressing that "China's current monetary policy stance is supportive."他指出，这些举措旨在提振消费、扩大有效投资，巩固当前经济回升向好态势，同时明确“中国当前的货币政策立场具备充分的支持性”。Also on Monday, the PBOC released the latest loan prime rates — the market-based lending benchmarks — which remained unchanged for the fourth consecutive month. The one-year LPR stood at 3 percent, while the over-five-year LPR came in at 3.5 percent.同样在周一，中国人民银行公布了最新一期贷款市场报价利率（LPR）——作为市场基础性贷款利率基准，此次LPR已连续第四个月维持不变。其中，1年期LPR保持3%不变，5年期以上LPR则稳定在3.5%水平。The steady rates were in line with expectations, as the policy rate of seven-day reverse repos has also held stable. Analysts said the third quarter has been a period of observing monetary policy effects, even as the US Fed rate cut provides more policy room for China by potentially ushering in a global rate cut cycle.此次LPR保持稳定符合市场预期，此前7天期逆回购操作利率亦持续维持不变。分析人士认为，尽管美联储降息可能推动全球进入降息周期，为中国货币政策提供更广阔操作空间，但第三季度仍是观察前期货币政策实施效果的关键阶段。Looking ahead, Ming Ming, chief economist at CITIC Securities, said credit growth remained subdued and property sales became weaker in the third quarter, underscoring the need for interest rate cuts to lower financing costs.展望未来，中信证券首席经济学家明明表示，第三季度我国信贷增长态势偏缓，商品房销售表现进一步走弱，这凸显出通过降息降低市场主体融资成本的必要性。Ming said that the narrowing net interest margin of commercial banks suggests that deposit rates may need to decline before a cut in LPRs can take place, adding that rate cut decisionmakers should also pay attention to the impact on investor sentiment in the stock market.明明指出，商业银行净息差持续收窄，这意味着若要下调LPR，可能需要先推动存款利率下行。此外，政策制定者在作出降息决策时，还需关注其对股票市场投资者情绪的潜在影响。During Monday's news conference, heads from China's top financial regulators also reported the achievements made by the country's financial sector over the 14th Five-Year Plan period (2021-25).在周一的新闻发布会上，我国金融监管部门负责人还介绍了“十四五”规划（2021-2025年）期间我国金融业取得的发展成就。Pan said total assets of China's banking sector reached nearly 470 trillion yuan ($66 trillion) by the end of June, the largest in the world, while the country's stock and bond markets ranked second globally in size.潘功胜透露，截至今年6月末，我国银行业总资产规模接近470万亿元（约合66万亿美元），规模位居全球首位；股票市场与债券市场规模则均位列全球第二。Wu Qing, chairman of the China Securities Regulatory Commission, said at the conference that equity and bond financing on the exchange markets totaled 57.5 trillion yuan in the past five years, raising the share of direct financing to 31.6 percent, up by 2.8 percentage points from the end of the 13th Five-Year Plan period (2016-20).中国证券监督管理委员会主席吴清在会上表示，过去五年，我国交易所市场股票与债券融资总额达57.5万亿元，直接融资占比提升至31.6%，较“十三五”规划（2016-2020年）期末提高2.8个百分点。Technology-related stocks now account for over one-fourth of the market capitalization of the A-share market, far surpassing the combined weight of financial and real estate sectors, while dividends and share buybacks reached 10.6 trillion yuan in the past five-year period, more than twice the combined proceeds from IPOs and refinancing, Wu said.吴清指出，目前A股市场中科技相关板块市值占比已超过四分之一，远超金融与房地产板块市值之和；过去五年，A股市场现金分红与股份回购总额达10.6万亿元，是同期首次公开发行（IPO）与再融资募集资金总和的两倍多。Looking ahead, Wu said the commission will advance reforms of the STAR Market and ChiNext regarding IPOs, mergers and acquisitions, and corporate restructurings to amplify support for innovation, improve listed companies' disclosure quality, foster a culture that values and rewards investors, and enhance market regulation and risk-prevention frameworks.对于未来工作方向，吴清表示，证监会将推进科创板、创业板在首次公开发行（IPO）、并购重组等领域的改革，进一步加大对科技创新的支持力度；同时将提升上市公司信息披露质量，培育尊重投资者、回报投资者的市场文化，并健全市场监管与风险防范体系。Wu added that long-horizon assessments of funds will be reinforced, while cross-border investment and financing will be made more convenient to attract more capital inflow.他补充道，监管部门还将强化对基金产品的长期业绩考核，进一步便利跨境投融资活动，吸引更多境外资本流入我国资本市场。Zhu Hexin, administrator of the State Administration of Foreign Exchange, said that overseas institutions and individuals held over 10 trillion yuan worth of onshore stocks, bonds, deposits and loans by the end of July.国家外汇管理局局长朱鹤新表示，截至今年7月末，境外机构与个人持有境内股票、债券、存款及贷款等各类资产规模合计超过10万亿元。Official data showed that foreign investors now hold about 3.4 trillion yuan of A shares, while 269 Chinese companies are listed overseas.官方数据显示，目前境外投资者持有A股规模约3.4万亿元，共有269家中国企业在境外市场上市。accommodativeadj.融通的，适应性强的/əˈkɒmədeɪtɪv/liquidityn.流动性；资产变现能力/lɪˈkwɪdəti/marginn.差额，利润/ˈmɑːdʒɪn/

China must accelerate reform measures to reinforce the stable and healthy development of the capital market in the coming five years as a strategic pivot in transforming the country's economic growth model, said leading economists and financial experts.著名经济学家和金融专家表示，中国必须加快改革措施，在未来五年加强资本市场的稳定和健康发展，作为转变国家经济增长模式的战略支点。Despite Thursday's market correction, they said the recent rally in Chinese equities, together with the ongoing regulatory initiatives to enhance market stability, still highlights a strategic shift toward positioning the capital market as a central driver of innovation, consumption and domestic economic circulation amid external headwinds.他们表示，尽管周四出现了市场回调，但中国股市近期的反弹，以及正在实施的加强市场稳定的监管举措，仍突显出在外部不利因素的影响下，中国将资本市场定位为创新、消费和国内经济循环的核心驱动力的战略转变。Looking at the new round of capital market reform to be unfolded in the 15th Five-Year Plan (2026-30) period, top priorities should include firmer determination to close regulatory loopholes that leave room for improper profits, ensure market fairness for retail investors, and improve transparency for global investors, they added.他们补充说，展望第15个五年计划（2026-30）期间将展开的新一轮资本市场改革，当务之急应该包括更坚定地弥补为不正当利润留下空间的监管漏洞，确保散户投资者的市场公平，提高全球投资者的透明度。Proposals for formulating the 15th Five-Year Plan for national economic and social development will be studied at the fourth plenary session of the 20th Communist Party of China Central Committee, scheduled to be held in Beijing in October.关于制定国民经济和社会发展第15个五年计划的建议将在定于10月在北京举行的中国共产党第二十届中央委员会第四次全体会议上进行研究。Xi Jinping, general secretary of the Communist Party of China Central Committee, called for giving full play to the pivotal role of the capital market at the Central Financial Work Conference in 2023.习近平，中国共产党中央委员会主席，在2023年的中央金融工作会议上，要求充分发挥资本市场的关键作用。At the CPC Central Committee Political Bureau meeting on July 30, which Xi chaired, it was pointed out that the attractiveness and inclusiveness of the domestic capital market should be boosted, in order to consolidate the improving and stabilizing trend of the capital market.7月30日习主持的中共中央政治局会议上，习指出要增强国内资本市场的吸引力和包容性，巩固资本市场向好企稳的态势。"The ongoing rise of A shares reflects that the strategic position of the capital market in China's economic agenda is rising significantly," said Tian Xuan, president of Tsinghua University's National Institute of Financial Research and associate dean of Tsinghua University's PBC School of Finance.清华大学国家金融研究院院长、中国人民银行金融学院副院长田轩表示：“A股的持续上涨反映出资本市场在中国经济议程中的战略地位正在显著上升。”In the upcoming 15th Five-Year Plan period, high-quality development of the capital market will act not only as a key pathway to address structural economic issues, but also as the "central pivot" for transforming the country's growth model, Tian said.田说，在即将到来的“十五”计划期间，资本市场的高质量发展不仅是解决结构性经济问题的关键途径，而且是转变国家增长模式的“中心支点”。The bottlenecks faced by traditional growth drivers, the remaining financing difficulties for innovation and intensified global tech competition all demand steady, healthy growth of the capital market to guide long-term capital into core technologies, Tian said. The growing household demand for wealth management also requires the capital market to provide diverse investment channels, he said.田说，传统增长动力面临的瓶颈，创新的剩余融资困难以及加剧的全球技术竞争都需要资本市场稳定，健康的增长，以引导长期资本进入核心技术。他说，家庭对财富管理日益增长的需求也要求资本市场提供多样化的投资渠道。He added that China should further improve fundamental institutions to ensure sustainable market momentum, calling for better management of expectations, greater policy transparency and timely, positive signals to shore up sentiment, as well as stricter information disclosure and an improved delisting mechanism to raise listed companies' quality.他补充说，中国应该进一步完善基本制度，以确保市场的可持续发展势头，呼吁更好地管理预期，提高政策透明度，及时发出积极信号来提振市场情绪，以及更严格的信息披露和完善的退市机制，以提高上市公司的质量。China's A-share market fell on Thursday, as experts cited profit-taking pressure, while the United States Federal Reserve's 25-basis-point interest rate cut on Wednesday fell short of some investors' expectations for a bolder move.中国A股市场周四下跌，专家们认为这是获利了结的压力，而美联储周三降息25个基点的决定，没有达到一些投资者对更大胆举措的预期。Despite a 1.15 percent drop on Thursday, the benchmark Shanghai Composite Index has risen by nearly a quarter from the April trough, closing at 3,831.66 points. US investment bank Goldman Sachs said in a report on Thursday that it forecasts an 8 percent upside for the A-share market over the coming 12 months.尽管周四下跌了1.15%，但基准上证综合指数已经从4月份的低点上涨了近四分之一，收于3831.66点。美国投资银行高盛在周四的一份报告中表示，预计未来12个月a股市场将上涨8%。Liu Jipeng, a senior expert on capital markets and a professor at the Business School of China University of Political Science and Law, said that further closing regulatory gaps to safeguard market fairness and investor interest would hold the key to future capital market reforms and steady market growth.资本市场资深专家、中国政法大学商学院教授刘继鹏表示，进一步缩小监管空白，以维护市场公平和投资者利益，将是未来资本市场改革和市场稳定增长的关键。"A slow bull market has taken shape. The goal should be making it steady and long-lasting, so that the capital market can serve as a platform for common prosperity, where the majority of investors can share returns, rather than only a few getting rich overnight," Liu said.“一个缓慢的牛市已经形成。目标应该是使其稳定和持久，以便资本市场可以作为共同繁荣的平台，大多数投资者可以分享回报，而不是只有少数人一夜暴富。”Wu Qing, chairman of the China Securities Regulatory Commission, pledged at a recent symposium to accelerate the new round of capital market reform and opening-up to consolidate the improving market trend, stressing that the market is at a crucial stage in its pursuit of high-quality development in the 15th Five-Year Plan period.中国证券监督管理委员会主席吴清在最近的一次座谈会上承诺，将加快新一轮资本市场改革开放，巩固市场向好趋势，并强调市场正处于“十五”期间追求高质量发展的关键阶段。China has ramped up capital market reform efforts after it released a high-level guideline in April last year, rolling out nine measures to promote the high-quality development of the capital market.自去年4月发布高层指导意见以来，中国加大了资本市场改革力度，推出了促进资本市场高质量发展的九项措施。Since then, the country has issued new rules and measures to better regulate holding reductions by major shareholders, raise the dividends for equity shareholders, and encourage the entry of long-term capital while improving mechanisms to anchor market liquidity amid slumps.此后，国家出台了新的规则和措施，以更好地规范大股东减持，提高股东股息，鼓励长期资本进入，同时完善机制，以稳定市场流动性。Liu attributed the recent rally to such reform measures, and said that more must be done to further enhance market fairness, including in areas such as stock issuance review and pricing, quantitative trading and large shareholders' stakes.刘将最近的反弹归因于这些改革措施，并表示必须做更多的工作来进一步增强市场公平，包括股票发行审查和定价，量化交易和大股东股权等领域。Luo Zhiheng, chief economist at Yuekai Securities, said that enforcing rules with greater rigor and raising penalties for fraudulent practices are essential to building lasting investor trust.悦凯证券首席经济学家罗志恒表示，更严格地执行规定，加大对欺诈行为的惩罚力度，对于建立投资者的持久信任至关重要。With the A-share market showing an improving and stabilizing trend, Luo said it can lift household income and offset part of the drag from the housing slowdown, and make people more confident to spend, thus supporting consumption and overall economic vitality.随着A股市场呈现出改善和稳定的趋势，罗说，这可以提高家庭收入，抵消住房放缓的部分拖累，使人们更有信心消费，从而支持消费和整体经济活力。The A-share rally has also enhanced the attractiveness of Chinese financial markets globally.a股的上涨也增强了中国金融市场在全球的吸引力。Thomas Fang, head of China global markets at investment bank UBS, said that global investors are showing greater interest in Chinese financial assets as the country's shining economic prospects help them to diversify their allocations from US dollar-denominated assets.投资银行瑞银（UBS）中国全球市场主管方德华（Thomas Fang）表示，全球投资者对中国金融资产表现出更大的兴趣，因为中国光明的经济前景有助于他们将资产配置从美元计价资产中分散出来。Fang applauded China's recent opening-up policies that offer global investors more instruments to invest in China, facilitating their risk management and helping them take bigger positions in the country.方赞扬了中国最近的开放政策，为全球投资者提供了更多投资中国的工具，促进了他们的风险管理，并帮助他们在中国占据更大的位置。capital market reformn.资本市场改革/ˈkæpɪtl ˈmɑːkɪt rɪˈfɔːm/A-share marketn.A股市场（中国内地股票市场）/eɪ ʃeə ˈmɑːkɪt/

Singapore shares dipped today as investors mull a mixed day in Asia. The Straits Times Index was down 0.04% at 2.17pm Singapore time, at 4,244.06 points, with a value turnover of S$584.32M seen in the broader market. In terms of companies to watch, we have CapitaLand Investment, after its subsidiary CapitaLand Commercial C-Reit (CLCR) received approval from the China Securities Regulatory Commission yesterday to register for its listing on the Shanghai Stock Exchange. Elsewhere, from investors’ reactions to a better-than-expected set of earnings out of AI chip titan Nvidia, to South Korea’s central bank holding policy interest rates steady for a second straight review – more corporate and international headlines remained in focus. On Market View, Money Matters’ finance presenter Chua Tian Tian dived into the details with David Chow, Director, Azure Capital. See omnystudio.com/listener for privacy information.

China will implement a batch of policies, including those addressing financing and credit, to support small and micro-sized enterprises, platform firms and unicorns, so as to help them expand business and unleash vitality, it was announced on Monday at a conference by the State Council, the nation's Cabinet.10月14日，国新办举行新闻发布会，宣布中国将实施一系列融资信贷等政策，支持小微企业、平台企业和独角兽企业发展，帮助它们拓展市场、释放活力。Buoyed by such signals of support for the private sector, share prices rose in China on Monday. The CSI 300, an index of large companies traded in Shanghai and Shenzhen, closed 1.9 percent higher. The ChiNext Index, which tracks China's Nasdaq-style board of growing and emerging enterprises, gained 2.6 percent.受这些支持民营经济信号的提振，14日，中国股市上涨。沪深300指数收盘涨1.9%，追踪中国版纳斯达克成长型和新兴企业的创业板指涨2.6%。Luo Wen, head of the State Administration for Market Regulation, the country's top market regulator, said that the country will work to introduce innovative quality financing and credit enhancement policies to ease financing challenges for SMSEs.国家最高市场监管部门——国家市场监督管理总局局长罗文表示，中国将创新实施质量融资增信政策，帮助缓解小微企业融资困难问题。Under such policies, financial institutions will factor in a company's quality management and brand reputation when issuing loans. Together with equity, funds and bond-based financing tools, the country aims to generate a credit enhancement and financing quota of 300 billion yuan ($42 billion) each year, Luo said.罗文介绍，根据这些政策，金融机构在发放贷款时将考虑企业的质量管理和品牌信誉。股权、基金、债券等融资工具组合发力，国家每年可以实现质量融资增信授信额度3000亿元。Luo emphasized that the SAMR will roll out a guideline to guide platform operators to help merchants on the platform enhance brand awareness, increase market transactions and harness traffic.罗文强调，市场监管总局将出台指导意见，引导平台企业帮助其平台上的商户提升品牌知名度、增加市场交易量和利用流量。It will help businesses, especially new entrants, agricultural firms and some unique companies on the platform, to enhance their ability to utilize online traffic more efficiently and tap into larger audiences, he added.罗文补充，这将帮助企业商户提高流量利用效率、挖掘更多受众，尤其是对新入驻经营主体、农产品经营主体和特色经营主体。Beyond SMSE support, Wang Jiangping, vice-minister of the Ministry of Industry and Information Technology, said the ministry will collaborate with the China Securities Regulatory Commission to launch the third batch of specialized boards for "little giant" companies in regional equity markets.工业和信息化部副部长王江平表示，除了扶持小微企业，工信部将联合证监会推出第三批区域性股权市场“专精特新”专板以支持“小巨人”企业。Little giant companies refer to small and medium-sized enterprises that typically specialize in niche sectors, command high market shares and boast strong innovative capacity. By the end of June this year, China had cultivated 12,000 such enterprises. 所谓“小巨人”企业，是指专注于细分领域、市场占有率高、创新能力强的中小型企业。截至今年6月底，中国已培育了1.2万家这样的企业。The ministry also plans to sign a strategic cooperation agreement with the Beijing Stock Exchange to further streamline financing channels for these firms, Wang said.王江平补充，工信部还计划与北交所签订战略合作协议，进一步畅通专精特新中小企业资本市场融资渠道。At the conference on Monday, Wang said that China is also placing a greater emphasis on developing unicorn companies — startups valued at over $1 billion — in emerging high-tech fields such as 6G and brain-computer interfaces.在14日的新闻发布会上，王江平表示，中国也将更加重视独角兽企业（即估值超过10亿美元的初创企业）在6G、脑机接口等新兴高科技领域的发展。He said a nationwide unified system will be established to coordinate the development of unicorn companies between the central government and provincial government levels.王江平补充，为推动支持我国独角兽企业发展，将建立全国统一、部省联动的独角兽企业培育体系。Unicorn companies will be supported in technological innovation, and will be encouraged and guided to address national strategic needs and master unique, proprietary technologies, Wang said, adding that more efforts will be made to increase financial backing for these unicorns, including support for public listings, mergers and acquisitions, to accelerate their growth.支持独角兽企业技术创新，鼓励和引导独角兽企业围绕国家战略需求开展技术攻关，掌握更多的“独门绝技”。加大对独角兽企业的金融支持，包括支持独角兽企业上市、并购、重组等。Despite China's growing unicorns, the country still lags behind the United States in terms of the overall number, according to the Hurun Research Institute. Last year, China had 340 unicorns while the US had 700.胡润研究院称，尽管中国的独角兽企业不断增加，但就总体数量而言，中国仍落后于美国。去年，中国有340家独角兽企业，而美国有700家。Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said that encouraging SMSEs, platform firms and unicorn companies are part of broader efforts to spur the private sector, which is of great significance to counter the current global economic slowdown. 北京市社会科学院高级研究员王鹏表示，鼓励支持小微企业、平台企业和独角兽企业是刺激民营经济发展的进一步努力，这对于应对当前全球经济下行具有重要意义。A report on private sector development by the State Council showed that private companies accounted for 92.3 percent of the country's total number of business entities in 2023, a significant increase from 79.4 percent in 2012.国务院关于民营经济发展情况的报告显示，2023年，民营企业占全国企业总数的92.3%，较2012年的79.4%有大幅提高。"The Chinese economy will continue gathering momentum if the private sector, including smaller businesses, remains sound. More importantly, private enterprises stood undoubtedly at the forefront of technological innovations and the digital economy in recent years, especially in fields like new energy, information, communication, biopharmaceuticals and AI," the senior researcher said.“如果包括小型企业在内的民营经济发展稳健，中国经济将继续保持良好发展势头。更重要的是，近年来，民营企业无疑站在了技术创新和数字经济的前沿，尤其是在新能源、信息、通信、生物制药和人工智能等领域。”资深研究员王鹏说。harnessv. 利用proprietaryadj. 独有的；专利的mergern. (企业)合并；并购acquisitionn. 收购

Analysts say decisive policy stance bodes well for investment inflow分析人士称，果断的政策立场是投资流入的好兆头The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors' confidence in the Chinese economy, which is expected to sail through headwinds.25日，人民币汇率升至一年多来的最高水平，中国股市继续反弹。此前，强有力的一揽子政策提振了投资者对中国经济的信心，预计中国经济将逆风前行。Economists, investment banks and asset managers said that policymakers' more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.经济学者、投资银行和资产管理公司表示，决策者在支撑经济方面采取的更为果断的立场、全球降息周期以及低资产估值等因素结合在一起，使得现在可能成为投资中国金融资产的好时机，预计未来几个月中国金融资产将吸引更多外资流入。However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.然而，他们提醒，这一预测可能取决于为应对经济挑战而实施的进一步政策支持，目前最紧迫的是增加财政支出以促进国内需求，并提供直接资金以缓解房地产行业的困境。On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.25日，离岸人民币对美元汇率升至 6.9951，较前一交易日收盘价涨158个基点，16 个月来首次升破7.0元关口。Guan Tao, global chief economist at BOCI China, said that the renminbi's rally is attributable to both Tuesday's policy release, which strengthened investors' confidence in China's economy, and the US Federal Reserve's interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.中银证券全球首席经济学家管涛表示，人民币汇率上涨的原因在于24日发布的政策提振了投资者对中国经济的信心，以及美联储上周降息缩小了中美两国国债收益率利差。Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed's pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.展望未来，管涛认为，人民币对美元汇率可能会出现双向波动，单边大幅升值的可能性有限，因为美联储的降息步伐仍存在不确定性，如果美国经济过热，美联储甚至可能重新考虑加息。Moreover, the People's Bank of China, the country's central bank, is expected to take measures to prevent any renminbi exchange rate overshooting if needed, and has accumulated rich experience in this regard, said Guan, who had served as head of the Balance of Payments Department at the State Administration of Foreign Exchange.此外，曾任国家外汇管理局国际收支司司长的管涛表示，中国人民银行作为中国的中央银行，在这方面积累了丰富的经验，预计会在必要时采取措施防止人民币汇率超调。Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.管涛补充，在美国实现软着陆而美联储继续降息的基本情况下，境外机构可能会继续增持人民币债券，尤其是国债。As of August, overseas institutions' holdings in China's interbank bond market had risen for 12 consecutive months, an increase in foreign holdings of as much as 1.34 trillion yuan ($190.7 billion), according to the PBOC's Shanghai head office.中国人民银行上海总部的数据显示，截至8月份，境外机构已连续12个月增持境内银行间市场债券，累计增持规模高达1.34万亿元人民币（1907亿美元）。Upbeat sentiment乐观的情绪The upbeat sentiment was seen in the A-share market as well. The Shanghai Composite Index went up 1.16 percent to Wednesday's close of 2,896.31 points, extending a jump of 4.15 percent on Tuesday, the biggest rise in about four years.A股市场也出现乐观情绪。上证综指25日收盘涨1.16%，报2896.31点，延续了24日4.15%的涨幅，创下约四年来的最大涨幅。"I believe that this may be a good time to revisit Chinese stocks," said David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, a global investment management company.景顺亚太区（日本除外）全球市场策略师赵耀庭表示：“我认为现在可能是重新审视中国股票的好时机。”Chao said China has fired off a meaningful monetary stimulus salvo, which may potentially usher trillions of renminbi in liquidity if fully implemented, sending a strong signal that the government is responding to economic headwinds.赵耀庭认为，中国已经打响了有意义的货币刺激战，如果政策全面实施，可能会释放万亿元流动性，表明政府正在应对经济逆风的强烈信号。Major package一揽子政策On Tuesday, China's top financial regulators unveiled a set of measures that some analysts said might be the country's biggest monetary stimulus package following the pandemic.24日，中国最高金融监管机构公布了一系列措施，一些分析人士认为，这可能是疫情之后中国最大的货币刺激计划。This includes a 20 basis point reduction in the seven-day reverse repo rate, a key policy benchmark of interest rates, as well as a 50 basis point cut to rates on existing mortgages and another 50 basis point cut to the reserve requirement ratio, apart from other steps supportive of the property and stock markets.除了其他支持房地产和股票市场的措施外，该计划还包括将作为主要政策利率的7天期逆回购操作利率下调20个基点，将存量房贷利率下调50个基点，将存款准备金率再下调50个基点。The PBOC started to put the package into action by lowering the one-year medium-term lending facility rate, a policy rate, by 30 basis points to 2 percent on Wednesday.25日，中国人民银行将中期借贷便利利率下调30个基点至2%，开始推动一揽子政策落地实施。A Goldman Sachs report said on Wednesday that the latest stimulus package would be strong enough to catalyze a policy-induced rally in shares listed in Hong Kong and on the Chinese mainland, though it would be unlikely to "turn things around fundamentally".高盛25日的一份报告表示，最新的经济刺激计划足以催化中国香港和中国大陆上市股票的政策性反弹，但不太可能“从根本上扭转局面”。The report said a relending program unveiled on Tuesday will allow listed companies to borrow inexpensive money to shore up stock prices and boost investor sentiment, while the stock stabilization fund that is under policy study, if launched, might help fend off systemic risks in the stock market, as indicated by experiences in other markets.报告称，24日公布的再贷款政策将允许上市公司借入低成本资金，以支撑股价和提振投资者情绪，而正在进行政策研究的股票平准基金如果启动，将有助于抵御股市的系统性风险，其他市场的经验也表明了这一点。While the PBOC introduced two new policy tools aimed at boosting stock market liquidity, the China Securities Regulatory Commission released a guideline on Tuesday to encourage mergers and acquisitions and a draft rule to strengthen listed companies' market capitalization management.在央行推出两项旨在提高股市流动性的新政策工具的同时，中国证监会24日发布了鼓励并购的指导意见和加强上市公司市值管理的规定草案。Yet more could be done, with Goldman Sachs saying that "we would turn more aggressive on A shares when signs of property market stabilization emerge or policy momentum further strengthens".然而，还有更多事情可以做，高盛表示：“当房地产市场出现稳定迹象或政策势头进一步加强时，我们将对A股采取更积极的态度。”Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank, underlined the importance of beefing up fiscal support, as "monetary easing would be less effective without proactive fiscal policy".渣打银行大中华及北亚区首席经济师丁爽强调了加强财政支持的重要性，因为“如果没有积极的财政政策，宽松货币政策的效果将大打折扣”。It is likely that the government will increase bond issuance to accelerate government spending, Ding said, adding that investor sentiment could improve if policymakers decide to broaden the use of bond proceeds, especially to reduce home inventory.丁爽认为，政府很可能会增加债券发行以加速政府支出。如果决策者决定扩大债券收益的用途，特别是用于房地产去库存，那么投资者的情绪将会有所改善。Ding said that Standard Chartered Bank analysts retain the base case forecast that the renminbi will stay within the range of between 7 and 7.1 against the dollar by the end of the year.丁爽表示，渣打银行分析师维持基本预测，即人民币对美元汇率到今年年底将保持在7至7.1的区间内。bodev．预示；预言rallyv. 反弹，振作；重整；团结fluctuationn. 波动，涨落soft landing软着陆fiscal policy财政政策

Chinese authorities have slapped 441 million yuan ($62.1 million) in penalties and imposed a six-month business suspension on PwC's auditing unit in the country, after the entity was found to have "covered up and even condoned" fraud at Evergrande Real Estate Group.中国证监会、财政部就普华永道中国审计部门“掩盖甚至纵容”恒大地产财务造假的违法行为，处以罚款4.41亿元人民币（合6,210万美元），并暂停经营业务6个月。The China Securities Regulatory Commission said on Friday that PwC Zhong Tian LLP had failed to exercise due diligence in its audit of Evergrande Real Estate Group, the flagship subsidiary of Evergrande Group.13日，中国证监会表示，普华永道中天会计师事务所在对中国恒大集团旗舰子公司恒大地产集团有限公司进行审计时未勤勉尽责。In May, the CSRC had fined the troubled real estate developer some 4.18 billion yuan for fraudulent bond issuances and false statements.今年5月，中国证监会因其欺诈发行公司债券和虚假记载行为，对陷入困境的恒大地产处以约41.8亿元的罚款。Based on China's Securities Law, the commission confiscated the auditing unit's revenue involved in the Evergrande case of 27.74 million yuan and fined it 297 million yuan — totaling about 325 million yuan, which, according to the commission, was a "record-breaking" punishment against auditing firms.依据《中华人民共和国证券法》，中国证监会没收普华永道涉恒大地产案收入2774万元，罚款2.97亿元，总计约3.25亿元。中国证监会称，这是针对审计公司的“创纪录”处罚。The Ministry of Finance also said on Friday that, in accordance with the law of certified accountants, it had decided to impose a six-month business suspension on PwC Zhong Tian and fined it 116 million yuan, while closing down its Guangzhou office.13日，财政部也表示，依据《中华人民共和国注册会计师法》，决定对普华永道中天处以1.16亿元罚款，暂停经营业务6个月，同时撤销普华永道广州分所。CSRC and the Finance Ministry have examined PwC's role in the Evergrande fraud, in which the developer was found to have engaged in five fraudulent bond issuances based on false statements in the annual reports of 2019 and 2020.中国证监会和财政部已对普华永道在恒大地产欺诈案中扮演的角色进行了审查，发现恒大地产2019年、2020年的年报存在虚假记载，相关5次公司债券发行构成欺诈发行。CSRC said PwC Zhong Tian had violated multiple audit standards with inaccurate working papers and ineffective on-site inspections, failed to detect Evergrande's fraud and issued unqualified audit reports.中国证监会称，普华永道中天违反多项审计准则，审计工作底稿失真，现场走访程序失效，未能发现恒大地产的欺诈行为，并出具了标准无保留意见审计报告。"PwC's actions were not merely simple audit negligence or failure. To some extent, it covered up and even condoned Evergrande Real Estate's financial fraud and fraudulent bond issuances.“普华永道上述行为，不只是简单的审计失职、失效行为，它在一定程度上掩盖甚至纵容了恒大地产财务造假和欺诈发行公司债券。”"The actions severely eroded the foundation of law and integrity, significantly harmed the legitimate rights and interests of investors, seriously undermined market confidence and should be severely punished according to the law," said CSRC.对此，中国证监会表示：“这些行为严重侵蚀法律和诚信基础，严重损害投资者合法权益，严重破坏市场信心，依法应予严惩。”Citing the case, the Finance Ministry said it will continue to enhance supervision and inspection.财政部援引该案例表示，将继续加强监督和检查。"For any discovered cases of accounting and auditing fraud, we will investigate and punish them severely to ensure that regulation has 'teeth and thorns'."“对于发现的任何会计审计造假案件，我们都将严厉查处，确保监管‘长牙带刺'”。PwC issued a statement on its global website to say that PwC Zhong Tian's work in Evergrande's case fell unacceptably below expected standards. It said it respects the regulators' decisions and that it would fully comply with the administrative penalties.普华永道在其全球网站上发表声明称，普华永道中天对恒大地产的审计工作严重低于预期标准，令人无法接受。普华永道尊重监管机构的决定，并将全力遵守行政处罚。Dai Guanchun, a senior capital markets lawyer, said the punishments indicate that Chinese regulators are intensifying their crackdown on violations by capital market intermediary institutions according to law.资本市场资深律师戴冠春表示，这些处罚表明中国监管机构正在依法加强对资本市场中介机构违法违规行为的打击力度。The case could help deter other institutions from misbehavior as it would result in not only financial losses but reputational damage to PwC's China business, Dai added.戴冠春补充道，此案有助于遏制其他机构的不当行为，因为这不仅会给普华永道的中国业务带来经济损失，还会造成声誉受损。

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news markets are awaiting signals from the minutes of the late January Fed meeting.In the US, mortgage applications fell rather sharply last week, down more than -10% from the prior week to be -13% lower than a year ago. A key reason for the sharpish pullback was an unexpected surge in mortgage interest rates which jumped +19 bps to 7.06% (plus points) for the benchmark 30 year fixed loan. That is their highest of 2024. These higher rates reflect the shift in market pricing as the chances of near-term Fed rate cuts recede.Another assessment of Fed rate trajectories will come this morning (8am NZT) when they release the minutes of the FOMC's January meeting. The next Fed meeting isn't until this time next month. (But there is an RBNZ one this time next week.)American retail sales rose +3.0% last week from a year ago at bricks & mortar stores in the Redbook survey. This is barely enough to keep up with inflation, a second straight week like this after nine weeks of significant volume growth. A hesitation was always on the cards.Sharply lower oil prices, and exports at a 14 month high have combined to deliver Japan a sharply lower January trade deficit. Those exports were on the basis of good demand from both the US and China.European consumer sentiment improved marginally in February even if it still remains quite negative - just less negative.In Indonesia, their central bank kept its policy rate unchanged at 6%.In Australia, wages rose +0.9% in the December quarter, and +4.2% for the full year, (marginally more than the CPI rise of +4.1%). That's its highest growth since 2008.The UST 10yr yield starts today at 4.32% and up +6 bps from this time yesterday. Wall Street in its Wednesday trade is down -0.4% on the S&P500. Overnight European markets were very mixed again with Frankfurt up +0.3% and London down -0.7%. Yesterday Tokyo ended its Wednesday session down -0.3%. But Hong Kong rose +1.6% in their Wednesday trade while Shanghai rose +1.0%. The China Securities Regulatory Commission has imposed a restriction that prevents sales in the first and last 30 minutes of trading for prices that are lower, part of increasingly drastic measures to prevent the Chinese stock-market slump from extending into a fourth year. The price of gold will start today down -US$3/oz from yesterday at US$2027/oz.Oil prices are +US$1/bbl firmer at just under US$78/bbl in the US while the international Brent price is up to US$82.50/bbl.The Kiwi dollar starts today at just on 61.7 USc and unchanged from yesterday. Against the Aussie we are marginally firmer at 94.3 AUc. Against the euro we are still at 57.1 euro cents. That all means our TWI-5 starts today at just under 71.2 and little-changed.The bitcoin price starts today at US$51,382 and down another minor -0.4% from this time yesterday. Volatility over the past 24 hours has again been modest at +/- 1.8%.You can find links to the articles mentioned today in our show notes.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

The Wall Street Journal wrote that “Wall Street's best-known bear is going into hibernation" after the legendary short seller Jim Chanos announced he would close his main hedge funds late last year, in part due to diminishing interest in stock picking. Short selling, which bets on drops in asset prices, wins when companies and governments fail and has gained a predatory reputation over the years. Just last week, the China Securities Regulatory Commission vowed "zero tolerance" against what they called "malicious short sellers," according to Reuters.One of our listeners wrote to Bethany with this question: “What does it say about capitalism if Jim Chanos can't find enough investors willing to profit from its frauds, fads, and failures, not to mention the competitive forces that are necessary for a functioning market? Is short selling dead?” To discuss this, Luigi and Bethany sat down with Chanos himself, who has been cast as the “Darth Vader of Wall Street,” the “Catastrophe Capitalist,” and the “LeBron James of short selling.” Together, they discuss the relationship between short sellers and our information environment, the fallout from the "meme stock" craze, the effects of the Federal Reserve's interest rate policies, and how short selling can contribute to market efficiency and resilience. Do short sellers play a positive role by uncovering corporate fraud, mismanagement, and systemic risks? What safeguards are necessary to prevent short-selling abuse and ensure fair and transparent markets?

Two weeks after five Chinese state-owned companies announced to voluntarily delist from the U.S. market, China and the U.S. signed an audit oversight cooperation agreement on August 26th. The China Securities Regulatory Commission said "it is an important step forward" by regulators of both sides and that "keeping Chinese companies listed on the U.S. markets is an all-win arrangement." What's the significance of this agreement for both sides? How difficult was the negotiation process? Amid tense bilateral relations, are we witnessing a partial thaw in relations?

On April 2, for the first time in 13 years, the China Securities Regulatory Commission revised the confidentiality clauses related to the listing of Chinese enterprises abroad, a rare concession by the Chinese Communist Party. 

NIO Stock Breaking News regarding potential delisting.

China Perspective Ep 23: How Chinese authorities can help Evergrande clear billions in debt 7:06 mins Synopsis: The Straits Times analyses the latest developments in China in this weekly podcast. The Straits Times' China bureau chief Tan Dawn Wei chats with Money FM 89.3's Elliot Danker and Bharati Jagdish. Highlights of conversation (click/tap above): 00:55 Can authorities help with China Evergrande Group's inability to meet repayments for US$300 billion debt? 02:53 China Securities Regulatory Commission says it respects companies' choices on where to list their stock while again denying reports of a possible ban on one method of overseas stock listings 04:33 Taiwan's Minister for Foreign Affairs Joseph Wu warns of emerging military crisis with China Produced by: Tan Dawn Wei (dawntan@sph.com.sg), The Breakfast Huddle, Money FM 89.3 & Fa'izah Sani Edited by: Dan Koh Subscribe to our Asian Insider Podcast channel to follow our various shows each week and rate us on your favourite audio apps: Channel: https://str.sg/JWa7 Apple Podcasts: https://str.sg/JWa8 Google Podcasts: https://str.sg/wQsB  Spotify: https://str.sg/JWaX SPH Awedio app: https://www.awedio.sg/ Website: http://str.sg/stpodcasts Feedback to: podcast@sph.com.sg Read Tan Dawn Wei's stories: https://str.sg/3xR7 Register for Asian Insider newsletter: https://str.sg/stnewsletters --- Discover more ST podcast series: Green Pulse Podcast: https://str.sg/JWaf Health Check Podcast: https://str.sg/JWaN ST Sports Talk Podcast: https://str.sg/JWRE Life Weekend Picks Podcast: https://str.sg/JWa2 #PopVultures Podcast: https://str.sg/JWad Bookmark This! Podcast: https://str.sg/JWas Lunch With Sumiko Podcast: https://str.sg/J6hQ Discover BT Podcasts: https://bt.sg/pcPL Follow our shows then, if you like short, practical podcasts! See omnystudio.com/listener for privacy information.

China Perspective Ep 23: How Chinese authorities can help Evergrande clear billions in debt 7:06 mins Synopsis: The Straits Times analyses the latest developments in China in this weekly podcast. The Straits Times' China bureau chief Tan Dawn Wei chats with Money FM 89.3's Elliot Danker and Bharati Jagdish. Highlights of conversation (click/tap above): 00:55 Can authorities help with China Evergrande Group's inability to meet repayments for US$300 billion debt? 02:53 China Securities Regulatory Commission says it respects companies' choices on where to list their stock while again denying reports of a possible ban on one method of overseas stock listings 04:33 Taiwan's Minister for Foreign Affairs Joseph Wu warns of emerging military crisis with China Produced by: Tan Dawn Wei (dawntan@sph.com.sg), The Breakfast Huddle, Money FM 89.3 & Fa'izah Sani Edited by: Dan Koh Subscribe to our Asian Insider Podcast channel to follow our various shows each week and rate us on your favourite audio apps: Channel: https://str.sg/JWa7 Apple Podcasts: https://str.sg/JWa8 Google Podcasts: https://str.sg/wQsB  Spotify: https://str.sg/JWaX SPH Awedio app: https://www.awedio.sg/ Website: http://str.sg/stpodcasts Feedback to: podcast@sph.com.sg Read Tan Dawn Wei's stories: https://str.sg/3xR7 Register for Asian Insider newsletter: https://str.sg/stnewsletters --- Discover more ST podcast series: Green Pulse Podcast: https://str.sg/JWaf Health Check Podcast: https://str.sg/JWaN ST Sports Talk Podcast: https://str.sg/JWRE Life Weekend Picks Podcast: https://str.sg/JWa2 #PopVultures Podcast: https://str.sg/JWad Bookmark This! Podcast: https://str.sg/JWas Lunch With Sumiko Podcast: https://str.sg/J6hQ Discover BT Podcasts: https://bt.sg/pcPL Follow our shows then, if you like short, practical podcasts! See omnystudio.com/listener for privacy information.

China Perspective Ep 23: How Chinese authorities can help Evergrande clear billions in debt 7:06 mins Synopsis: The Straits Times analyses the latest developments in China in this weekly podcast. The Straits Times' China bureau chief Tan Dawn Wei chats with Money FM 89.3's Elliot Danker and Bharati Jagdish. Highlights of conversation (click/tap above): 00:55 Can authorities help with China Evergrande Group's inability to meet repayments for US$300 billion debt? 02:53 China Securities Regulatory Commission says it respects companies' choices on where to list their stock while again denying reports of a possible ban on one method of overseas stock listings 04:33 Taiwan’s Minister for Foreign Affairs Joseph Wu warns of emerging military crisis with China Produced by: Tan Dawn Wei (dawntan@sph.com.sg), The Breakfast Huddle, Money FM 89.3 & Fa'izah Sani Edited by: Dan Koh Subscribe to our Asian Insider Podcast channel to follow our various shows each week and rate us on your favourite audio apps: Channel: https://str.sg/JWa7 Apple Podcasts: https://str.sg/JWa8 Google Podcasts: https://str.sg/wQsB Spotify: https://str.sg/JWaX SPH Awedio app: https://www.awedio.sg/ Website: http://str.sg/stpodcasts Feedback to: podcast@sph.com.sg Read Tan Dawn Wei's stories: https://str.sg/3xR7 Register for Asian Insider newsletter: https://str.sg/stnewsletters --- Discover more ST podcast series: Green Pulse Podcast: https://str.sg/JWaf Health Check Podcast: https://str.sg/JWaN ST Sports Talk Podcast: https://str.sg/JWRE Life Weekend Picks Podcast: https://str.sg/JWa2 #PopVultures Podcast: https://str.sg/JWad Bookmark This! Podcast: https://str.sg/JWas Lunch With Sumiko Podcast: https://str.sg/J6hQ Discover BT Podcasts: https://bt.sg/pcPL Follow our shows then, if you like short, practical podcasts!See omnystudio.com/listener for privacy information.

Tan Dawn Wei, China Bureau Chief, The Straits Times gives an analysis of China Evergrande Group's inability to meet debt repayments, China Securities Regulatory Commission downplaying overseas delisting fear, and Taiwan's emerging military crisis with China. Follow The Straits Times' Asian Insider Podcast channel - co-produced with Money FM 89.3 - like us and rate us: Channel: https://str.sg/JWa7 Apple Podcasts: https://str.sg/JWa8 Google Podcasts: https://str.sg/Ju4h Spotify: https://str.sg/JWaX Website: http://str.sg/stpodcasts Feedback to: podcast@sph.com.sg Asian Insider newsletter. Asian Insider videos: https://str.sg/JoVbSPH Awedio app: https://www.awedio.sg/See omnystudio.com/listener for privacy information.

The China Securities Regulatory Commission says the country will roll out a raft of policy measures to further open-up its capital market, while coordinating development and security.

Forty-two percent of all China Companies listed on the NY Stock Exchange, NASDAQ and OTC markets are Variable Interest Entity's (VIE) in violation of China Securities Regulatory Commission's Rule.  What is a Wholly Foreign-Owned Enterprise?https://www.theguardian.com/business/...Welcome back, tribe members! Today I'm discussing "Why Sell China VIE Stocks - Your Stocks Not Recognized by China Securities Regulatory Commission ". If you enjoy this video feel free to SUBSCRIBE! Make sure to follow me on social media for even more coverage of the stock market.The Power of a Tribe: https://www.amazon.com/dp/B096TWBDM3/...Get Surfshark VPN at  https://surfshark.deals/INVESTORS and enter promo code INVESTORS for 83% off and 3 extra months for free!  Follow Me: Instagram: https://www.instagram.com/bestofusinv...Twitter: https://twitter.com/BestOfUsInvestHelp Kerry and Nita win the race against Childhood Cancer and keep their daughter Shay's memory alive. Your support makes a direct impact in the fight against Pediatric Cancer at Children's of Alabama by helping advance research in finding a cure for cancer. http://give.childrensal.org/bestofusWe have Up-Graded Our Discord: Kerry's Portfolio, Trades and InsightsThis is the new link: https://discord.io/bestofus. It is now organized by topics and will be easier to navigate.

Chinese fintech giant Ant Group has cleared the final regulatory hurdle for its IPO after the China Securities Regulatory Commission gave it the all-clear to list simultaneously in Hong Kong and Shanghai. The Group is planning to raise $35 billion dollars in the dual listing and will split its stock issuance equally across Shanghai and Hong Kong, issuing 1.67 billion shares in each location. This could be the world’s largest IPO, surpassing the record set by Saudi Aramco's $29.4 billion float last December. Ant Group has also released some updated financial figures for the first nine months of 2020. According to an A-share prospectus posted on the Shanghai exchange, there was a 74% jump in gross profit to $10.4 billion from January to September and revenue was $17.73 billion, a more than 42% year-on-year rise. The Group’s next move is to hold a roadshow to market the IPO to investors and will likely price the shares next week on 27th October. Image Credit: Shutterstock.com

India's equity markets may react to the fine-print of the Union Budget 2020 after Saturday's immediate reaction, but the focus will largely shift to quarterly earnings and rapidly spreading coronavirus. Participants will also keenly watch other developments like RBI policy and the release of key macro data. On the corporate earnings front, Bharti Airtel, Lupin, Sun Pharma, and Mahindra & Mahindra are among the major companies scheduled to declare their October-December results this week. The Reserve Bank will announce its first bi-monthly monetary policy post-Budget on Thursday. While experts aren't pinning any hope on the rate cut front this time, largely due to high inflation, the RBI's commentary on inflation and growth forecast would still be keenly watched. On the macro data front, Markit Manufacturing PMI data for January will be released today and Services PMI numbers on Wednesday. Besides, foreign fund flow, the Rupee's trajectory and oil price movement will also impact sentiments. On the global front, concerns related to coronavirus will dictate sentiments. A total of 350 people have died in China from the new virus with the first death out of the mainland reported on Sunday in the Philippines. Trading resumed in China following the Lunar New Year break. In order to minimise any panic, China’s central bank plans to inject 1.2 trillion yuan of liquidity into the markets via reverse repo operations today. Moreover, a Reuters report said that China Securities Regulatory Commission has issued a verbal directive to brokerages to bar their clients from selling borrowed stocks today. Despite these measures, stocks in Shanghai fell up to 8.7 per cent at the opening. Australia’s benchmark index opened in the red to be down 0.7 per cent while New Zealand shares faltered 1.8 per cent.The SGX Nifty was trading around Nifty's Saturday closing level. In commodities, oil futures were down on worries about a slowdown in demand with Brent crude sliding 39 cents to $56.24 a barrel, the lowest since January 2019. Giving a thumbs down to the Budget, the market benchmark Sensex logged its biggest single-day plunge in nearly five years on Saturday. Investors were disappointed as the Budget failed to live up to market expectations of growth-boosting measures. According to analysts, the Nifty is witnessing strong resistance in the sub-11,800 zones. They say that the Nifty should hold 11,650, otherwise, it can see level of 11,500 in this week. Traders should try to book profits at higher levels keeping close eye on 11,800. However, if Nifty trades below 11,600, then we can see downside movement to 11,500.

US equity markets posted strong gains amid a broad-based rally following the announcement of a partial trade deal between the US and China albeit the benchmark indices closed off their session highs - Dow up +320-points or +1.21%, paring an earlier ++517-point/+2% gain. The broader S&P500 gained +1.09% after trading as much as +1.9% earlier in the session. NASDAQ +1.34%, off an intra-session high that saw the technology-centric index up as much as +2.1%. Apple Inc rose +2.66% to a fresh record closing high of US$236.21 per share. Wendy's Co rose +3.95% after the fast-food retailer announced third-quarter same-store sales that exceeded expectations and raised its dividend. President Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. As part of this phase, China will purchase between US$40B and US$50B in US agricultural products. President Trump also said the deal includes agreements on foreign-exchange issues with China and will take three to five weeks to finalise. In exchange, the US agreed to hold off on tariff hikes that were set to take effect Tuesday (15 October). Phase two of the deal will “start almost immediately” after the first one is signed, President Trump said. Separately, Treasury Secretary Steven Mnuchin said both sides struck an “almost complete agreement” on currency and financial services issues. However, equity markets lost some steam shortly before the close after US Trade Representative Robert Lighthizer said a decision had not been made over additional US tariffs of 15% scheduled for 15 December on ~US$160B in annual Chinese imports. Elsewhere, the China Securities Regulatory Commission said on Friday (11 October) that overseas financial service companies in futures, securities and mutual funds will be able to apply for total control of onshore ventures starting in 2020. The move came as the country speeds up its financial markets opening. Both the Dow and S&P500 snapped a three-week losing streak, gaining +0.91% and +0.62% for the week respectively. The Nasdaq rose +0.93% for the week.

US equity markets posted strong gains amid a broad-based rally following the announcement of a partial trade deal between the US and China albeit the benchmark indices closed off their session highs - Dow up +320-points or +1.21%, paring an earlier ++517-point/+2% gain. The broader S&P500 gained +1.09% after trading as much as +1.9% earlier in the session. NASDAQ +1.34%, off an intra-session high that saw the technology-centric index up as much as +2.1%. Apple Inc rose +2.66% to a fresh record closing high of US$236.21 per share. Wendy’s Co rose +3.95% after the fast-food retailer announced third-quarter same-store sales that exceeded expectations and raised its dividend. President Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. As part of this phase, China will purchase between US$40B and US$50B in US agricultural products. President Trump also said the deal includes agreements on foreign-exchange issues with China and will take three to five weeks to finalise. In exchange, the US agreed to hold off on tariff hikes that were set to take effect Tuesday (15 October). Phase two of the deal will “start almost immediately” after the first one is signed, President Trump said. Separately, Treasury Secretary Steven Mnuchin said both sides struck an “almost complete agreement” on currency and financial services issues. However, equity markets lost some steam shortly before the close after US Trade Representative Robert Lighthizer said a decision had not been made over additional US tariffs of 15% scheduled for 15 December on ~US$160B in annual Chinese imports. Elsewhere, the China Securities Regulatory Commission said on Friday (11 October) that overseas financial service companies in futures, securities and mutual funds will be able to apply for total control of onshore ventures starting in 2020. The move came as the country speeds up its financial markets opening. Both the Dow and S&P500 snapped a three-week losing streak, gaining +0.91% and +0.62% for the week respectively. The Nasdaq rose +0.93% for the week.

In Episode 40 of TechBuzz China, co-hosts Ying-Ying Lu and Rui Ma talk about the new “Technology Innovation Board” on the Shanghai Stock Exchange, which formally announced its first set of rules last week. Rui and Ying-Ying explain that given its recent trajectory, this registration-based NASDAQ-style board could be launched in a few months, if not weeks — much more quickly than skeptics have assumed. With this news as the backdrop, this week's episode serves as a quick primer into the differences between China and the U.S.'s capital markets, as well as how these contrasts may explain some of the differences in Chinese tech entrepreneurship and capital versus those in the U.S.Rui and Ying-Ying begin by walking through a brief history of Chinese domestic capital markets, which had a total market cap of $6 billion late last year and are still really young compared with those in the U.S.; in fact, both the Shenzhen Stock Exchange and the larger Shanghai Stock Exchange were founded in 1990. Notably, prior to last fall, foreigners were unable to invest in A-shares on either exchange. Even after loosening controls earlier this year and doubling the amount foreign investors can invest, China still enforces a total quota of $300 billion, shared globally.Our co-hosts cover a range of core questions in this episode. Listen to find out: How does the fact that the Chinese exchanges are approval-based, and not registration-based, affect listings? What role does the China Securities Regulatory Commission, or CSRC, play? Why are there only 3,500 publicly listed companies in China? Why did the Shenzhen Stock Exchange create two additional avenues for listing, in the form of the SME Board and ChiNext? How does the National Equities Exchange and Quotations (NEEQ), or New Third Board, fit into all of this? Why is it that most of China's best internet companies are listed abroad, and how does that fact play into the new Technology Innovation Board's intentions and potential for impact? From the perspective of a company preparing to list, what are the pros and cons of listing in mainland China versus abroad?As always, you can find these stories and more at pandaily.com. Do let us know what you think of the show by leaving us an iTunes review, liking our Facebook page, and tweeting at us at @techbuzzchina to win some swag! Thanks also to our listeners over at our partner, dealstreetasia.com.Special thanks to our awesome producers, Shaw Wan and Kaiser Kuo. Our intern is Wang Menglu.Our sponsor this week is the University of San Francisco. USF's Masters in Applied Economics combines economics training with the practical skills in data analytics that you really need to understand today's new digital economy. To learn more, listeners can visit usfca.edu/techbuzz.

In Episode 40 of TechBuzz China, co-hosts Ying-Ying Lu and Rui Ma talk about the new “Technology Innovation Board” on the Shanghai Stock Exchange, which formally announced its first set of rules last week. Rui and Ying-Ying explain that given its recent trajectory, this registration-based NASDAQ-style board could be launched in a few months, if not weeks — much more quickly than skeptics have assumed. With this news as the backdrop, this week’s episode serves as a quick primer into the differences between China and the U.S.’s capital markets, as well as how these contrasts may explain some of the differences in Chinese tech entrepreneurship and capital versus those in the U.S. Rui and Ying-Ying begin by walking through a brief history of Chinese domestic capital markets, which had a total market cap of $6 billion late last year and are still really young compared with those in the U.S.; in fact, both the Shenzhen Stock Exchange and the larger Shanghai Stock Exchange were founded in 1990. Notably, prior to last fall, foreigners were unable to invest in A-shares on either exchange. Even after loosening controls earlier this year and doubling the amount foreign investors can invest, China still enforces a total quota of $300 billion, shared globally. Our co-hosts cover a range of core questions in this episode. Listen to find out: How does the fact that the Chinese exchanges are approval-based, and not registration-based, affect listings? What role does the China Securities Regulatory Commission, or CSRC, play? Why are there only 3,500 publicly listed companies in China? Why did the Shenzhen Stock Exchange create two additional avenues for listing, in the form of the SME Board and ChiNext? How does the National Equities Exchange and Quotations (NEEQ), or New Third Board, fit into all of this? Why is it that most of China’s best internet companies are listed abroad, and how does that fact play into the new Technology Innovation Board’s intentions and potential for impact? From the perspective of a company preparing to list, what are the pros and cons of listing in mainland China versus abroad? As always, you can find these stories and more at pandaily.com. Do let us know what you think of the show by leaving us an iTunes review, liking our Facebook page, and tweeting at us at @techbuzzchina to win some swag! Thanks also to our listeners over at our partner, dealstreetasia.com. Special thanks to our awesome producers, Shaw Wan and Kaiser Kuo. Our intern is Wang Menglu. Our sponsor this week is the University of San Francisco. USF’s Masters in Applied Economics combines economics training with the practical skills in data analytics that you really need to understand today’s new digital economy. To learn more, listeners can visit usfca.edu/techbuzz.

Welcome to the 65th installment of the Caixin-Sinica Business Brief, a weekly podcast that brings you the most important business stories of the week from China's top source for business and financial news. Produced by Kaiser Kuo of our Sinica Podcast, it features a business news roundup, plus conversations with Caixin reporters and editors. This week: We find out that Chinese stocks fell to four-year lows last week, following a sharp decline in the U.S. We hear that two years after becoming one of the world's 10 most valuable public companies, social networking giant Tencent has passed a less flattering milestone by crashing out of the same elite club. We learn that Alibaba founder Jack Ma 马云, who plans to become a teacher after retiring next year, has reclaimed the title of richest man in China, with a fortune of $39 billion, according to the latest Hurun Rich List. We discuss a new report that finds out that the value of Chinese outbound mergers and acquisitions slumped in the first half of the year, as countries that included the U.S., Germany, and Australia imposed restrictions on deals, and China tightened controls on overseas spending. We note that the U.S. Treasury Department has found that China isn't manipulating the yuan, as the Trump administration prepares to issue a closely watched report on foreign currencies, sources told Bloomberg. We dive into an outlook report published by the OECD and the UN, which predicts that China's dinner tables will be getting meatier over the next decade, which will have a significant impact on the international agriculture trade. We report that Hong Kong is planning a total ban on electronic cigarettes. If passed, the ban would place the city alongside over a dozen countries that have outlawed e-cigarettes, which typically allow users to inhale nicotine and flavorings heated by battery-powered elements without the burning that traditional cigarettes require. We analyze the news that veteran regulator Yao Gang 姚刚, a former vice chairman of the China Securities Regulatory Commission, has been sentenced to 18 years in prison for taking bribes and insider trading. In addition, we talk with Fran Wang, economics reporter for Caixin Global, about an interview with Yi Gang 易纲, the head of People's Bank of China, China's central bank. We also chat with Doug Young, managing editor at Caixin Global, about a company called Brilliance Auto and its partnership with BMW. We'd love to hear your feedback on this product. Please send any comments and suggestions to sinica@supchina.com.

In episode #220, Anthony Neoh, SC, former chief advisor to the China Securities Regulatory Commission and ex-chairman of the Hong Kong Securities and Futures Commission, discusses the progress of financial sector reforms and capital market liberalizations in China.

This is a guest lecture by Laura Cha, former vice chair of the China Securities Regulatory Commission and a member of the Executive Council of Hong Kong. In her introductory remarks, Ms. Cha emphasizes career opportunities in the private as well as the public sector of financial markets, and elaborates on her own career as a regulator in the Chinese market. In an ensuing discussion with Professor Shiller, she discusses motivations to work in the public sector, emphasizing the marketability of public sector skills in the private sector, but also a sense of mission to influence the creation and proper functioning of markets. Subsequently, in a conversation with the students of the class, she addresses the application and enforcement of regulation in China. Moreover, she outlines channels through which the Chinese government supports start-up companies, and addresses the recent mergers of various financial exchanges all over the world. Further topics of the conversation include the registration of Chinese companies on overseas exchanges, the plans for an international board at the Shanghai Stock Exchange, and a personal account of her studies at law school. Ms. Cha concludes her guest lecture by sharing her views about the Basel III rules. Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu This course was recorded in Spring 2011.

Professor Shiller provides a description of the course, including its general theme, the relevant textbooks, as well as the interplay of his course with Professor Geanakoplos’s course “Economics 251–Financial Theory.” Finance, in his view, is a pillar of civilized society, dealing with the allocation of resources through space and time in order to manage big and important risks. After talking about finance as an occupation, he emphasizes the moral imperative to use wealth for the purposes of philanthropy, in the spirit of Andrew Carnegie, but also of Bill Gates and Warren Buffett. Subsequently, he introduces the guest speakers David Swensen, Yale University’s chief investment officer, Maurice “Hank” Greenberg, former Chief Executive Officer (CEO) at American International Group (AIG) and current CEO of C.V. Starr & Co. and of Starr International, and Laura Cha, former vice chair of the China Securities Regulatory Commission, member of the Executive Council of Hong Kong and of the government of the People’s Republic of China, and director of the Hong Kong Shanghai Banking Corporation (HSBC). Finally, he concludes with a description of the topics to be discussed in each lecture. Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu This course was recorded in Spring 2011.