China's central bank pledges financial support for AI industry development
People's Bank of China Governor Pan Gongsheng said at the 2026 Financial Street Forum that the central bank will closely track the macroeconomic impact of AI on productivity, investment, employment, income distribution and financial stability. He committed to strengthening financial support for the AI industry while prudently advancing AI applications within the financial sector itself. The remarks signal Beijing's intent to treat AI as a strategic priority in financial policy.
China's financial regulator vows to bring all financial activities under supervision
National Financial Regulatory Administration head Ding Xiangqun said China's banking and insurance sectors remain broadly stable, with large institutions operating soundly and risk disposal at smaller firms proceeding in an orderly manner. The regulator will crack down on illegal financial activity and strengthen oversight of cross-regional, cross-departmental and new-format financial products. The goal is comprehensive, no-exception supervision covering every financial activity.
South Korea's financial regulator flags possible dual-listing violation by SK Hynix's Solidigm
Financial Supervisory Service Governor Lee Chan-jin said an IPO by Solidigm, the U.S. subsidiary of SK Hynix, could violate Korea's dual-listing restrictions. Korean authorities are examining whether a U.S. listing would require review under domestic regulations. Lee said the Financial Services Commission and FSS both view a Solidigm IPO as potentially violating dual-listing rules, raising questions about protections for minority shareholders of the parent company.
South Korea's FSS and FIU to build unified crypto asset regulatory framework
FSS Governor Lee Chan-jin told lawmakers that the agency is working with the Financial Intelligence Unit to establish a crypto asset regulatory system, following internal control failures at exchanges including Bithumb. He said the second-phase digital asset framework bill will strengthen oversight, with the new structure near completion. Lawmaker Lee Kang-il noted that crypto regulatory authority remains fragmented across the FSC, FSS, FIU and Bank of Korea, while exchanges face numerous suspected violations.
Mirae Asset Securities targets Q1 2027 launch for first tokenized financial products
South Korea's Mirae Asset Securities is advancing plans to launch its first tokenized financial products in the first quarter of 2027, initially targeting private money market funds and private bonds for institutional investors. Tokenization would put ownership and transaction records on-chain via blockchain-based digital tokens. The company said the exact launch date, final product mix and token issuance structure remain undecided.
Mt. Gox extends creditor repayment deadline to October 31, 2027
The Mt. Gox rehabilitation trustee, with court approval, extended the repayment deadline by one year to October 31, 2027 Japan Standard Time. Base repayments, early lump-sum repayments and intermediate repayments are largely complete, but a substantial number of creditors have yet to receive funds due to incomplete procedures or issues during the repayment process. The extension gives the trustee additional time to resolve outstanding claims.
South Korea's National Pension Service loses $137 billion on memory chip stock slump
The National Pension Service suffered a loss of approximately 182 trillion won ($137 billion) as shares of Samsung Electronics and SK Hynix declined. According to FnGuide data, the value of NPS portfolios with 5% or higher stakes in 287 listed companies fell from 515.93 trillion won at end-June to 333.53 trillion won as of October 15. This marks the fund's first quarterly decline since Q4 2024, a sharp reversal after record returns in the first half.
Japan's Nikkei closes lower while Korea's KOSPI rebounds on tech sector moves
The Nikkei 225 closed down 0.62% at 64,916.70, while Korea's KOSPI finished up 1.75% at 5,767.03. SK Hynix rose 0.39% and Samsung Electronics gained 1.16%, recovering from an earlier 3% plunge at the open. The mixed close reflects ongoing volatility in Asian tech and semiconductor stocks amid global AI valuation concerns.
China's Q3 GDP growth accelerates to 4.5%, first three quarters up 4.6%
China's GDP grew 4.6% year-on-year in the first three quarters, reaching 107.1071 trillion yuan, according to the National Bureau of Statistics. Third-quarter GDP growth came in at 4.5%, beating expectations of 4.40% and up from 4.30% in the second quarter. The acceleration provides some reassurance on the trajectory of the world's second-largest economy.
ByteDance pushes back on claim that half of China's computing power is used for short dramas
A ByteDance representative for its Doubao AI product disputed claims that over half of China's computing power is devoted to AI-generated short dramas. The company said only about 10% of its total computing power is used for video generation model training and inference. The response came after Chinese online literature firm COL disclosed that AI short drama and video generation accounted for 55% of domestic AI token consumption, surpassing software development to become the largest token use case.
