New rules

THE country’s banking and insurance regulator has issued detailed rules to regulate insurance investments in trust products, two sources with knowledge of the matter said Friday, as part of a campaign to fend off financial risks.

In a notice issued last week, the regulator set a ceiling for the amount of money insurers can put in single collective trust products and banned them from using such investments to bypass regulations for other purposes. The rules have also opened a door for insurance companies to do business with more of the 68 trust companies in the country, one of the sources said. Previously, insurance companies could only cooperate with roughly 20 qualified trusts firms due to penalty records and net asset requirements, according to data compiled by media.

Tesla car fire cause

ELECTRIC vehicle maker Tesla Inc. said Friday a single battery module caused a car to catch fire in Shanghai and it had revised its vehicle settings to further protect its batteries following an investigation into the incident.

The company said in a statement that the joint investigation team had conducted an investigation and analysis of the battery, software, manufacturing data and vehicle history. The investigation found no system defect, and the initial findings show the incident was caused by a single battery module located at the front of the vehicle, Tesla said.

QFII quota rises

THE outstanding amount of China’s U.S. dollar-denominated Qualified Foreign Institutional Investor (QFII) program stood at US$107 billion by Friday, up slightly from US$105.8 billion at end-May, the foreign exchange regulator said Friday.

The QFII program was created to allow foreigners to invest in Chinese capital markets.