The U.S. Treasury labels China a currency manipulator after China's currency falls below seven to the dollar; China announces plans to double size of Shanghai FTZ and reduce restrictions on foreign businesses; JP Morgan and Morgan Stanley one step closer to taking control of respective JVs; and China and U.S. sign U.N Convention on Mediation in Singapore
New draft measures proposed by China’s central bank will mean some non-financial firms will be classified as financial holding companies and will require a license to operate.
China allows banks to trade bonds on stock exchanges, the asset and liability management of insurance companies is under more stringent scrutiny and the Shanghai Free Trade Zone is expanded to include the Lingang New Area.
Amidst growing trade friction with the U.S., Scott Yu and Derek Liu of Zhong Lun Law Firm note some particular highlights for foreign investors in the latest iteration of China's Negative Lists and Encouraged Investment Catalogue.
The U.S. president announces new tariffs covering virtually all Chinese imports a day after trade talks; Huawei reports year-on-year revenue growth but U.S. sanctions taking its toll; and financial holding companies to face capital requirements and a ban on non-financial activities according to draft rules.
China has unveiled 11 measures to open up the country's financial sector and scrap foreign shareholding caps in most financial sectors in a bid to bolster and stabilize growth.
