Briefly

Foreign banks set to get fund custody nod

China may permit foreign banks to conduct fund custody services in the Chinese market, as part of its efforts to further open up the financial sector, according to a draft revision of fund custody rules issued by the top securities regulator. Eligible domestic branches of foreign banks would be able to apply for the fund custody business permit, according to the draft rules by the China Securities Regulatory Commission. Besides general entry requirements, applicant branches for the permit should have been in operation for at least three years with good performance and asset quality, as well as enough working capital to match with the scale of the planned fund custody business, according to the draft revision.

Bond market sees steady growth in nation

The bond market has posted steady growth in China this year, with direct financing via bonds providing support for economic and social development in the epidemic period, the Securities Times said on Tuesday. As of Monday, the total outstanding corporate and enterprise bonds for this year had reached 1.42 trillion yuan ($200 billion), up 69 percent year-on-year.

E-freight pilot project starts in Zhengzhou

Zhengzhou Xinzheng International Airport in Henan province has started a pilot project of e-freight, to facilitate its development into an international air cargo hub. The e-freight pilot project is a move to implement the central government's policy to facilitate the logistics industry, according to the Civil Aviation Administration of China. The pilot project will use integrated digital technologies, including an electronic freight information platform and air logistics public information services platform.

Xinhua