Regulatory roundup: China introdues CD investing; and the Bali Trade package
The PBOC introduces trading in negotiable certificates of deposit; 159 countries sign the the Bali Trade package to break down trade barriers; and the FTA gives input on systemic risk in Australia.
China introduces market-based negotiable certificates of deposit
The People’s Bank of China officially introduced Interbank Negotiable Certificate of Deposits (NCD) on 8 December. The NCDs, priced by marker-based SHIBOR rates, are a further step in the rate liberalisation process. In addition to being market based, the tenors of the NCDs will be from one month to three years. Fixed rate NCDs will have tenors of one year or below while those for variable rates will have tenors of more than one year and be available up to three years.
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