Platform opens to better bill trading
Print Edition
CHINA yesterday launched a platform for commercial paper trading in Shanghai to better regulate the trading for bills of exchange.
The platform, operated by the newly set Shanghai Commercial Paper Exchange Corp and overseen by the central bank, will make commercial paper trading more transparent and prevent potential risks arising from paper bill transactions, Zhou Xiaochuan, governor of the People’s Bank of China, said in a note that was read out at the opening ceremony yesterday.
Xie Duo, former secretary-general of National Association of Financial Market Institutional Investors, was appointed the chairman of the new exchange.
Trading volume in China’s commercial paper market hit 102.1 trillion yuan (US$15 trillion) in 2015 due to growing needs of small firms for short-term financing, according to PBOC data.
The demand shrank in 2016 due to the cooling economy but commercial paper trading volume of China’s biggest lender still grew 13 percent year on year to 3.6 trillion yuan in the first 10 months in Shanghai, said Yi Huiman, chairman of the Industrial and Commercial Bank of China.
Pan Gongsheng, deputy governor of PBOC, said: “China’s commercial paper market expanded quickly these years. But it comes along with the problems of inefficiency, low transparency, lack of financial infrastructure and weak internal risk control.”
But Pan said the central bank’s key task “will lie in the establishment of systematic construction and regulation of illegal transaction behaviors.”
He said the Shanghai commercial paper exchange should be seen as a national platform that unifies China’s commercial paper transactions.
The exchange, which provides an electronic trading platform for instruments including banks’ acceptance bills and commercial acceptance bills, also aims to switch interbank bill business from offline to online and tackle problem of bill-financing fraud, Pan said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
