China Clamps Down on Insurers’ Overseas Financing
Chinese regulators are stepping up scrutiny of insurance companies’ overseas financing activities amid a broader campaign to reduce excessive corporate leverage and rein in financial risks.
The China Insurance Regulatory Commission (CIRC) said Monday that it is limiting how much offshore financing can be backed by domestic guarantees. The new cap is 20% of an insurer’s net assets as of the end of the previous year, according to a circular jointly issued by the insurance regulator and the State Administration of Foreign Exchange (SAFE).
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