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On 2 June 2015, the People’s Bank of China (PBOC) released the Interim Administrative Rules on Large Denomination Certificates of Deposit (in Chinese, 《大额存单管理暂行办法》) (the CD Rules), which came into effect on the same day. We summarize the key points of the CD Rules below. Qualified issuers Under the CD Rules, large denomination certificates of deposit (CDs) must be denominated in Renminbi and issued by banking institutions to investors who are not financial institutions. Such…
On 31 March 2015, the State Council of People’s Republic of China formally released the Deposit Insurance Regulation (the Regulation), which will take effect from 1 May 2015. A draft of the Regulation was circulated on 30 November 2014 to solicit public comments and we prepared a briefing on such draft in December 2014. Compared with the draft, there is no material change made in the formal Regulation. The key points covered in the Regulation…