China’s top four banks are likely to increase their global systemic importance, while Japan’s megabanks are set to see their global influence decline in coming years as their overseas strategies diverge. Chinese banks are set to become more connected with the world’s financial system in the medium term, driven by cross-border investment flows and offshore .
CX Daily: Chinese Regulator Denies Reports on VIE Listing Ban - China revises insurance group regulations to curb disorderly expansion. Beijing beefs up labor protections for ride-hailing drivers
CX Daily: China’s Opened Its Doors to Foreign Financial Firms Can They Prosper? - The U.S. government adds a dozen Chinese companies to a Commerce Department blacklist. Alibaba reports a three-year-high effective tax rate
Evergrande Group has headed off default by wiring an overdue payment on an offshore bond, as the troubled real estate developer cobbled together the cash to make the bond payment one day before a grace period expired.
Beijing is tightening governance around banks and insurance companies to bar large shareholders from having excessive influence and engaging in unfair dealings.