China markets round-up: Local governments asked to recapitalise smaller banks, Bond Connect celebrates three-year anniversary, Luckin fails to ouster chairman

In this round-up, local governments are encouraged to use debt raised to improve smaller lenders’ capital ratio, the Bond Connect scheme launched three years ago helps foreign holding in Chinese bonds to top Rmb2.6tr, and Luckin Coffee’s Lu Zhengyao holds on to his chairman role.