China Banking and Insurance Regulatory Commission News

China Regulator Pledges Continued Backing of Hong Kong as Financial Center

China’s banking regulator pledged its backing for Hong Kong as a finance hub and reiterated a commitment to opening up the Chinese financial sector amid a deepening standoff with the U.S. China will provide support for its financial institutions doing …

China Regulator Raises Cap on Equity Investments Made by Domestic Insurers to 45%

China’s banking and insurance regulator said it was raising the cap on how much the country’s insurers can invest in equity assets, an effort trying to bring more long-term funds into the capital market. The China Banking and Insurance Regulatory …

China Creates Insurance Group to Take Over Troubled Insurer Anbang

China has created the new insurance group set to take over the main operations of Anbang Insurance Group Co., the once-acquisitive conglomerate that’s under state control. Beijing-based Dajia Insurance Group, which was established on June 25, has 20.4 billion yuan …

China ‘Should Focus’ on Financial Market Reforms, Rather Than Punishing U.S. Firms

China should focus on market reforms and avoid restricting access for U.S. financial firms if the trade war escalates and spills into the financial sector, said a lobby group representing global banks and asset managers. The Asia Securities Industry & …

China’s Revamp of Anbang Insurance Includes Moving Business to New Company

The Chinese government is taking a major step in its efforts to sell a strategic stake in Anbang Insurance Group Co., the acquisitive insurer it took over last year amid a fraud investigation into its former chairman. Under a plan …

Bank Issues China’s First Perpetual Bond as Investment Restrictions on Insurers Eased

China’s fourth-largest lender on Friday issued the first-ever perpetual bonds by a Chinese bank, with yields at the low end of market expectations after new policies to support their issuance boosted market interest. The bond issue by Bank of China …

Germany, China Agree to Expand Market Access in Insurance, Banking, Finance

Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen cooperation to broaden economic ties. The agreements were reached after a two-day visit to Beijing …

Germany, China Discuss Ways to Improve Market Access for Insurers, Banks

Germany and China are working on ways to improve market access for each other’s banks and insurers, the German finance minister said on Thursday, and he welcomed plans by China and the United States to ease trade tensions through talks. …

China Eyes Allowing Foreign Insurers to Own Local Joint Ventures: Sources

China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. The regulator …

Willis Granted Full Insurance Broker License by China

Willis Towers Watson reports that China’s Banking Insurance Regulatory Commission (CBIRC) earlier this month approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China. This follows President Xi Jinping’s announcement early …