China Market Review, January 2023: FX rates maintain dominance

Some 463 structured products with an aggregated volume of CNY252.5 billion had a strike date in January. Another 471 structures  from 13 different banks matured during the month with approximately CNY175.3 billion outflow of capital made available for reinvestment. The majority are short to mid-term structured deposits, with 78% linked to popular FX rates such as XAU/USD, EUR/USD, and USD/JPY. Distributors Ten distributors were active in January. The two leading banks – Bank of Ch