|Tuesday, January 2, 2024 |
no.1 The State Administration of Foreign Exchange (SAFE) promulgated the Administrative Measures for Foreign Exchange Business of Banks (for Trial Implementation).
On 29 December 2023, the State Administration of Foreign Exchange (SAFE) promulgated the Measures for the Administration of Banks' Foreign Exchange Business (for Trial Implementation), which will come into force on 1 January 2024. During the implementation period of the Business Development Measures, banks may voluntarily choose to apply the Business Development Measures to conduct foreign exchange business activitiesIf the applicant does not choose to apply the "Business Development Measures", the original relevant foreign exchange management laws and regulations shall be implemented for foreign exchange business development.
Comments:The Measures will help further enhance banks' foreign exchange business capabilities, facilitate cross-border investment and financing, and prevent cross-border capital flow risks. In addition, by establishing a general framework for banks' foreign exchange business, the Measures further refine and clarify the standards for banks' business before, during and after the event, so as to promote banks to earnestly fulfill their audit obligations.
no.2 Pan Gongsheng: Further improve the operation and management of foreign exchange reserves with Chinese characteristics
Pan Gongsheng, Secretary of the Party Committee and Governor of the People's Bank of China, pointed out that in 2023, the international political and economic pattern will accelerate and the volatility of the global financial market will increase.
no.3 The central bank has carried out a new round of cash refusal to accept rectification, and has identified 141 business entities10,000 families
On December 29, 2023, the People's Bank of China held a briefing on the special rectification work of refusing cash. Luo Rui, director of the Currency, Gold and Silver Bureau of the People's Bank of China, said that as of December 24, 2023, a total of 141 business entities have been touched10,000 familiesA commercial bank and a business entity sign a "Letter of Commitment not to refuse to accept cash"7510,000 copies, and guide business entities to post signs that support cash payment 3970,000. Issuance of "coin purses" to business entities1820,000 to remind business entities with insufficient change reserves, and carry out diversified and personalized cash services such as door-to-door collection and door-to-door payment according to demand, so as to continuously improve the willingness of business entities to accept cash. During the special rectification period, six penalty procedures for refusing to accept cash were completed.
Comments:RMB cash is the national legal tender, is the most basic and fundamental payment tool, cash has irreplaceable advantages in ensuring the fairness of the public's right to pay, promoting cultural dissemination, etc., especially in response to emergencies and natural disasters. The law stipulates that no unit or individual may refuse to accept all public and private debts within the territory of the People's Republic of China to be paid in renminbi. The refusal to accept cash not only deprives consumers of their right to pay options, but also damages the legal tender status of the renminbi, and infringes on the legitimate rights and interests of some residents who do not use other payment methods.
no.4 Central Bank Credit Information Center: Any provision of so-called "credit repair" and using it to make money is a fraud
On December 29, 2023, the Credit Information Center of the People's Bank of China issued a solemn statement, saying that recently, we found that some fraudsters induced the public to submit personal credit investigation objection applications through the Internet personal credit information service platform of the credit investigation center in the name of "eliminating online loan inquiry records", and used the elimination of online loan inquiry records as bait to defraud the public of money, carry out fraudulent activities, and infringe on the legitimate rights and interests of the public.
Comments:The Internet platform of the Credit Information Center provides individual objection application services, and this service does not charge any fees to the information subject and other subjects. Any provision of so-called "credit repair" to make money is a fraud. Not only is it impossible for the public to delete bad credit records, but there is also a risk of information leakage, being deceived, and losing money.
no.5 Most existing mortgage rates will be slightly lowered in January
According to CCTV news, from January 1, 2024, most existing housing loans will usher in interest rate reductions, and the adjustment will be 10 basis points. According to bankers, the current personal mortgage interest rate on the market is basically formed by the addition and subtraction of the loan market's ** interest rate, which means that the level of the mortgage interest rate is affected by the rise and fall of the LPR. In January of each year, the bank will adjust the interest rate of personal housing loans for the new year according to the increase and decrease of the LPR of the previous year.
Comments:For existing mortgages that choose January 1 of each year as the "repricing date" and are priced before June 20 this year, the interest rate will be cut by another 10 basis points. This does not conflict with the reduction of interest rates on existing housing that began at the end of September this year. Different from the increase in the interest rate of existing loans in September, although the LPR is renewed once a month, for loan customers, the interest rate can only be adjusted once a year on the "repricing date" agreed in the contract, and the latest LPR announced before the repricing date shall prevail.
no.6 The central bank agreed to change Alipay to no actual controller
The People's Bank of China's updated information on the change of major matters of non-bank payment institutions shows that it is agreed that Alipay (China) network technology *** will be changed to no actual controller. Alipay (China) Network Technology*** is wholly owned by Ant Technology Group Co., Ltd. Alipay's adjustment stems from Ant Group's adjustment of its voting rights structure at the beginning of this year, and after the adjustment, there is no longer a situation where shareholders control Ant Group solely or jointly.
Comments:In recent years, Ant Group has taken a series of measures to improve its corporate governance system and strengthen the diversity and transparency of governance. Relevant members of Ant Group's management will no longer serve as partners of Alibaba, further enhancing the transparency and effectiveness of corporate governance and strengthening its isolation from its shareholder, Alibaba Group.
no.7. The limit of the auction at the end of the session of IB was reported, and the Shanghai Stock Exchange reported the abnormal trading situation
On December 29, 2023, IB changed its call auction at the end of the session, with a bidding turnover of 21.6 billion, an increase of only 027% of the time to pull up the limit sharply. The Shanghai Stock Exchange has issued a circular on the abnormal trading situation of the call auction of Industrial Bank on December 29, 2023, which, after preliminary verification, was caused by an investor's declaration of a large amount of money that significantly deviated from the latest transaction price. The SSE will conduct further in-depth verification of the relevant situation and take corresponding measures based on the verification results.
Comments:At the end of the last trading day of 2023, IB suddenly rose to the limit, and there were multiple versions of the reasons circulating in the market, such as the entry of social security **, insurance capital oolong index, etc. Relevant staff said that at present, the company has no undisclosed information that should be disclosed, and the above-mentioned rumors cannot be queried at the level of listed companies. The SSE also said it would take corresponding measures based on the results of the verification. Investors should carefully trace** and rationally judge the authenticity of online news.
no.8 China Railway Trust was fined 980,000 yuan
On December 29, 2023, the fine disclosed by the State Administration of Financial Supervision and Administration** showed that China Railway Trust Co., Ltd. covered up on- and off-balance sheet risk assets due to false risk basesCarry out the "non-clean" disposal trust project of the non-sell-out creditor's rights transfer business, and it is not included in the management of non-performing assets after the overdue date;Carrying out real estate trust business in violation of regulations;Lax post-loan management, resulting in trust funds 47.9 billion yuan was misappropriated and other violations of laws and regulations, and was fined 980,000 yuan by the Sichuan Supervision Bureau of the State Financial Supervision and Administration Bureau. On the same day, the three relevant responsible persons received the fines simultaneously.
Comments:The decision to impose fines shows that the regulators are intensifying their efforts to crack down on violations and put forward higher requirements for the compliance management of financial institutions. It also revealed that China Railway Trust still needs to strengthen internal management.
National Business Daily.