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Financial reforms on a roll in 2014
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CHINA continued with financial reforms in 2014, opening markets and cutting costs, a central bank official said yesterday.
Hu Xiaolian, vice governor of the People’s Bank of China, said liberalization of interest rates on November 21 was a big step forward. It not only gives a bigger role to the market in interest rate formation, but also a step toward full liberalization of deposit rates.
In March, the PBOC widened the daily yuan trading band from 1 percent to 2 percent and reduced intervention in the foreign exchange market.
Direct financing now needs less administrative approval. Corporate net fundraising stood at 2.1 trillion yuan (US$342 billion) by the end of October, up 31 percent year on year, Hu said.
“The launch of pilot Shanghai-Hong Kong Stock Connect program on November 17 has accelerated the opening of China’s capital market,” she said. Investors can now trade shares listed on either market through local securities firms.
The project allows a maximum cross-border investment of 550 billion yuan and a daily two-way quota of 23.5 billion yuan. Previously, foreign investment in the mainland equity market was only allowed under complicated projects.
Giving overseas investors easier access to Shanghai-listed shares is not only about the capital market, but a substantial move toward the internationalization of the yuan, Hu said.
Between January and October, agreements on yuan clearing was reached with Britain, Germany, France, South Korea, Canada, Australia, Luxembourg and Qatar.
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