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...State-backed brokerages dominate China’s vast financial markets, where western investment banks have made limited inroads in recent years and returns have disappointed at a time of weak economic momentum...
...Severe Covid-19 restrictions over the past three years limited access to the country, adding to the distance between mainland subsidiaries and their overseas headquarters....
...Additional reporting by Thomas Hale in Shanghai, Xinning Liu in Beijing and Andrew England in London...
...Additional reporting by Thomas Hale in Shanghai and Edward White in Seoul...
...Analysts have largely said they see limited spillover from the case of Zhongzhi....
...Thomas Hale is the FT’s Shanghai correspondent Find out about our latest stories first — follow FTWeekend on Instagram and X, and subscribe to our podcast Life and Art wherever you listen...
...Reduced activity on China Judgements Online, combined with limited reassurances about the new judicial database and its function, has sparked concern among lawyers and legal analysts....
...thomas.hale@ft.com...
...Beijing’s response has been limited to incremental measures, including a cut this week to the mortgage lending rate....
...Zhongzhi’s vast scale and multiple subsidiaries, combined with limited and infrequent disclosure, has added to concerns....
...Experts said the limited cuts highlighted a dilemma for Beijing: how to balance any desire to stimulate the stuttering economy — by reducing borrowing costs — with the need to preserve the stability of China...
...It limited access to credit at private homebuilders, who typically sell residential apartments before they are completed and rely on the rapid circulation of cash....
...Evergrande was audited by Prism Hong Kong and Shanghai Limited after previous auditor PwC resigned....
...“But the institutions are limited by regulations, so they aren’t around any more.”...
...Its campaign culminated in the so-called “three red lines” policy introduced in 2020 that limited leverage at individual developers and ultimately curtailed their access to financing....
...“We definitely welcome the fee cut, as our firm would take limited blows given our scale in assets and expertise in investments,” said one executive of a large Chinese mutual fund house who did not wish...
...That carry trade has worked out nicely for wholesalers,” said Citi’s Simon Hales....
...Zhu at China Europe International Business School noted the government was limited by downward pressure on the exchange rate....
...Outbound travel was also far below 2019 numbers, as visa backlogs and limited international flights curbed Chinese tourists’ ability to go abroad....
...But two people familiar with the product design said that a limited pool of underlying securities in China and minimal access to offshore markets made it hard for the model to perform well....
...Investors must cash out their positions in renminbi, and the investment options are limited....
...But analysts cautioned that, while China remained a market US corporate chiefs could not ignore, their ability to ease geopolitical friction was limited....
...Wells Fargo has hired Citigroup’s Clayton Hale as co-head of equity capital markets alongside Jill Ford, who joined the bank earlier this month from Credit Suisse. Hale will join in New York....
...This, combined with a shutdown on lending from banks and investor flight from the corporate bond market, has in turn limited developers’ ability to raise funds or cover their existing liabilities....
...Hong Kong has limited daily crossings to around 60,000 in each direction, in a phased reopening, including a cap of 50,000 at the three border checkpoints....
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