Goldman’s asset-management arm will own 51% of the venture, and the remainder will be held by an ICBC wealth-management subsidiary.
FINANCE
China approves Goldman Sachs, ICBC joint wealth management venture
China’s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset …
Goldman Forms Wealth Venture With China’s Largest Bank
Goldman Sachs Group Inc. received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass …
China to step up financial services for new agricultural businesses
Chinese financial and agricultural authorities have demanded efforts to improve financial services for new types of agricultural business entities amid the country’s push for rural vitalization and …
Huarong Bonds Lose Half Their Value in Key China Funding Market
China’s repo market shows just how risky China Huarong Asset Management Co.’s bonds are perceived to be within the mainland, despite being majority-owned by the finance ministry. Borrowers putting up …
Stablecoins ‘threaten financial stability’; China’s commodities boom crackdown; Liberty steelworks for sale – as it happened
Rolling coverage of the latest economic and financial news …
The race to avert disaster at China’s biggest ‘bad bank’
Huarong’s role in absorbing and disposing of lenders’ soured debt is worth preserving to support the banking sector cleanup, but requires government intervention, according to Dinny McMahon, an …
Fed paying close attention to China digital yuan, Brainard says
The Federal Reserve is paying close attention to China’s progress in developing a digital currency, especially its use in international payments, Fed Governor Lael Brainard said Monday. “It is very …
Piaggio One electric scooter revealed ahead of global debut at 2021 Beijing auto show
First pictures of the Piaggio One electric scooter have been revealed today, ahead of its physical world premiere at the 2021 Beijing auto show on 28 May. The One is only the second pure-electric …
China: Public offering finance volume exceeds USD3.35t
Statistics from the Asset Management Association of China reveal that the scale of China’s public offering funds had dropped month on month by the end of March. According to the …
China flags greater oversight as financial risks multiply amid soaring commodity prices
Beijing is growing increasingly wary of risks stemming from rising commodity prices, inflation and international economic uncertainty following the coronavirus pandemic.
China mines more bitcoin than anywhere else. The government wants that to stop
By Laura He, CNN Business China has extended its iron-fisted crackdown on using and trading bitcoin to the industry that oversees the mining of new cryptocurrency tokens.
Crypto miners halt China business after Beijing cracks down, bitcoin tumbles
A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time the council has targeted virtual…
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