1、China completes draft plan for stock issuance reformBEIJING - Chinas top securities regulator has completed a draft plan to reform the nations stock issuance regime.The draft plan, seen as major move in introducing a registration-based system for stock issuance, replacing the current system of admin
2、istration, will be sent to the State Council for review before the end of this month, said Zhang Xiaojun, spokesman of the China Securities Regulatory Commission (CSRC).CSRC led the drafting of the reform plan, with participation by multiples agencies including the National Development and Reform Co
3、mmission, Ministry of Finance, and the central bank, Zhang said.Under the current approval-based IPO system, newly listed candidates often experience a complicated application process that can take multiple rounds of reviews and several years to receive approval from the CSRC, while the registration
4、-based IPO system will focus on companies compliance review and be market-oriented and more transparent.BEIJING - Chinas top securities regulator has completed a draft plan to reform the nations stock issuance regime.The draft plan, seen as major move in introducing a registration-based system for s
5、tock issuance, replacing the current system of administration, will be sent to the State Council for review before the end of this month, said Zhang Xiaojun, spokesman of the China Securities Regulatory Commission (CSRC).CSRC led the drafting of the reform plan, with participation by multiples agenc
6、ies including the National Development and Reform Commission, Ministry of Finance, and the central bank, Zhang said.Under the current approval-based IPO system, newly listed candidates often experience a complicated application process that can take multiple rounds of reviews and several years to re
7、ceive approval from the CSRC, while the registration-based IPO system will focus on companies compliance review and be market-oriented and more transparent.Toyota Motor Corp said on Thursday it would recall 57,000 vehicles globally to replace potentially deadly air bags made by Takata Corp, as a saf
8、ety crisis around the Japanese auto parts maker looks far from being contained.Toyotas action follows a recall by rival Honda Motor Co ame problem two weeks ago after revelations of a fifth death, in Malaysia, linked to Takatas air bag inflator. More than 16 million vehicles have been recalled world
9、wide since 2008 over Takatas air bag inflators, which can explode with too much force and spray metal fragments into the car.Toyota is recalling some Vitz subcompacts, called Yaris in some markets, and RAV4 crossover models made between December 2002 and March 2004. About 40,000 are in Japan, 6,000
10、in Europe and the rest in other markets outside North America. Toyota said it was not aware of any injury or death related to the recall.Separately, Toyotas small-car subsidiary Daihatsu Motor Co also issued a recall, in Japan, of 27,571 Mira minivehicles produced between December 2002 and May 2003
11、for the same reason - its first recall involving Takata inflators.About 2.6 million vehicles have been recalled in Japan so far for Takatas air bag inflators, a transport ministry official said.Takata-related recalls are almost certain to balloon after US safety regulators on Wednesday ordered the c
12、ompany to expand a regional recall of driver-side air bags to cover the entire United States, not just hot and humid areas where the air bag inflators are thought to become more volatile.Takata has so far resisted expanding the recall, saying that could divert replacement parts away from the high-hu
13、midity regions that need them most.A visitor is reflected in a Toyota Motor Corps vehicle displayed at the companys showroom in Tokyo Sept 26, 2012. Photo/AgenciesToyota Motor Corp said on Thursday it would recall 57,000 vehicles globally to replace potentially deadly air bags made by Takata Corp, a
14、s a safety crisis around the Japanese auto parts maker looks far from being contained.Toyotas action follows a recall by rival Honda Motor Co ame problem two weeks ago after revelations of a fifth death, in Malaysia, linked to Takatas air bag inflator. More than 16 million vehicles have been recalle
15、d worldwide since 2008 over Takatas air bag inflators, which can explode with too much force and spray metal fragments into the car.Toyota is recalling some Vitz subcompacts, called Yaris in some markets, and RAV4 crossover models made between December 2002 and March 2004. About 40,000 are in Japan,
16、 6,000 in Europe and the rest in other markets outside North America. Toyota said it was not aware of any injury or death related to the recall.Separately, Toyotas small-car subsidiary Daihatsu Motor Co also issued a recall, in Japan, of 27,571 Mira minivehicles produced between December 2002 and Ma
17、y 2003 for the same reason - its first recall involving Takata inflators.About 2.6 million vehicles have been recalled in Japan so far for Takatas air bag inflators, a transport ministry official said.Takata-related recalls are almost certain to balloon after US safety regulators on Wednesday ordere
18、d the company to expand a regional recall of driver-side air bags to cover the entire United States, not just hot and humid areas where the air bag inflators are thought to become more volatile.Takata has so far resisted expanding the recall, saying that could divert replacement parts away from the
19、high-humidity regions that need them most.Chinas cross-border trade settled in the yuan will likely double in the next five to seven years, which will generate opportunities for financial institutions in offshore markets for the currency, a senior monetary official from Hong Kong said on Friday.Chan
20、 Tak-lam, chief executive of the Hong Kong Monetary Authority, said that he expected financial institutions in Hong Kong to introduce more yuan-denominated products to meet investors demand for the yuan.Sales of products such as exchange-traded funds associated with the Chinese mainlands A-share mar
21、ket are growing rapidly, he said.Yuan-denominated foreign trade accounts for 15 to 20 percent of the countrys total trade and that percentage will likely rise to 40 to 50 percent, indicating more acceptance of the yuan among international traders and investors, Chan told a news conference inBeijing
22、after meeting with mainland regulators.From January to October, yuan-denominated trade settlement in Hong Kong grew significantly. Offshore yuan trading doubled to the equivalent of $30 billion in the same period, Chan said.Demand for offshore yuan increased after last Mondays launch of the landmark
23、 stock trading program that links Shanghai and Hong Kong. To meet rising demand, the Hong Kong regulator removed the daily conversion limit of 20,000 yuan ($3,262) for its residents.Chan called for an expansion of quotas for the renminbi qualified institutional investor program, which allows certain
24、 overseas institutions to use yuan to invest in the mainlands capital market.The current quota of 270 billion yuan allocated to Hong Kong can no longer meet demand and the region hoped that mainland regulators would raise the quota as soon as possible, he said.Chan said the HKMA had received a posit
25、ive response on the issue from the mainlands monetary authorities.In Hong Kong, the worlds largest offshore yuan market, deposits of the currency have exceeded 1.1 trillion yuan, about half of the total offshore yuan globally.Chan said Hong Kong did not anticipate a direct threat from the rise of ot
26、her international yuan clearing and settlement centers such as London and Singapore.Our relationship with other offshore yuan centers is a mutually beneficial one as we intend to jointly grow the pie of yuan business, he said.Randall Kroszner, a professor at the University of Chicagos Booth School o
27、f Business, said that China needs to continue to liberalize its capital market in the direction of full convertibility of its currency.The nation also needs to improve the transparency and predictability of its financial institutions to foster long-term investment rather than short-term speculation
28、involving its currency.A currency exchange booth in Hong Kong. The special administrative region is the worlds largest offshore yuan market, where deposits of the currency have exceeded 1.1 trillion yuan, about half of the total offshore yuan globally.Chinas cross-border trade settled in the yuan wi
29、ll likely double in the next five to seven years, which will generate opportunities for financial institutions in offshore markets for the currency, a senior monetary official from Hong Kong said on Friday.Chan Tak-lam, chief executive of the Hong Kong Monetary Authority, said that he expected finan
30、cial institutions in Hong Kong to introduce more yuan-denominated products to meet investors demand for the yuan.Sales of products such as exchange-traded funds associated with the Chinese mainlands A-share market are growing rapidly, he said.Yuan-denominated foreign trade accounts for 15 to 20 perc
31、ent of the countrys total trade and that percentage will likely rise to 40 to 50 percent, indicating more acceptance of the yuan among international traders and investors, Chan told a news conference inBeijing after meeting with mainland regulators.From January to October, yuan-denominated trade set
32、tlement in Hong Kong grew significantly. Offshore yuan trading doubled to the equivalent of $30 billion in the same period, Chan said.Demand for offshore yuan increased after last Mondays launch of the landmark stock trading program that links Shanghai and Hong Kong. To meet rising demand, the Hong Kong regulator removed the daily conversion limit of 20,000 yuan ($3,262) for its residents.Chan called for an expansion of quotas for the renminbi qualified institutional investor program, which allows certain overseas institutions to use yuan to inv
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