MF50004.01 · Semester 1, 2026–2027
School of Economics, Fudan University · EMA
Direct vs indirect finance · why intermediaries exist · China’s system and its regulators
In review
Present value · yield to maturity · duration · why rates change · China’s rate environment
In review
Risk and term structure of rates · diversification and CAPM · the efficient market hypothesis
In review
Adverse selection and moral hazard · anatomy of a crisis · China’s stimulus and Baoshang
In review
Central bank tools · the PBoC framework · payments, BigTech lending, e-CNY
Bills, repo, CDs, commercial paper · China’s interbank market and the rate corridor
Government, municipal and corporate bonds · China’s dual-track market, LGFVs, defaults
How shares trade · valuation · China’s multi-level market, IPO reform, the A-H premium
What a bank holds and owes · capital adequacy · China’s margin squeeze
Why banks are regulated · industry structure · WMPs and the asset-management rules
Mutual and hedge funds · investment banks and brokers · PE, VC, insurance, pensions
Team presentations · the twelve weeks on one page · final paper guidance
Two meetings of 90 minutes, each two 45-minute sessions. Sessions 1 and 2 take the general theory and the developed-market evidence; sessions 3 and 4 take Chinese institutions and data. Most meetings close on a real, named case.
Mishkin & Eakins, Financial Markets and Institutions, 9th Global Edition (required). Amstad, Sun & Xiong, The Handbook of China’s Financial System (supplementary).
Attendance 5% · participation 5% · assignments 40% (two individual plus one group case) · research paper 50%.