PBoC

Chinese regulators introduced major rules on Nov. 17—the scale of which has been compared to the U.S. Dodd-Frank Act—to unify regulations for the asset management industry and curtail shadow banking activities.

Beijing and Hong Kong approved a cross-border bond trading program, called bond connect, hoping to attract a new wave of foreign investors to buy Chinese onshore bonds.

China’s new emphasis to rein in its financial sector has been underway for more than three months. Its effects are already being felt in the financial markets, impacting short-term borrowing rates and the global commodities market.