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Market Passport

Market information

Supporting you

Key market information

  • Local currency

    Yuan
    Renminbi (CNY)

  • 2017 GDP

    USD
    12,015bn

  • Time zone

    GMT
    +8 hours

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    SSE
    Composite

Key market figures

Market capitalisation USD 7,311bn
Number of listed companies 3,485
2017 value of share trading USD 16,809bn
Number of ETFs listed 139
2017 value of bonds trading USD 749.52bn
Number of bonds listed 13,348
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 n/a

Local market infrastructures

  Equities LISTED bonds OTC bonds
Trading SSE (Shanghai) and SZSE (Shenzhen) SSE (Shanghai) and SZSE (Shenzhen) CIBM
Clearing CSDC CSDC CCDC/SCH
Settlement and custody CSDC CSDC CCDC/SCH
Cash leg CNAPS CNAPS CNAPS

Local market authorities and regulators

  • The China Securities Regulatory Commission (CSRC) regulates the China securities markets
  • China Banking Insurance Regulatory Commission (CBIRC) has supervisory responsibilities over the banking and insurance sectors
  • The People’s Bank of China (PBoC) is the central bank
  • The State Administration of Foreign Exchange (SAFE) is the regulatory body that supervises all foreign currency matters in China
  • The National Association of Financial Market Institutional Investors (NAFMII) and the Asset Management Association of China (AMAC) have a self-regulatory role for the inter-bank market and fund management companies

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities A share: T+0
Cash: T+1
B share: T+3
Spot options T+0, T+1 & T+2
Listed bonds T+0 (securities), T+1 (cash)
OTC bonds T+0/T+1/T+2
Cash T+0/T+1
Cut-off times
Equities (incl. listed bonds) 3.00pm
Bonds (OTC) 5.00pm
Cash 5.00pm
 
Omnibus account/securities No
Omnibus account/cash No
Pre-matching Yes
Irrevocable pre-matching Yes
Short selling Only for B-shares
Cash settlement/DVP True DVP for CIBM, Stocks T+0 and Cash T+1 for equity market
Securities lending Currently limited to qualified onshore investors
Foreign ownership limits Yes
Tolerance limits

n/a.

Examples of market penalties

In case of cash shortage, there will be an overdraft interest equivalent to the interbank deposit rate, as well as penalty interest (0.1% per day for A-shares; 0.5 % per day for B-shares).

Buy-in practice

The A-share market is essentially a no-fail market since there is a securities balance pre-check before trading takes place, hence buy-ins are highly unlikely.

For the B-share market, buy-ins are forced on T+6 if a trade has not settled on T+5.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in China

We are one of the very few foreign custodians in China offering the full chain of services on the China Interbank Bond Market.

Our main services

Core

We cover cross-border flows and service as a local settlement and custodian agent for foreign institutions investing in the China Interbank Bond Market (CIBM), and also provide master custody services to the Chinese institutions which invest in foreign markets through the Qualified Domestic Institutional Investors schemes (QDII).

Market-specific

  • Extended access to CIBM and Shanghai and Shenzhen Stock Connect schemes (through Hong Kong)
  • Master custody services to domestic institutions who are interested in investing international markets via the QDII scheme
  • London Shanghai Stock Connect – expected at the end of 2018

What makes us different

  • Type A licence to offer the CIBM service range from filing with and reporting to regulators, trading and settlement to custody
  • Flexible solutions with enhanced asset safety to provide seamless access to the two Stock Connect schemes (through Hong Kong)

Selected market recognition

  • The Asset Triple A Asset Servicing Awards (2018): Best Custodian, Broker-Dealer
  • Asia Risk Awards (2017): RMB House of the Year (BNP Paribas)

A sound partner

Our asset custody department was created under BNP Paribas China back in 2010 but BNP Paribas’ presence in China dates back to 1860 when it opened its first office in Shanghai. Today, with nearly 500 staff based in China, BNP Paribas provides a large range of banking solutions to corporate and institutional clients.

Contact

For more information, please contact your relationship manager or
Philippe Kerdoncuff, Head of Location
philippe.kerdoncuff@bnpparibas.com

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