This year, financial laws and financial stability laws will be enacted; the Korean won to US dollar exchange rate falls to its lowest in nearly 17 years | Financial Morning Brief

Daily Economic News | Zhang Yiming

| Tuesday, March 10, 2026 |

NO.1 National People’s Congress Standing Committee Work Report: This Year to Draft Financial Law and Financial Stability Law

According to Xinhua News Agency, on March 9, the Work Report of the Standing Committee of the National People’s Congress stated that to accelerate the building of a strong financial nation, this year will see the drafting of a Financial Law and a Financial Stability Law, as well as amendments to the People’s Bank of China Law and the Banking Supervision Law.

Comment: The report from the Standing Committee of the National People’s Congress mentions the development of a Financial Law and a Financial Stability Law, indicating that China is further improving its financial legal framework to address the increasingly complex global financial environment. This not only enhances regulation of financial markets but also provides a more stable legal foundation for financial innovation, potentially attracting more investors to China’s market.

NO.2 Supreme Procuratorate Report: Crackdown on Corruption in Key Sectors, Prosecuted 9,174 Officials in Finance and Other Fields

According to CCTV News, the Fourth Session of the 14th National People’s Congress held its second plenary meeting at the Great Hall of the People in Beijing on the morning of the 9th. Procurator-General Ying Yong delivered the Supreme People’s Procuratorate Work Report. The report shows that in 2025, 30,500 cases of official crimes transferred by supervisory commissions at all levels were accepted, with 29,000 prosecuted—an increase of 10.8% and 20.5% year-on-year, respectively. Among these, 44 former provincial and ministerial officials including Wu Yingjie and Tang Renjian were prosecuted. The crackdown on corruption in key sectors such as finance, state-owned enterprises, and energy resulted in 9,174 prosecutions.

Comment: The report highlights the prosecution of 9,174 officials involved in financial sector corruption, demonstrating increased efforts to combat corruption. As the economy’s core, addressing corruption in finance helps maintain market transparency and fairness, boosts investor confidence, and draws societal attention to anti-corruption efforts.

NO.3 Shenzhen Financial Regulatory Bureau: 120 Tech Branches Cover All Districts in the City

The Shenzhen Financial Regulatory Bureau released the “2025 Report on Promoting High-Quality Financial Services,” which states that in 2025, based on Shenzhen’s economic structure and industry characteristics, the bureau supported banking and insurance institutions to leverage their strengths, driving the quality and efficiency of the “Five Major Articles” through targeted breakthroughs. In terms of technology finance, 120 tech branches within Shenzhen have achieved full coverage across all districts.

Comment: Shenzhen’s push for comprehensive coverage of technology financial services reveals a deep integration trend between finance and emerging industries. The full coverage of tech branches across districts not only improves accessibility to financial services but also promotes the deep coupling of financial resources with technological innovation, fostering healthy interaction between local economic development and financial industry evolution.

NO.4 Korean Won Falls to Near 17-Year Low Against US Dollar

Affected by soaring international oil prices, the Korean won to US dollar exchange rate closed near its lowest point in nearly 17 years on the 9th. In Seoul’s foreign exchange market, by 3:30 PM, the won depreciated by 19.1 against the dollar from the previous trading day, closing at 1,495.5, reaching the lowest level since March 12, 2009, during the financial crisis.

Comment: The won’s decline to a near 17-year low against the dollar reflects multiple economic factors, especially the pressure from rising international oil prices on South Korea’s economy. This exchange rate movement could negatively impact South Korean companies’ global competitiveness and export-import trade. Investors should closely monitor future foreign exchange market volatility risks.

NO.5 Gold and Silver Prices Drop During Trading

On March 9, gold and silver prices plunged during trading. Spot gold fell over 2% intraday, at $5,060.965 per ounce, while spot silver dropped 3.87%, at $81.204 per ounce.

Comment: Analysts point out that due to soaring energy prices, investors are concerned that the Federal Reserve may delay interest rate cuts amid inflation rebound pressures. This has cooled the previously crowded gold long positions, leading many investors to take profits, resulting in recent corrections in gold and silver prices.

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