China further opens up financial market with 10 foreign firms approved for underwriting
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China’s National Association of Financial Market Institutional Investors (NAFMII) said on Tuesday that 10 more foreign-funded institutions have been approved as lead underwriters or underwriters of debt financing instruments for non-financial enterprises, in a major step for financial opening.
Also on Tuesday, the Shanghai branch of the State Administration of Foreign Exchange (SAFE) announced the launch of pilot projects for high-level opening up of cross-border trade and investment, aiming to facilitate the receipt and payment of foreign exchange funds under the current account, among other measures.
According to the NAFMII, following evaluations of applications submitted by various foreign-funded institutions, three – HSBC, Standard Chartered and Credit Agricole – have been admitted as lead underwriters for debt issues by domestic and foreign borrowers.
Deutsche Bank and BNP Paribas were previously the only two foreign banks that held such licenses, according to Reuters.
Meanwhile, JPMorgan Chase, Mizuho, and MUFG were admitted as lead underwriters of debt issued by foreign borrowers. Four institutions, including BEA, Sumitomo Mitsui and BDS were also admitted as underwriters of debt issues by domestic and foreign borrowers, according to the NAFMII.
The new admissions will vigorously promote high-level opening up of the inter-bank bond market to the outside world, the association said, adding that it will continue to support more foreign-funded institutions to participate in the inter-bank bond market, share the fruits and opportunities of China's economic development, promote the development of economic globalization, and achieve mutual benefit and win-win results.
Chinese officials have been stepping up financial opening-up measures. On Tuesday, SAFE’s Shanghai branch announced various measures to facilitate cross-border trade and investment.
Foreign exchange expenditure for services trade and other items with a single transaction value of more than $50,000 can be processed first and verified afterwards. Prudent and compliant banks are also encouraged to innovate financial services and handle payments for high-quality enterprises, according to SAFE.