4118ccm云顶集团,4118com登录

Strengthen Financial Market Infrastructures in the New Era to Boost Shanghai’s Role as an International Financial Center

On Dec 4th, 2017 in Shanghai, China Central Depository & Clearing Co., Ltd. (CCDC) hosted the seminar on “Strengthen Financial Market Infrastructures in the New Era to Boost Shanghai’s Role as an International Financial Center”. The seminar also witnessed the inauguration of CCDC Shanghai Headquarters and CCDC Collateral Management Service Center, and the launch of Shanghai Key Yield (SKY). Zhou Bo, member of the Standing Committee of the CPC Shanghai Committee and Executive Vice Mayor of Shanghai, attended the seminar and delivered a keynote speech. Also present at the event were Hang Yingwei, Deputy Secretary-General of the Shanghai municipal government and Head of Pudong New Area; Zheng Yang, Secretary of the Party Committee of Shanghai Finance and Director of the Shanghai Municipal Financial Service Office; Lou Hong who is in charge of the Treasury Department of Ministry of Finance (MOF); Luo Yanjun, Deputy Director-General of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission (NDRC), specialists and leaders from the Monetary Policy Department of People’s Bank of China (PBC), PBC Shanghai Head Office, Shanghai Municipal Finance Bureau, Shanghai Bureau of China Banking Regulatory Commission (CBRC), Financial Services Bureau of Shanghai Pudong New Area, the Administration of Lujiazui Financial and Trade Zone, Xinhua News Agency Shanghai Bureau, other Finance Bureaus (Departments), and other government agencies, representatives from Shanghai Stock Exchange (SSE), Shanghai Gold Exchange (SGE), China Financial Futures Exchange (CFFEX), Shanghai Futures Exchange (SHFE), Shanghai Clearing House (SHCH), China Trust Assets Registration Co., Ltd., China Credit Assets Registration & Exchange Co. Ltd., China Banking Wealth Management Registration & Depository Center, Clearstream, Euroclear and other financial market infrastructures (FMI), and over 100 attendees from China Development Bank (CDB), Agricultural Development Bank of China (ADBC), Export-Import Bank of China (EXIM), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction bank (CCB), Bank of Communications (BoCom), China Merchants Bank (CMB), Industrial Bank (IB), Shanghai Pudong Development Bank (SPDB), Bank of Shanghai (BOSC), Bank of Nanjing, Bank of Hangzhou, Shanghai Rural Commercial Bank (SRCB), JP Morgan, HSBC, and other Chinese and overseas commercial banks, and from Guotai Junan Securities, China Universal Asset Management (CUAM)Fullgoal Asset Management and other market institutions. The seminar was moderated by Bai Weiqun, Chief Supervisor of CCDC.

Zhou Bo, member of the Standing Committee of the CPC Shanghai Committee and executive vice mayor of Shanghai, delivered the speech and pointed out that, in accordance with requirements set out by the central government, Shanghai is now building the “four centers” and a Science and Technology Innovation Center of world influence. It is worth noting that as the financial market gradually develops and matures, the trading volume continues to grow, with the volume in 2016 reaching RMB 1,364.2 trillion, thanks to the important contribution made by FMIs and financial institutions including CCDC. By gathering functions and making business innovations in Shanghai, FMIs and all kinds of market institutions play a significant role in helping improve the financial market system, and upgrade Shanghai’s functions as an international financial center and in allocating financial resources. The building of Shanghai into an international financial center has gradually shifted from focusing on scale-up to quality improvement, from resources gathering to function upgrade. Under the auspices of central government and proactive participation of financial institutions, Shanghai will make more efforts and progress in financial innovations and enabling the financial sector to better serve the real economy.

The establishment of CCDC Shanghai Headquarters and CCDC Collateral Management Service Center in Shanghai, and the launch of Shanghai Key Yield (SKY) are in line with the goal of building Shanghai into an international financial center compatible with China’s economic strength and RMB’s role, and thus will help further upgrade the role of Shanghai’s financial market as a liquidity management and risk control hub, and enhance Shanghai’s pricing power, influence and capabilities of resource allocation in the world as an international financial center. Under the national strategies of building China (Shanghai) Pilot Free Trade Zone and a Science and Technology Innovation Center of world influence, Shanghai is now dedicated to creating an enabling environment for innovation and entrepreneurship with a view to attracting more institutions to Shanghai, and fully supporting FMIs and financial institutions to gather and develop here while ensuring financial safety and reducing systemic risks.

Shui Ruqing, Chairman of CCDC, said in his speech that, the 19th CPC National Congress has put forward new directions and requirements for financial work, which is not only the embodiment of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the financial sector, but also fundamental principles for carrying out financial work in the new era. The central depository system serves as the cornerstone of the bond market and the gateway for the financial market opening-up. Under the auspices of competent authorities and all relevant parties, CCDC has faithfully fulfilled its role as a core FMI in supporting the operation of China’s bond market, and made contributions of milestone significance to China’s bond market development. With great support from the CPC Shanghai Committee, the Shanghai Municipal Government, other relevant authorities, and Pudong New Area Government, CCDC’s development in Shanghai has managed to make impressive progress. Since 2017, in active response to the call of the Shanghai Municipal Government, CCDC has stepped up efforts to establish Shanghai Headquarters and gather in Shanghai the five platforms of core function, i.e. the cross-border RMB bond issuance center, the cross-border RMB bond settlement center, CCDC Collateral Management Service Center, ChinaBond Pricing Center Co., Ltd., and Shanghai Data Service Center, as a major strategic arrangement for CCDC to proactively align itself with national financial development strategies and the building of Shanghai into an international financial center. CCDC will work hard to stay at the forefront of the market opening-up, make new accomplishments and support the building of the international financial center.

Lou Hong, who is in charge of the Treasury Department of MOF, pointed out that, efforts must be made to accelerate the establishment of China government bond (CGB) management mechanism that is compatible with China’s status as a major economy, and give full play to CGB market’s pivotal role. As a core FMI, CCDC has played a significant role in this regard. Going forward, MOF will further enhance overall management and regulation of market infrastructures for CGB. MOF will guide CCDC and other institutions in strengthening market infrastructure and giving full play to CGB’s function as a high-quality collateral. The launch of Shanghai Key Yield (SKY) complies with international convention and meets market needs. It will help attract more global investors to follow the Chinese financial market and enable Shanghai to better play its role as an international financial center. Luo Yanjun, Deputy Director-General of the Department of Fiscal and Financial Affairs of NDRC pointed out that, both the 19th CPC National Congress and the National Financial Work Conference have emphasized the importance of enabling the financial sector to serve the real economy and increasing the ratio of direct financing. The enterprise bond is an instrument in implementing national industrial policies and serving the real economy. FMIs need to fulfil their due role so as to promote the development of the enterprise bond market. As a core FMI, CCDC has followed the guidance of NDRC and effectively supported the implementation of national industrial policies by providing comprehensive services for enterprise bonds. As a next step, more efforts will be made to effectively manage risks in the enterprise bond market, promote further reform on enterprise bond issuance management mechanism, and develop new momentum of enterprise bond to serve the real economy.

During the seminar, Hu Zheng, Chairman of CFFEX, Rong Yihua, Deputy Director of the Financial Market Department of PBC Shanghai Head Office, Luo Ying, Deputy General Manager of Treasury of BOC, O'Delle Burke, Executive Director at JP Morgan, and Davin Cheung, Head of Collateral Management Sales, APAC at Clearstream have delivered speeches on a series of topics including the implementation of guiding principles set out by the 19th CPC National Congress, features and tasks of the building of Shanghai into an international financial center in different stages, optimization CCDC’s functions as China’s core FMI by leveraging the advantages brought by Shanghai Pilot Free Trade Zone institutional innovations, innovation of the CGB futures margin business, promotion of cross-border investment and funding of green bonds, advancement of China's bond market opening-up through cross-border cooperation between FMIs, compliance with international rules such as Basel III to better regulate collateral business and prevention of systemic risks. Xu Liangdui, Vice President of CCDC and Director of CCDC Collateral Management Service Center moderated this session.

As the world’s largest bond collateral management platform, CCDC Collateral Management Service Center will fully leverage the advantages of Shanghai in policy, market and business environment of an international financial center to align itself with factor markets here, and explore to establish market-oriented marketing and customer service systems. It also will expand international service and cooperation, and promote the cross-border use of RMB bonds as collateral. By doing this, it strives to construct a cross-market, cross-platform and cross-border management ecosystem, and help Shanghai build the “liquidity management hub” and the “front-end risk controller” for the global financial market.

At the seminar, ChinaBond Pricing Center Co., Ltd. has launched the “SKY” (Shanghai Key Yield). In line with the requirements set out in the 13th Five-Year Plan which underlines the importance of “bringing into full play the role of CGB yield curve as a pricing benchmark”, the launch will help improve the explicitness and ease of use of ChinaBond CGB yield curve and enrich Shanghai benchmark pricing data. It also complies with international convention and meets market needs.

2017.12.06
Share with friends in WeChat×
Open WeChat, Click the “Discovery” button at the bottom, and then scan it to share the web with friends in WeChat.
 / EN
XML 地图 | Sitemap 地图