Yuan Turns Into Global Risk Bellwether as China Leads Recovery By Bloomberg



© Reuters. Yuan Turns Into Global Risk Bellwether as China Leads Recovery

(Bloomberg) — As the dollar shows signs of exhaustion, the yuan is taking over as the barometer of global risk sentiment.

A worldwide rally in stocks, bonds and commodities is decoupling from the U.S. currency, which entered a bearish phase in June and is grinding lower for a fourth month. The rally is increasingly mirroring moves in the Chinese currency as it breaks psychological barriers and builds on its best month since October.

The closer relationship is no coincidence. At the heart of the global advance — and the yuan’s appreciation — is the growing optimism that China will lead the world out of the economic slump brought on by the pandemic. A tide of central bank liquidity, including from the Federal Reserve, is pouring into yuan assets as well as markets with close ties to the second-largest economy.

China Factory Deflation Eased in June With Recovery on Track (2)

This is the culmination of a process that started after the yuan’s shock devaluation in August 2015, with turning points for the Chinese currency often coinciding with shifts in global markets. And now, it may also be an indication that troubles in the U.S. — including a second wave of coronavirus infections — may have less effect on overseas markets if China’s recovery continues.

Here are some ways the yuan and global markets are joining hands:

The euro and the yuan are now following each other more often than at any time in the past 13 months. Their positive correlation increases in times of global risk-on rallies, such as in 2016, and falls in turbulent times, like last year when trade worries dominated. It even turned negative during the 2013 taper tantrum.

The relationship is thus an indirect indicator of the fortunes of euro-denominated assets, as well as Eastern European currencies that closely track the shared currency.

But nowhere else is the yuan’s influence more pronounced than in commodity prices. The Bloomberg Commodity Index now has the strongest beta with the yuan since 2011. That means a one percent gain for China’s currency translates into almost a 1.3% increase in commodity prices.

When the yuan rises, bond yields fall. That’s the signal from the Bloomberg Barclays (LON:) Global Aggregate Total Return Index, which is heading for the longest streak of monthly gains since May 2017. The negative correlation is a weak 0.26, but that’s still the deepest in three years.

U.S.-China Yield Gap Is Widest on Record. Would Love It.

Emerging markets have always lived under China’s shadow, which is only lengthening now. As Shanghai stocks extend a rally, the country’s market capitalization has reached $9.3 trillion, the highest since June 2015 when Chinese markets went into a tailspin after runaway increases. Now China accounts for 45% of emerging-market stock values, the most dominant in more than four years.

‘No Way I Can Lose’: Inside China’s Stock-Market Frenzy (2)

The increasing role of China’s markets in the macro picture backs the idea that watching the yuan’s moves helps to understand shifts in global markets. There’s just one risk: if Beijing increases its involvement in the market, that could distort the relationship, making the yuan a poor indicator.

©2020 Bloomberg L.P.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Asian shares hit speed bump, China extends sharp rally By Reuters



© Reuters. An SGX sign is pictured at Singapore Stock Exchange

By Hideyuki Sano and John McCrank

TOKYO/NEW YORK (Reuters) – Asian shares paused for breath on Tuesday following a surge sparked by speculation Beijing is trying to orchestrate a major domestic bull run to support an economy hit by the coronavirus and a standoff with Washington.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.25%, a seemingly inevitable correction after sharp gains of 7% in just five days that took it to a 4-1/2-month high.

gave up 0.7% while U.S. stock futures shed 0.3% in Asia after hefty gains on Monday in the wake of surging Chinese shares.

Analysts say jawboning by the Chinese government through a state-sponsored journal on the importance of “fostering a healthy bull market” is spurring the buying binge in mainland Chinese shares.

Bluechip CSI300 index of Shanghai and Shenzhen shares, which had gained more than 13 in the past five sessions, gained another 1.7%, led by rises in tech sector.

“China is now trying to put all its resources on the semi-conductor and the IT sector so it can stand on its own feet in the area,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ (NYSE:) Morgan Stanley (NYSE:) Securities.

“Given this whole project is likely spearheaded by (Chinese leader) Xi Jinping, the rally could have a long leg to go, even though it does feel a bit risky and could be prone to setbacks.”

China’s moves came as the Sino-U.S. disagreements have gone beyond trade and tariff to include a whole gamut of issues, such as the status of Hong Kong, signalling to some investors that Beijing may be aiming to reduce its dependence on the West.

The current China rally has echoes of the past, especially during 2007 and in the buying binge that followed the crash in 2015 that was largely driven by Chinese retail investors.

“Shades of John F. Kennedy’s ‘Ask not what your country can do for you’ inauguration speech here and as close as you might get to a Chinese government ‘put’ as anything the Fed has done to date vis-à-vis the U.S. stock (and credit) markets,” said Ray Attrill, head of FX strategy at NAB, in a research note.

A sharp rebound in U.S. services industry activity in June, almost returning to pre-pandemic levels, also helped to whet investors’ risk appetite.

Still, new coronavirus cases surged in several states, forcing some restaurants and bars to close again in a setback to the budding recovery, keeping gains in risk assets in check.

In the currency market, the made headway, hitting its highest levels in nearly four months. The renminbi rose 0.1% to 7.0115 per dollar.

“The yuan is supported by the risk-on mood in the Chinese share market despite lingering uncertainties over the U.S.-China relations and an anticipated slow pace of recovery,” said Ei Kaku, senior strategist at Nomura Securities.

“Nor have we seen large capital flows that would boost the yuan,” she said.

Other major currencies were little changed, with the yen flat at 107.37 to the dollar and the euro unchanged at $1.1312.

The Reserve Bank of Australia is expected to hold its cash rate at 0.25% and make no changes to policy at Tuesday’s board meeting, leaving markets to focus on the accompanying statement. There will be particular attention on whether the central bank notes the Australian dollar’s rise.

The was steady at $0.6964.

Gold held steady near 8-year peak, changing hands at $1,783.3 per ounce.

Oil prices eased in tandem with the pullback in stocks.

lost 0.66% to $42.83 per barrel, while U.S. West Texas Intermediate crude fell 0.64% to $40.37.

Graphic: Asian stock markets https://product.datastream.com/dscharting/gateway.aspx?guid=516bc8cb-b44e-4346-bce3-06590d8e396b&action=REFRESH



Stocks rally to four-week highs as investors bet on China revival By Reuters


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© Reuters. A man wearing protective face mask walks in front of a stock quotation board outside a brokerage in Tokyo

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By Ritvik Carvalho

LONDON (Reuters) – Global stock markets rallied to four-week highs and headed for its best day against the dollar since December on Monday as investors counted on a revival in China to boost global growth, even as surging coronavirus cases delayed business re-openings across the United States.

MSCI’s All-Country World Index, which tracks shares across 49 countries, rose 0.7% to its highest since June 6, by midday in London.

European shares jumped, with the pan-European index rising 1.4%. Stocks exposed to China — carmakers, industrials, energy firms and luxury goods makers — rose strongly, while banks also rallied.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.8% to its highest since February, with the bullish sentiment spilling into other markets.

E-Mini futures for the S&P 500 gained 1.1%.

Chinese blue chips jumped 5.7% on top of a 7% gain last week to their highest in five years. Even , which has lagged with a soft domestic economy, managed to rise 1.8%.

China’s was on track for its best day against the dollar since December, up nearly 0.7% at 7.0210 per dollar.

Among the reasons investors cited for the buying was improving economic data – UBS noted Citi’s Economic Surprise Index for the U.S. has risen to its highest level on record. The index measures how well economic data releases are faring relative to consensus forecasts.

Some cited an editorial in the China Securities Journal, which said on Monday that China needed a bull market to help fund its rapidly developing digital economy.

“We advise against regarding uncertainty as a reason for exiting markets. Instead, we see ways for investors to cope with uncertainty – including averaging into markets – or even take advantage of volatility,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

In Hong Kong, Jefferies (NYSE:) chief global equity strategist Sean Darby said the positive sentiment towards Asian markets was the result of better-than-expected regional economic data and elevated liquidity levels.

“All of the global monetary policy indicators are flashing green right now. It is very loose and that should mean markets which have underperformed should do well,” Darby told Reuters.

“The dollar has also been weaker over the past five days so emerging markets, led by China, normally do well on that back of that.”

Most markets gained ground last week as a raft of economic data from June beat expectations, although the resurgence of coronavirus cases in the United States is clouding the future.

In the first four days of July alone, 15 states have reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed about 130,000, according to a Reuters tally.

Analysts estimate that re-openings affecting 40% of the U.S. population have now been wound back.

“Markets will have to climb a wall of worry in July as economic activity likely softens from the V-shaped recovery seen over recent months,” said Robert Rennie, head of financial market strategy at Westpac. “We must remember, too, that U.S. and China relations are deteriorating noticeably.”

Two U.S. aircraft carriers conducted exercises in the disputed South China Sea on Saturday, the U.S. Navy said, as China carried out military drills that have been criticised by the Pentagon and neighbouring states.

The risks, combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data. U.S. 10-year yields edged up to 0.7% on Monday, well off the June top of 0.959%.

Italy’s 10-year bond yield fell 4 basis points to around 1.29% — pushing towards more than three-month lows hit last week. That squeezed the gap over benchmark German Bund yields to around 171 basis points.

Analysts at Citi estimate global central banks are likely to buy $6 trillion of financial assets over the next 12 months, more than twice the previous peak.

Major currencies have been largely range-bound with the down 0.3% at 96.894, having spent an entire month in a snug band of 95.714 to 97.808.

The dollar was flat against the yen at 107.50 on Monday. The euro rose 0.6% against the dollar, above the $1.13 mark.

In commodity markets, gold has benefited from super-low interest rates across the globe as negative real yields for many bonds make the non-interest-paying metal more attractive.

traded at $1,776.21 per ounce, just off last week’s peak of $1,788.96.

Oil prices were mixed with futures up 1.2% at $43.58 a barrel. was flat at $40.65 a barrel, amid worries the surge in U.S. coronavirus cases would curb fuel demand.



China names and shames misbehaving shareholders of banks, insurers By Reuters



© Reuters.

SHANGHAI/BEIJING (Reuters) – Chinese regulators adopted shock and awe tactics on Saturday to target misbehaving shareholders of banks and insurers by naming and shaming 38 corporate investors for having “gravely” violated rules and laws in their first such exercise.

The China Banking and Insurance Regulatory Commission (CBIRC) said the disclosure aimed to limit financial risks and improve corporate governance, adding that such lists of names would be regularly published in future.

China has stepped up scrutiny of shareholders in financial institutions after the failure of once-acquisitive conglomerate Anbang Insurance Group, which the government seized in early 2018. Its chairman and key shareholder, Wu Xiaohui, was prosecuted for economic crimes.

Regulators also tightened the screws on shareholders in small lenders last year with the takeover of Baoshang Bank, once controlled by private conglomerate Tomorrow Holdings. Concern has grown that big shareholders could exploit their positions to secure easy loans.

Despite the cleanup efforts of the past few years, some shareholders in banks and insurers still engage in illegitimate ways, the regulator said on Saturday, so publishing the names of offenders serves to inhibit them.

The 38 shareholders named by CBIRC have engaged in activities such as flouting regulatory ownership rules, using unqualified sources of funding, fabricating materials, or profiting from illegal transactions, the regulators said.

The list includes shareholders in Anbang, Kunlun Health Insurance and Ningbo Donghai Bank, according to the CBIRC statement and information compiled by Reuters based on China’s business registration database.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Global banks seeking details of U.S. sanction threat against China individuals for Hong Kong law By Reuters




By Alun John, Scott Murdoch and Sumeet Chatterjee

HONG KONG (Reuters) – International banks were seeking details on Friday of the scope of U.S. legislation that would penalize them for doing business with Chinese officials who implement Beijing’s sweeping new national security law on Hong Kong.

The U.S. Senate passed the bill unanimously on Thursday, a day after it saw full support in the House of Representatives, in a rare example of bipartisan support that reflects politicians’ concern over the erosion of the Hong Kong’s autonomy following China’s imposition of the law on Tuesday.

The bill calls for sanctions on Chinese officials and others who help violate Hong Kong’s autonomy, and financial institutions that do business with those who are found to have participated in any crackdown on the city.

But it does not lay out which individuals might be included, nor what they would be forbidden from doing.

Banks including Citigroup (NYSE:) and Bank of America (NYSE:) were among those holding calls on Friday with U.S. colleagues to discuss the potential fallout from the legislation, but few conclusions could be drawn at this stage, sources said.

Spokesmen for the banks declined to comment.

President Donald Trump has not yet indicated if he will sign the bill into law.

“Financial institutions are concerned about the legislation principally because of uncertainty about how the sanctions will be used,” said Nick Turner, a lawyer specializing in sanctions and anti money laundering at Steptoe and Johnson in Hong Kong.

Turner said the main area of uncertainty was around what would constitute a significant transaction, and whether that would prevent a bank providing retail or private banking services to a sanctioned person, as well as which individuals might be named.

The bill calls for the Secretary of State to report to Congress within 90 days of the law’s passage and identify any foreign person who has, or is, materially contributing to undermining Hong Kong’s autonomy.

Within 60 days, the Treasury Secretary must then submit a report identifying those banks that have knowingly conducted a significant transaction with someone named.

“Internally, it’s very difficult for us to take a call on this now and think about its impact without seeing the names of the people and the entities that would be targeted,” said a trade finance banker at a large European bank, who also discussed the bill with colleagues on a call.

“If they name party members who are sitting on the boards of large SOEs (state-owned enterprises), that would create a massive problem,” he added, declining to be identified due to the sensitivity of the matter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China state firms’ profits fall 52.7% year-on-year in Jan-May: finance ministry By Reuters




BEIJING (Reuters) – Profits at China’s state-owned firms fell 52.7% y/y in Jan-May, according to a statement from the country’s Finance Ministry on Monday, to 663.1 billion yuan ($93.67 billion).

($1 = 7.0794 yuan)

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China industrial firms’ May profits rise 6% year-on-year By Reuters


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© Reuters. FILE PHOTO: Worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang

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SHANGHAI (Reuters) – Profits at China’s industrial firms in May rose 6% year-on-year to 582.3 billion yuan ($82.28 billion), the statistics bureau said on Sunday.

The rebound followed a 4.3% fall in April.

For the first five months of 2020, industrial firms’ profits fell 19.3% from the same period last year to 1.84 trillion yuan.

Liabilities at industrial firms rose 6.6% on year at end-May, compared with 6.2% growth as of end-April.

Business activity in China is clearly improving after tough coronavirus containment measures that led to weeks of near-paralysis in the world’s second-largest economy. But demand at home and abroad remain sluggish amid concerns of a second wave of infections and a global recession.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



India’s auto and pharma sectors not ready to wean off China By Reuters


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© Reuters. FILE PHOTO: Supporters of India’s ruling BJP burn an effigy depicting Chinese President Xi Jinping during a protest against China, in Kolkata

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By Aditi Shah, Neha Arora and Zeba Siddiqui

NEW DELHI (Reuters) – Days after a border clash with China this month in which 20 Indian soldiers were killed, New Delhi told firms to find ways to cut imports from China. But two big industries, automobiles and pharmaceuticals, say this is easier said than done.

Like many countries, India relies on China for products such as electronic components and drug ingredients because it cannot make them or source them elsewhere as cheaply, company and industry figures say.

Thus any moves to curb imports or make them costlier without developing alternatives will hurt local businesses.

“We don’t import because we like to, but because we have no choice,” said R.C. Bhargava, chairman of Maruti Suzuki India Ltd (NS:), the country’s biggest carmaker.

“To attract companies to produce locally, we need to be more competitive and lower our costs compared with other countries.”

India imported around $70.3 billion of goods from China in the fiscal year to March 2019, and exported just $16.7 billion – its widest trade deficit with any country.

The government is now consulting with companies on tightening curbs on 1,173 non-essential products, a trade body official said on condition of anonymity. They include toys, plastics, steel items, electronics and specific auto components – which feed vehicle manufacturing.

This is on top of plans to raise trade barriers and import duties on around 300 products from China and elsewhere, as part of Prime Minister Narendra Modi’s self-reliance campaign.

In April, India also tightened rules for investments from neighbouring countries, including China, to prevent opportunistic takeovers after the pandemic.

“If things do escalate, then India stands to lose a lot more than China,” said the chief of corporate strategy at one of India’s top 10 drugmakers. “We cannot afford this.”

“NO KNEE-JERK REACTION”

Over a quarter of India’s auto part imports – $4.2 billion – came from China in 2019, including engine and transmission parts, according to data from the Auto Component Manufacturers’ Association of India (ACMA).

Some of these components are critical and hard to source elsewhere immediately, said Vinnie Mehta, director general at ACMA, whose members include companies such as Bosch (NS:), Valeo (PA:) and Minda Industries (NS:).

“We cannot have a knee-jerk reaction, especially when we are emerging from the disruption caused by the pandemic,” he said.

Chinese supplies have also been a key factor in India’s booming drug industry, which exports cheap generic medicines.

Some of India’s largest drug companies, such as Sun Pharmaceutical Industries (NS:), Lupin (NS:) and IPCA Labs (NS:), rely on China, and India overall gets about 70% of its supply of active pharmaceutical ingredients (APIs) from there, industry officials said.

“In the immediate future, we are going to continue to be reliant on China,” said Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance, which represents major drug makers, although he believed there was only “a very low likelihood” of API supplies being cut off.

However, this still leaves manufacturers dependent on low Chinese prices to be able to meet price controls on the home market and stay competitive abroad.

This month, China increased prices of the common pain reliever paracetamol and of ciprofloxacin, an antibiotic used to fight respiratory infections, by 25%-27%, one senior industry executive said.

“This is an important antibacterial drug. If we don’t buy from the Chinese, there will be shortages,” the executive said. “Ramping up capacity in India is a gradual, long-drawn process.”



Aussie, yuan fall after White House adviser says China deal ‘over’ By Reuters


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© Reuters. U.S. dollar notes are seen in this picture illustration

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By Hideyuki Sano

TOKYO (Reuters) – The Australian dollar, the and other risk-sensitive currencies tumbled on Tuesday after White House trade adviser Peter Navarro said the trade deal with China is “over”.

Although there were few details on actual policy implications, his comments resurrected fears that already tense relations between United States and China may now worsen and disrupt supply chains and capital flows.

Navarro linked the breakdown in part to Washington’s anger over Beijing’s not sounding the alarm earlier about the coronavirus outbreak.

The Australian dollar lost 0.5% to $0.6874 , erasing earlier gains while the New Zealand dollar fell 0.65% to $0.6440 .

The offshore Chinese yuan dropped 0.35% to 7.0815 per dollar .

“It’s not clear exactly what is over, but today’s market reaction suggests that after riding on optimism on the economy, markets are now ready to test the pessimistic side of the story” said Daisuke Uno, chief strategist at Sumitomo Mitsui (NYSE:) Bank, referring to Navarro’s comments.

Until early Tuesday, risk currencies had been supported and the dollar had been soft as markets clung to hopes of an economic recovery from the pandemic despite rising infections in some parts of the world.

Traders bought into riskier bets as some big cities in North America, such as New York and Toronto, eased lockdowns and reopened their economies, though that came against setbacks elsewhere in the fight to contain the coronavirus.

The World Health Organization (WHO) reported a recordincrease in global novel coronavirus cases on Sunday, with spikes in infections in southern and western U.S. states as well as Brazil.

Against a basket of currencies (), the dollar gained 0.16% to 97.189.

The safe-haven yen was little moved, stuck at 106.96 yen per dollar . The euro slipped a tad to $1.1252 ().

Investors are now looking to European business activity surveys due later in the day.

Economists expect the euro zone composite flash PMI to rise to 42.4 in June from 31.9 last month as European economies gradually reopen.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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China securities regulator proposes closer cooperation with the U.S.: Caixin By Reuters



© Reuters.

SHANGHAI (Reuters) – The head of China’s stock market regulator said it has proposed closer cooperation with the United States in cracking down on securities fraud and hopes the U.S. side refrains from politicising the issue, Chinese business magazine Caixin reported.

Joint (NASDAQ:) inspections and checking financial paperwork would be key parts of cooperation, Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC) said in an interview with Caixin.

“More importantly, we should establish a high degree of mutual trust between regulators through adequate communication and coordination, and on the basis of that, jointly set up a law enforcement mechanism against cross-border securities misdeeds,” he was quoted as saying.

Yi’s comments come amid bilateral tensions over trade, the coronavirus and Hong Kong but which also include cross-border listings and investments.

U.S. President Donald Trump’s administration is moving to make it harder for some Chinese companies to list in the U.S., after Nasdaq-listed Luckin Coffee (NASDAQ:) admitted to fabricating sales. U.S. regulators have also warned investors against putting money into Chinese companies due to disclosure issues.

According to Yi, the CSRC has also told the U.S. Public Company Accounting Oversight Board (PCAOB) it is willing to discuss ways to conduct joint inspections of cross-border listed firms and has submitted concrete proposals several times, but U.S. counterparts have not actively responded.

“I think that under the current political atmosphere, PCAOB could be under some pressure… We welcome the PCAOB to sit down with us to talk at any time,” Yi was quoted as saying.

In response to U.S. complaints that the PCAOB is still unable to inspect financial paperwork in China, Yi told Caixin that China has never barred the provision of documents to foreign regulators, but under Chinese law, such information should be exchanged confidentially through regulators.

The CSRC did not immediately respond to a request for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.