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Financial regulation

Financial regulation
Key developments in regulation of financial markets with a focus on those in Hong Kong and mainland China.
Hong Kong’s Central district on February 25. Hong Kong has spent decades proving it can operate at the world’s highest standards, in financial regulation, legal infrastructure and institutional quality. Photo: Jelly Tse
Hong Kong economy

Opinion | To be the world No 2 financial centre, Hong Kong must be a rule maker

In a fragmenting world where the old financial order is being renegotiated, the greater prize goes to those who help set the new standards.

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Bonds

China opens government bond futures to select foreign investors in reform push

Hong Kong economy

Opinion | Hong Kong’s stablecoin roll-out puts banks at the centre of digital money

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Banking & finance

America First Fed? Trump pick Warsh signals ‘monetary sovereignty’: analysts

Potential successor to Jerome Powell may pursue policies that pressure US dollar-driven assets and curb global liquidity, analysts say.

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Kevin Warsh, nominee for US Federal Reserve chair, testifies on Tuesday during a Senate Banking Committee hearing in Washington. Photo: TNS
Banking & finance

HKEX proposes halving settlement cycle to boost Hong Kong’s financial profile

Bourse operator launches a consultation on shortening the share settlement cycle to one day, aiming to implement the reform in late 2027.

Yuan

China boosts overseas-loan quotas as ‘panda bond’ issuance hits record high

Beijing’s move to lift offshore-loan quotas seen helping stabilise yuan against weaker US dollar while accommodating a surge in net financing via ‘panda bonds’.

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Hong Kong economy

Hong Kong balancing security and innovation as nation’s ‘firewall’: Paul Chan

Finance chief says security is key to China’s high-quality growth as geopolitical tensions create risks to energy supplies and financial markets.

The Central financial district in Hong Kong. Finance chief Paul Chan says the concept of national security is intertwined with various fields, such as finance, energy, technology, food and overseas interests. Photo: Jelly Tse
Banking & finance

Calls grow for HKMA to go further on stablecoins after conservative first batch

Analysts and investors say the HKMA’s cautious approach prioritises risk control, but limits Hong Kong’s digital asset ambitions.

Hong Kong stock market

Can Hong Kong’s listing reform 2.0 win over innovative firms?

The reforms enhance the city’s appeal for AI, biotech and other firms by slashing the market cap threshold and enabling confidential filings.

China stock market

China tightens trading scrutiny on major shareholders and executives

New CSRC rules curb short-term trading by major shareholders to boost investor confidence and encourage long-term market participation.

A huge screen displays the latest stock exchange and economic data in Shanghai. Photo: EPA
Banking & finance

Editorial | Stablecoin launch delay shows Hong Kong would rather be safe than sorry

Given the complexity involved, it’s wise not to rush to meet any self-imposed deadline but to make sure a good framework is in place first.

Hong Kong plans to be a digital asset hub with stablecoins playing a key role. Photo: Shutterstock
Banking & finance

Opinion | From the US to Hong Kong, there’s no excuse for insider trading

Far from a victimless crime, insider trading steals from the rest of us by unfairly using knowledge that is available only to the privileged.

Banking & finance

Hong Kong’s anticipated stablecoin licence by end-March does not materialise

Analysts say the delay is most likely administrative and that the overall plan is still on track.

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US-China relations

Open Questions | Euro, Chinese yuan to end US dollar dominance, top economist says

Kenneth Rogoff sees yuan as a reserve currency within five years, Europe asserting financial independence and greater regulation of stablecoins.

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Illustration: Henry Wong
Banking & finance

Open Dialogue | Gary Liu and Liu Xiaochun on the US and China’s divergent paths for stablecoins

As investors await Hong Kong’s first stablecoin licences, two experts discuss the assets’ integration with the city’s economy – and the world’s.

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Illustration: Henry Wong
Corruption in China

Chinese financial regulator and ex-corruption fighter Zhou Liang under probe

Authorities have zeroed in on the once-elite and opaque financial sector since the 2022 party congress.

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Cryptocurrency

Has Hong Kong laid the groundwork to become a world-leading crypto hub?

With its regulatory clarity and superconnector edge, the city is drawing global crypto firms as it emerges as a premier Web3 hub.

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China economy

How China plans to use new law to further its financial superpower ambitions

The draft finance law, released by the Ministry of Justice, central bank and three other regulators, will solicit feedback until April 19.

A draft of China’s finance law was released by the People’s Bank of China and four other regulators on Friday. Photo: AFP
Hong Kong stock market

SFC prepares to inspect Hong Kong IPO listing sponsors amid quality concerns

Market regulator will soon begin inspection of investment banks amid concerns about deficiencies in listing documents and misconduct.

Banking & finance

How China opened the door to creating a direct rival to US payment systems

Beijing has removed several key restrictions on its payment system, allowing it to expand beyond yuan settlements, economist says.

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Hong Kong stock market

SFC urges Hong Kong stock exchange to tighten listing, compliance rules

The Securities and Futures Commission made several recommendations to improve the stock exchange’s regulations.

The Securities and Futures Commission has made a series of recommendations to improve the stock exchange’s oversight of companies. Photo: Shutterstock
IPO

China’s tightened IPO rules for some ‘red chips’ in Hong Kong raise concerns

The CSRC asks some Hong Kong listing candidates to change their red-chip structure and issue H shares.

The CSRC is tightening listing rules for some firms seeking listings in Hong Kong. Photo: Jelly Tse
China property

Shanghai joins major cities in loosening commercial property loan rules

Beijing remains the lone top-tier holdout as other cities ease their down payment requirements.

Hong Kong economy

Editorial | Zero tolerance for insider trading central to Hong Kong’s financial future

Crackdown on wrongdoers a welcome sign of regulatory vigilance that is vital to the city’s role as an international finance hub.

HKEX

HKEX unveils biggest listing reforms since 2018 to lure diverse innovative firms

Bourse operator lowers bar for companies with weighted voting rights and expands the confidential filing option for all listing candidates.

HKEX has carried out many reforms to make it easier for companies to list in Hong Kong. Photo: Reuters
Two Sessions 2026

What 2 new laws at ‘two sessions’ mean for China’s financial superpower push

Two new laws may prove wide-ranging, spanning yuan’s global status to green finance and turning ambition into codified rules, analyst says.

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Zhao Leji, chairman of the National People’s Congress Standing Committee, speaks at the Great Hall of the People in Beijing on Monday. Photo: AP
Banking & finance

Macroscope | How global debt is sowing the seeds of financial collapse

Markets have so far shrugged off wars and trade conflicts, but the rapid rise of already massive debt should alarm investors.

China stock market

China’s market regulator vows more oversight to shore up confidence

Crackdown on fraud, stronger governance, higher dividends and more buy-backs will enhance appeal of Chinese assets, CSRC chief Wu Qing says.

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