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The launch of the Shenzhen-Hong Kong Stock Connect on December 5, 2016 was an important next step in the liberalization of China’s capital markets. The platform will offer a new opportunity for foreign firms to access the Chinese capital markets through the Shenzhen Stock Exchange, which is prominent for its technology stocks and exhibits higher returns than the Shanghai Stock Exchange, partly because its listed companies are newer and smaller.
Last Friday, the People’s Bank of China (PBOC), China’s central bank, issued a new notice for the third party payment companies which will be enacted on April 17th, 2017 and will require the payment companies to deposit around 20% of the held customer fund to specified general bank accounts.
The inauguration of the new India International Exchange (INX) on January 9, 2017 by India’s Prime Minister Modi in a new finance zone, the Gujarat International Finance Tec-City or GIFT city, heralds the possible beginning of a new era in offshore financial centers in Asia.
On December 31st the State Administration of Foreign Exchange (SAFE) of China announced more stringent rules on individual purchases of foreign currencies, alarming the Chinese citizens with increased restrictions on forex-related investments at the start of the New Year.
The recent move by the Indian Government to ban the old Rupees 500 and 1000 notes has created turbulence far beyond what was imagined and planned for. The intent was laudable, as the Indian Prime Minister Narendra Modi sought to curb growing corruption in the economy. However, the lack of preparation on part of the central bank, the Reserve Bank of India (RBI), and the commercial banks has meant that the citizens have been left in the lurch.
The first batch of Chinese credit scoring companies has been waiting for their licenses for 24 months now. What are the reasons for the delay and how has the recent Alipay Circles incident affected the formal launch of the industry?