China Digest

Economics and policy from China’s newspapers

Thursday January 12, 2017

PBOC starts investigation of Bitcoin trading platforms

The People’s Bank of China is investigating three major Bitcoin trading platforms — Huobi, OKCoin, BTCChina — for evidence of illegal financing and currency exchange through the cryptocurrency, Caixin reported. It looks serious as Beijing’s and Shanghai’s Financial Bureau, the Industrial and Commerce Administration, and the Public Security Bureau will join the probe.

NDRC says it didn’t issue order to halt debt-to-equity swaps

, according to a statement on its website, reported by Sina Finance. The statement said banks and others should follow guidelines issued by the State Council for such swaps.

VAT on asset management products to start on July 1

The Finance Ministry will impose a value-added tax (VAT) on asset management products from July 1, the Shanghai Securities Journal reported.

China to develop regional equity markets to aid smaller businesses

China will promote regional equity markets to ensure multiple financing channels for smaller businesses, Yicai reported citing Premier Li Keqiang.

China plans crackdown on illegal commodity trading sites

China will aim to shut down illegal trading venues in precious metals, crude oil and other products within six months, the Securities Daily reported, citing a decision at the State Council’s inter-ministerial joint meeting on Monday.