China stocks closed lower on Friday after a sharp overnight selloff in Wall Street, with the benchmark Shanghai index posting a weekly loss after a five-week winning streak. ( read original story …)
FINANCE
China Banks Plan $29 Billion in Bond Sales to Replenish Capital
Industrial & Commercial Bank of China Ltd., the world’s largest lender, and three domestic competitors plan to sell a combined 195 billion yuan ($28.5 billion) of perpetual or tier-2 capital … ( read original story…
A tale of two Hong Kongs: Beijing cracks down while the financial hub thrives
Ant Group’s IPO will take place against a backdrop of the dismantling of the territory’s pro-democracy movement … ( read original story …)
Why China hasn’t forgotten about the war against Japanese aggression
BEIJING, Sept. 3, 2020 /PRNewswire/ — The Chinese People’s War of Resistance Against Japanese Aggression that lasted from 1931 to 1945 forever changed China and China-Japan relations. China is … ( read original story …)
China’s Mega Banks Are in Mega Trouble—And So Is the Chinese Economy
As everyone in Beijing leadership circles knows, the failure to move to a consumption-based economy risks a debt crisis and a debt crisis risks the banks.” … ( read original story …)
JPMorgan to Up Stake in China Securities Joint Venture to 71%
JPMorgan (JPM) is taking advantage of China’s opening up of financial markets for foreign banks. This is likely to further support the bank’s revenues, going forward. ( read original story …)
US-China decoupling prompts Beijing to relax rules for foreign investors in onshore bond market
China is drafting new rules to make it easier for foreign institutional investors to buy onshore bonds, as Beijing steps up efforts to lure overseas investment. ( read original story …)
Beijing Pushes Its Big Banks to Weakest Health in a Decade
Warning signs are flashing for China’s $45 trillion banking industry, just when Beijing needs it the most to keep the world’s second-largest economy on its recovery path. ( read original story …)
China Investor Hunting for Next Moutai Wins Big on Cocktails
In his search for the next Kweichow Moutai Co., Zhu Liang discovered a cocktail maker that has helped his flagship fund post a 72% return this year. ( read original story …)
We need China more than they need us, says Andrew Liveris
The former Dow Chemical CEO, one of Australia’s most prominent global executives, says America’s push to ‘decouple’ the world’s biggest economies has added fuel to China’s rise. ( read original story …)
BlackRock Gets Nod to Set Up Mutual Fund Business in China (Revised)
The company has received approval from the China Securities Regulatory Commission to set up a mutual fund unit in the country. Thus, BlackRock has become the first global asset manager to get consent … (…
China Says It Will Keep Prudent Monetary Policy Appropriate and Flexible
China will guide more credit to the real economy, avoiding flood-like stimulus, the cabinet was quoted as saying. The cabinet approved rules on market access for financial holding companies, state … ( read original story…
US banking giant Citigroup granted custody licence in China as mainland fund sector further opens up
Chinese regulators have granted a domestic fund custody licence to Citigroup, making it the first American bank to receive one after mainland regulators tweaked the rules this year to further open up … ( read…
