China financial reforms 2014 - what to expect

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1、ChinainFocusGEMFixedIncomeStrategy&Economics

2、Asia

3、China19December2013FinancialreformsinChina:whattoexpectin2014XiaojiaZhi+85221617815ChinaEconomistMerrillLynch(HongKong)MunicipalbondissuanceandIPOresumptionwillhelpaddressChina’srisingxiaojia.zhi@baml.comleverage.ThePeople’sBankofChi

4、nawilllikelylaunchadepositinsuranceschemeTingLu+85225363718andallowissuanceoflarge-denominatednegotiablecertificatesofdeposit.TheChinaEconomistMerrillLynch(HongKong)RMB-USDtradingbandcouldbewidenedatapropertime.Newleadersmayliftting.lu@baml.comcapitalcontrolsslowly,butwethinkmayexpe

5、rimentwithsomereformsinthefreetradezone.ChartoftheDay–China:bottom-upinterestrateliberalizationdrivesmoneymarketrates,bondyieldsSource:BofAMerrillLynchGlobalResearch,CEICDavid.Bussmann@asiamezzanine.com.ThisreportisintendedforTradingideasandinvestmentstrategiesdiscussedhereinmaygive

6、risetosignificantriskandarenotsuitableforallinvestors.InvestorsshouldhaveexperienceinUnauthorizedredistributionofthisreportisprohibited.FXmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.BofAMerrillLynchdoesandseekstodobusinesswithcompaniesco

7、veredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Refertoimportantdisclosuresonpage5to7.LinktoDefinitionsonpage4

8、.11343504ChinainFocus19December2013InFocusXiaojiaZhiFinancialreformsinChina:whattoexpectin2014+85221617815ThefinancialsectorwasoneofthefewindustriesinChinahavingseensomemeaningfulreformsinthepastcoupleofyears.Someofthosereforms,suchasTingLuthegradualderegulationofbanklendingrates,RM

9、Binternationalizationand+85225363718gradualeasingofcapitalcontrol(especiallyregardingallowingoffshoreRMBtoreturntoonshore)werecarefullydesignedbythecentralgovernmentinBeijing.Someotherreforms,orratherchanges,werespontaneous.Whatthegovernmentdidwasmerelytorecognizethesechangesandtoin

10、troducenewregulatio