The establishment of carbon neutrality and peak carbon targets has ushered in a new era of green transformation for China's social, economic, and cultural development. Commercial banks will inevitably undergo corresponding adjustments to adapt to the demands of this new era. This paper traces the history of domestic and international dual-carbon policies and assesses their current status. It examines green credits, green bonds, and the carbon market, taking these as the starting points for the green financial transformation of commercial banks. It conducts an in-depth analysis of the current conditions as well as the opportunities and risks from the green financial transformation at home and abroad. Moreover, in conjunction with the business operations and risk management practices of commercial banks, this paper puts forward relevant policy recommendations for future development as part of a green financial transformation.

On January 21, 2022, the Supreme People's Court ("SPC") explicitly stipulated in the Several Provisions on the Trial of Civil Compensation Cases Involving False Statements and the Infringement of Rights in the Securities Market that pre-litigation procedures for civil compensation shall be set aside. This will inevitably lead to a change in the existing pattern of civil trials and administrative law enforcement, and the determination of materiality will be the key part of that change. After dispensing with pre-litigation procedures, the court needs to judge the major issues on its own by exploring the facts of the specific case on the basis of the right to make a claim in a civil trial.

Financial Market Infrastructure (FMI) is a system and institutional arrangement that provides basic public services for various financial activities and serves as a guarantee for the stable and efficient operation of the financial market. It has a strong public attribute and takes the prevention and control of financial risks and the maintenance of financial stability as an important objective. Reflecting on the deficiencies of the LME's risk management system in the recent nickel futures "squeeze" crisis, the lack of risk management systems shown in the crisis will help us to further improve FMI's risk management capabilities. It will also help speed up relevant legislation. FMI is also of great benefit in coordinating and promoting the construction of a financial infrastructure system with a "reasonable design and effective governance". This paper describes FMI and makes suggestions on the transparency of OTC derivatives and the corresponding corporate hedging risk management.

With the vigorous development of the bond market, bond defaults are occurring more frequently, and false statement disputes in the interbank bond market are increasing. However, unlike securities misrepresentation litigation in the stock market, which can be based on the principle of "presumption of trust", the interbank bond market has the particularity of "market nature" and "market participants". There is no room for the application of the "fraudulent market theory". It cannot be directly presumed that investors' investment decisions are influenced by misrepresentation based on their trading behavior. At this time, the burden of proof for the establishment of the causal relationship of the transaction should be assigned to the plaintiff, and the plaintiff should give evidence to prove that it has fulfilled its duty of care and has "reasonable trust" for the false statements involved in the case.

Some observers are concerned that the current market supervisory system and liquid incentive mechanisms are inclined to support high-frequency trading, and additional regulation is needed. However, this does not always work so well, because it may cause market players to hide their high-frequency trading errors. There is a need for companies to be able to report artificial or automatic trading errors to a neutral third party which can collect and publish such information while preserving anonymity of market participants. This may effectively avoid large- scale market disorders.

The following article makes an integrated assessment of China's trade and finance, looking at its economic growth and financial policies. It concludes that China's export-oriented growth mode was successful in the past but the economy now requires rebalancing. The article analyzes the internal logic of the nation's financial reforms, and concludes that there may be an overestimation of the benefits of rapid renminbi internationalization. Overlooking the downside to this process could bring risks to China and the rest of the world.

Non-financial enterprises from emerging market economies are increasingly tapping external sources of financing by issuing bonds offshore. This trend has become particularly evident in recent years. However, some of these financing activities have not been linked to real underlying economic activities and this has raised financial stability concerns.

Far Eastern Leasing Company successfully issued its first medium term note (MTN) for 2014 for finance leasing on September 10. It was the first debt financing instrument for financial leasing on China's inter-bank market. It was also an exploratory milestone in the development of the financial leasing industry and the reduction of financing costs for industrial enterprises. The author analyzes the background and characteristics of this product, and summarizes the importance of this innovation.

The Besun Group of Yangling in China successfully made a private placement of convertible notes on the domestic debt market on July 30. This was the interbank market's first financial product that carried the right to convert debt into equity. This article examines the structure of the product and summarizes its significance in terms of market innovation.

Credit enhancement plays an increasingly crucial role in financial markets. By analyzing the role of credit enhancement in reducing creditor loss ratios, the author demonstrates the significance of this type of credit support for China’s financial markets, most notably in promoting market standardization and development, improving the effectiveness of capital allocation, lowering transaction costs, promoting innovation and reducing the possibility of systemic risk.

Internet finance can enhance the velocity of money circulation, expand the money multiplier effect and increase the sensitivity of inflation to money supply. At the same time, it also can enhance payment capabilities, improve asset liquidity, promote interest rate liberalization and put more competitive pressure on low-yield fixed income products. In the long-run, the growth of internet finance will drive bond yields higher.

This paper studies how mandatory transparency affects trading in the corporate bond market. Using new data from the TRACE starting from July 2002 and a differences-in-differences research design, we find that transparency causes a significant decrease in price dispersion for all bonds and a significant decrease in trading activity for some categories of bonds.

Interest rate liberalization is a key component of China’s financial reform program. In recent years, there has been steady progress in letting the market play a bigger role in determining interest rate levels. More recently, reforms have entered a critical period. This paper examines the basic ideas of the next phase of interest rate liberalization and the constraints that may have to be faced with.

Internet banking has grown rapidly in recent years. Online payment systems and internet banking have become widely used, particularly among China’s younger consumers. This article tries to analyze the impact of this trend on traditional banking and the rest of the financial sector. It also examines some of the key issues facing Internet banking and makes policy suggestions.

ABS’s fledgling start in China since 2005 was an exciting chapter in the history of the Chinese fixed income market. While the ABS issuance in China suffered an innocent disruption in 2009, not by its own fault, the restarting of the ABS market in 2012 was equally exciting. While challenges abound, the market for ABS issuance in China can be expected to grow by the efforts of the market participants and regulators alike.

The performance of the US municipal bond market after the financial crisis has been surprising. This paper assesses recent market developments, assesses risk of possible municipal default and bankruptcy and discusses changes in federal tax treatment and the regulation of municipal bonds. It also explores more fundamental shifts in municipal markets.

This paper provides a discussion on how overconfidence in extracting information from financial markets contributed to the formation of financial bubbles that brought about the financial crisis. However, we should not against anything that even has a whiff of using finance because, if used wisely, the market is still the best arbiter of economic outcomes. With full recognition of the current situation, leading to a more nuanced approach to information extracted from market prices, financial institutions should be able to maximize their contribution to global economic recovery.

Self-regulation mechanisms will emerge in any competitive market, so as the financial market. Currently, some people argue that self-regulation could only supplement regulators oversight in the development of financial market. This, however, is not only a strong contrast from historical experience which suggests self-regulation normally comes before administrative regulation, but also a deviation from the experience of developed countries in developing their markets. Such understanding could be misleading for emerging financial markets when choosing their development path. Therefore, this paper thoroughly discusses the reason why financial market self-regulation exists, its functions and the boundary between statutory regulation and self-regulation from both theoretical and practical perspectives.

Since Barclays LIBOR-rigging scandal unfolded, calls have grown for reforms to the LIBOR mechanism internationally. Financial regulators across the world start to look into rate-setting system of interest rate benchmarks such as the LIBOR, and plan to launch a series of reforms to strengthen OTC market regulation and ensure trading activities are conducted in an orderly fashion. China's interest rate liberalization has come to a crucial point, and thus need us to closely follow what is going on internationally. Updates and experiences of benchmark reforms in international OTC financial markets can serve as a valuable reference for China to further foster the development of SHIBOR and promote interest rate liberalization.

Lessons learned from the financial crisis suggest that countries with strong domestic capital markets can better withstand economic crises and are proving to be more resilient. It is therefore essential to strengthen domestic capital markets. International financial institutions are committed to develop and deepen local capital markets, provide an extension of local governments' strategy to develop local financial markets, and contribute to long-term growth and prosperity in emerging markets and globally.

我国的信用评级业仍处于初步发展时期,应该合理借鉴国际信用评级行业发展的经验,适度支持本土评级机构发展,减少对外部信用评级的依赖,同时完善评级业监管,加大评级市场竞争性,避免评级利益冲突,为防范系统性金融风险、促进金融市场健康运行作出积极贡献。

本文对美国国债市场重点考察,发现金融战略和金融市场是推动大国崛起的关键力量,其中国债市场是美国金融市场和美元霸权的中流砥柱,中国金融市场的发展对此应有借鉴。

随着金融市场日新月异的发展,不同种类金融机构的界限日趋模糊,相应地,金融市场的监管模式也面临着更复杂的形势和挑战。本文从机构监管和功能监管入手,分析这两类监管方式的概念、优劣与合适的监管情境。虽然各有其专长领域,但二者之间更多地体现为一种和而不同、相辅相成的关系。