Download or read book The People s Republic of China written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-06-26 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note analyzes financial stability issues related to financial market infrastructures (FMIs) in China. Since the previous Financial Sector Assessment Program, the supervision and oversight of FMIs has strengthened through the adoption of the CPSS–IOSCO (Committee on Payment and Settlement Systems/International Organization of Securities Commissions) Principles for FMIs (PFMI). The public adoption of the PFMI by the authorities in 2013 and the establishment of an interagency platform to assess FMIs are commendable. Full implementation of the principles by FMIs is the next step and is expected to enhance the resilience and stability of the FMIs.
Download or read book People s Republic of China written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-11-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success and rapid growth, China’s financial sector is confronting several near-term risks, structural challenges, and policy-induced distortions. A properly composed and timely implemented set of reforms would help address these challenges. A framework to resolve weak financial institutions on a timely basis is also needed.
Download or read book People s Republic of China Financial Sector Assessment Program written by Internationaler Währungsfonds and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authorities' vision o ...
Download or read book People s Republic of China written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-12-26 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment of the level of observance of the Insurance Core Principles (ICPs) in China. Overall, the Chinese regulatory system is assessed to have a good level of compliance with the ICPs. The regulatory framework includes, in addition to the solvency standards, extensive requirements on corporate governance, risk management and internal controls as well as on reinsurance, disclosure and conduct of business. All these requirements are applied appropriately to the significant number of large insurance groups, which together account for the bulk of premium income. However, there is scope for further development of crisis preparedness and market conduct work.
Download or read book People s Republic of China written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-12-26 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment of the level of observance of the Basel Core Principles for Effective Banking Supervision (BCPs) in China. The China Banking Regulatory Commission (CBRC) has maintained its momentum in regulation and supervision in the face of exceptional growth in scale and increasing complexity of the banking system. The CBRC has also achieved a high degree of compliance with the BCPs. However, several dimensions of credit risk, including treatment of problem assets, concentration risk and related party exposures have aspects in which they lag international best practices and standards. Failure to resolve these issues may hamper the CBRC in its task of assessing the nature and scale of credit risk in the system and within individual institutions.
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-07-17 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note on Stress Testing the Banking Supervision was prepared in the context of the Financial Sector Assessment Program (FSAP) for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Bank liquidity tests focus on sudden, sizable withdrawals of funding and the sufficiency of existing assets to withstand those shocks under stressed conditions. The stress test results confirm a high degree of resilience of the sector. This reflects the strength of the banks at the starting position, which reduces their fundamental vulnerability to shocks. Banks in HKSAR hold very high levels of capital, are very profitable, and have a low level of asset impairments amid stable funding profiles. The Hong Kong Monetary Authority is encouraged to continue its integration of risk-based supervision in the development of stress test scenarios for macroprudential policy and surveillance. Banking supervisors routinely conduct stress tests and, from time to time, modify relevant assumptions in order to support thematic reviews of identified vulnerabilities against emerging risks.
Download or read book People s Republic of China Financial Sector Assessment Program written by International Monetary Fund and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: China has made significant progress in financial inclusion. High levels of account penetration, savings, and usage of payments services have been achieved, largely due to extensive branches and access points (particularly a vast network of rural cash withdrawal points), innovations by non-bank payment providers, and expansion of government-to-person transfers and bankcard programs. Account penetration in China is quite high, with estimates ranging from over 80 to 90 percent, which compares well to the EAP regional average but is lower than the high-income country average. The rapid growth in fintech has led to millions of previously underserved mass retail consumers accessing lower cost and better tailored financial products and services.
Download or read book The People s Republic of China written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-06-26 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for China in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). The Chinese authorities have taken significant measures to enhance the AML/CFT legislative and regulatory framework since the 2007 Mutual Evaluation Report and have continued after the completion of the 2012 Mutual Evaluation follow-up report to take additional steps to bring the AML/CFT regime in line with the revised Financial Action Task Force standard. Continuing to implement these initiatives will strengthen the AML/CFT regime going forward. The authorities should also prioritize the completion of the National Risk Assessment.
Download or read book People s Republic of China Financial Sector Assessment Program written by International Monetary Fund and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: China's landscape for Financial Market Infrastructures (FMIs) is one of the largest and most complex in the world. It consists of a range of payment, clearing and settlement systems, including several interbank payment systems, securities settlement systems and central counterparties (CCPs). Many of the systems have high volumes by international comparison and are systemically important at a national level. Disruptions, both operational and financial, in one of these FMIs may significantly impact the functioning of the Chinese economy. The landscape is subject to changes, following international developments, such as the establishment of a cross-border interbank payment system (CIPS) and a CCP for over-the-counter derivatives. The development of new, innovative products, for example, in the area of internet payments, is changing the landscape further.
Download or read book People s Republic of China Hong Kong Special Administrative Region Financial Sector Assessment Program Technical Note Financial Safety Net and Crisis Management Arrangements written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR has significantly strengthened its crisis management arrangements through a thorough update of the framework for resolution of financial institutions, as recommended by the 2014 Financial Sector Assessment Program. The 2017 Financial Institutions (Resolution) Ordinance (FIRO) creates a resolution regime that is clear, comprehensive in scope, and closely aligned with the Financial Stability Board (FSB) Key Attributes of Effective Resolution Regimes for Financial Institutions. Some aspects of the FIRO, such as the cross-sectoral scope of the regime, are particularly strong. To implement the regime, the Hong Kong Monetary Authority (HKMA) 2 has established a Resolution Office (RO) with clear operational separation from banking supervision.
Download or read book People s Republic of China written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-12-26 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment of the level of observance of the IOSCO Objectives and Principles of Securities Regulation in China. The regulatory framework and supervisory program for the securities markets is largely compliant with the IOSCO Principles. Since 2010, the authorities have implemented several initiatives aimed at protecting China’s very large retail investor population. On the China Securities Regulatory Commission (CSRC) side, this includes strengthening the suitability requirements for intermediaries, investors’ ability to exercise their rights, and its investor education program. The CSRC has also expanded authorized activities for some categories of securities intermediaries with the objective of developing an investment banking culture to help capital markets serve the real economy better.
Download or read book People s Republic of China Hong Kong Special Administrative Region Financial Sector Assessment Program Technical Note Systemic Risk Oversight and Macroprudential Policies written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The institutional framework for Macroprudential Policies (MaPP) in the Hong Kong Special Administrative Region (the Hong Kong SAR) is well established. According to the Basic Law, the Government of the Hong Kong SAR shall on its own formulate monetary and financial policies. The Financial Secretary (FS) and the Secretary for Financial Services and the Treasury (SFST) are responsible for policies for maintaining the stability and integrity of the financial system of the Hong Kong SAR. The Hong Kong SAR has a sector-based regulatory structure and the responsibilities and tools for safeguarding financial stability are spread across the Financial Services and the Treasury Bureau (FSTB) and three regulators (namely, the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC) and Insurance Authority (IA)). There are good and well-structured interagency coordination and consultation mechanisms, through the Council of Financial Regulators (CFR) and the Financial Stability Committee (FSC), chaired by the FS and the SFST, respectively. Broad coordination between the CFR and government agencies on taxation and housing supply-side policies has also worked well. MaPP and risk assessment are communicated to the public openly and frequently through speeches, press releases and regular publications, including the Half-Yearly Monetary and Financial Stability Report of the HKMA and the Half-yearly Review Report of the Global and Local Securities Markets of the SFC.
Download or read book People s Republic of China Hong Kong Special Administrative Region Financial Sector Assessment Program Technical Note Stress Testing the Banking Sector and Systemic Risk Analysis written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR (HKSAR) is a small and open economy, and a major international financial center with extensive linkages to Mainland China. Over the past two years, Hong Kong SAR’s economy and financial sector were adversely impacted by domestic social unrest, US-China tensions, and the global COVID-19 pandemic, resulting in an unprecedented two consecutive years of negative economic growth.
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-07-17 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note on Oversight and Supervision of Financial Market Infrastructures has been prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Nine financial market infrastructures (FMIs) operate in HKSAR; the effectiveness of their supervision and oversight is critical in maintaining financial stability. In order to support their objective of consolidating Hong Kong’s position as an international financial center, the Hong Kong authorities have fostered the development of sophisticated and multicurrency FMIs. The risks associated with domestic and overseas linkages appear to be adequately managed. Extensive domestic and overseas system linkages have been implemented making HKSAR a regional settlement hub. The legal framework should be amended to explicitly prohibit a domestic clearing house from operating in HKSAR without being recognized as such. The respective legal framework and policy mandate determines the actions of the Hong Kong Monetary Authority and the Securities and Futures Commission as the two regulatory, oversight and supervision authorities for FMIs in HKSAR.
Download or read book People s Republic of China Hong Kong Special Administrative Region written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book People s Republic of China Hong Kong Special Administrative Region Financial Sector Assessment Program Technical Note Regulation and Supervision of Secondary Markets written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR has, over the recent years, become an equity trading hub catering to domestic and foreign investors, including increasingly to investors from Mainland China. Most trading is conducted on markets operated by recognized exchange companies, with limited domestic trading happening via automated trading services (ATS) providers in the form of alternative liquidity pools. The introduction of Stock Connect in 2014 enabled investors from Hong Kong (including domestic and foreign) to directly invest in the Shanghai and later Shenzhen markets and investors from the Mainland to directly access the Hong Kong market. Trading via Stock Connect has seen a steady rise over the last few years, increasing the linkages between Hong Kong SAR and the Mainland. Mainland companies currently account for over 60 per cent of market capitalization of the equities traded on the Stock Exchange of Hong Kong (SEHK).
Download or read book People s Republic of China Hong Kong Special Administrative Region Financial Sector Assessment Program Technical Note Banking Sector Supervision and Regulation written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking supervision and regulation by the Hong Kong Monetary Authority (HKMA) remain strong. This assessment confirms the 2014 Basel Core Principles assessment that the HKMA achieves a high level of compliance with the BCPs. The Basel III framework (and related guidance) and domestic and cross-border cooperation arrangements are firmly in place. The HKMA actively contributes to the development and implementation of relevant international standards. Updating their risk based supervisory approach helped the HKMA optimize supervisory resources. The HKMA’s highly experienced supervisory staff is a key driver to achieving one of the most sophisticated levels of supervision and regulation observed in Asia and beyond.
