Key News
Asian equities were mixed but mostly lower overnight as Hong Kong underperformed as foreign investors expressed concerns over a reshuffling of financial regulators in China.
At the “two sessions” meetings, the first meetings of the 14th National Party Congress (NPC) taking place this week, officials announced the reform of major financial regulators. The China Banking and Insurance Regulatory Commission (CBIRC) will be absorbed into a new agency under the China Securities Regulatory Commission (CSRC), which will be overseen directly by the state council. Meanwhile, in addition to its new insurance oversight role, the CSRC will also take on new duties including heightened investor protection.
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