Reportsย by reports, Morgan Stanley, a US-based financial institution that provides a range of financing banking, securities, financing management and wealth management services, has eventuallyย received permission to open a new branch in China.
The countryโs securities watchdog, the China Securities Regulatory Commission (CSRC), stated earlier today, May 26, it had allowed Morgan Stanley to establish a China futures company.
The company will be based in Beijing, and with it, Morgan Stanley willย assist open up the countryโs futures market.
CHINA FINANCE MINISTRY TO REOPEN 73 BLN YUAN OF 3-YEAR BONDS ON MARCH 23 #News #Forex #CHINA #YUAN #BOND #FINANCE
โ Financialย resources Hungry (@Capital_Hungry) March 16, 2022
Reportsย by the regulatorโs statement, this is only the 1st step. Reportsย by the Commission,
In theย following step, the China Securities Regulatory Commission (CSRC) will continue to deepen the opening up of the futures market and support qualified overseas institutions to invest in domestic futures companies.
Earlier inย theย year, in April, Morgan Stanley stated it was looking forward to launching a new future company in China.
Nonetheless, the company 1st had to wait for Chinaโs regulatoryย authorities to accept its application. Now that this has eventuallyย happened, Morgan Stanley is clear to proceed to theย following step.
Chinaโs Central Television Plays Cryptocurrency Ads
Another interesting development in China recently saw a segment on Chinese state television about digitalย currencies. Given Chinaโs general unfriendly stance toward cryptocurrency, the cryptoverse was quite surprised.
Binanceโs CEO, Changpeng Zhao, pointedย outย that similar reporting had triggered bull runs in the past. This does not guarantee that a new bull run will happen, but it remains a possibility.
CZ stated onย Twitterย platform that CCTV (China Central Television) broadcasted digitalย currencies and that he believes it to be a โbig deal.โ
Zhao alsoย mentionedย that the Chinese-speaking communities are buzzing and that similar coverages in the past have led to bull runs. He was quick to add that this is not financial advice and that the past doesnโt necessarily predict the future.
The segment he referred to aired on May 23, focusing on a new mandatory licensing scheme for Hong Kong-based cryptocurrency trading platforms.
Additionally, the segment stated that corporations that offer crypto-related services must apply for a license from the Hong Kong Securities and Futures Commission (SFC) by June 1st at the latest.
On that date, the new cryptocurrency guidelines will come into effect in Hong Kong.
The Chinese media outlet, CCTV, has just broadcasted news about Hong Kongโs next cryptocurrency adoption!๐@cz_binance calls this a โbig dealโ, stating that โcoverages like these led to bull runs in the pastโ
Weโve translated the coverage into English, so you can see yourself whatโฆ pic.twitter.com/GJcjVRFtIN
โ Cryptocurrency Hub๐ก (@CryptoHub210) May 24, 2023
Another interesting detail isย theย factย that Chinaโs Finance Ministry plansย to reopen 23 Billion yuan ($3.25 billion) of 50-year bonds only one day after the new guidelines come into effect, on June 2.
Toย putย itย anotherย way, there are numerous wholeย lotย of finance-related events taking place in China atย thisย time, most of which could have a strong impact on its economy.
Hong Kong itself is becoming a substantial cryptocurrency hub, beginningย with numerous cryptocurrency conferences scheduled to take place this year.
Inย theย meantime, on the Chinese mainland, cryptocurrency mining, trading, and most other crypto-related activities remain banned after the country announced a total cryptocurrency ban in 2021.
This was likewise the occasion when it forced Bitcoinย (BTC) miners to leave and seek a new home elsewhere in the world.
