Allowing defaults and removing the unofficial guarantee from the government will provide a much more realistic picture of the credit markets in China and will actually prove a positive trend.
If you couple this with the deleveraging underway - initially through limitations on the de facto shadow banking carried out by third party fund managers, restrictions on commercial banks selling classified asset management products and a review of structured wealth products - all these will ultimately lead to more sustainable market operations.
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Investor Friendly
The details of the CIBM Direct scheme match the levels of market enthusiasm by providing a flexible and progressive programme. Some of the key elements for international investors looking for direct access to China's bond market are:
Eligibility - the scope of investors has increased significantly worldwide to include commercial banks, insurers, security houses, asset managers, charitable funds, pension funds and other long-term investors approved by the PBoC. This extends the list significantly but does leave some questions as to the appetite among investors that may not be long-term in perspective, such as hedge funds, to participate.
Ease of application - while financial institutions used to have to seek approval for participation from the PBoC, all that is now required is a filing. The QOIIs can register and open relevant accounts via banks with Type A licences. BNP Paribas (China) Limited is one of the foreign banks that is equipped with such a licence. This is an open invitation to international investors to use CIBM Direct by making it simple to access.
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