Banks - China: Weekly Wrap: Mixed macro, hawkish Fed, and slower loan growth the new norm

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Banks - China: Weekly Wrap: Mixed macro, hawkish Fed, and slower loan growth the new norm

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new batch of QDII quotas, while 26 institutions signed with CBETS to expand digital

Wenqing Han, CFA >>

RMB cross-border payment services. A/H shares: The A-share investor base surpassed Research Analyst

250mn. The CSRC is set to further open the STAR Market to unprofitable AI companies Merrill+852 3508Lynch5032(Hong Kong)

and support the near-term launch of active ETFs. Severe deviation from stated wenqing.han@bofa.com

investment mandates will become a negative assessment item for thematic public funds Winnie Wu >>

from Dec 1, 2026. HKEX’s first-half IPO fundraising ranks No. 2 globally, while Hong ResearchMerrill LynchAnalyst(Hong Kong)

Kong stated that alignment with the 15th Five-Year Plan does not replace the free +852 3508 3058

winnie.wu@bofa.com

market. Financials: the NFRA said it will strengthen cross-border risk response capacity

and accelerate revisions to the banking and insurance laws. The internet lending EmmaResearchXuAnalyst>>

association proposed a bailout fund with annual investment of no less than RMB1.5bn. Merrill Lynch (Hong Kong)

+852 3508 8165

Six regulators issued rules on financial data handling, and the social security fund emma.xu@bofa.com

opened its first futures account for pension assets. Banks are accelerating their exit

from long-term deposits (including 2-year time deposits) amid a prolonged rate

downtrend, while over 60% of universal life products posted sub-3% May settlement

PBOC: People’s Bank of Chinarates. More banks were approved to issue tier-2/perpetual bonds in June, and more than

NFRA: National Financial Regulatory100 village banks have been merged this year. The traditional Big Six life insurers were