Citigroup has become the first US bank to receive a fund custody licence in China, allowing it to provide a core service to global asset managers as they rush to participate in the opening up…
FINANCE
China Banks Have a Problem $96 Billion Can’t Fix
In preparation to deal with ballooning bad debts and future losses, provisions rose sharply by 656 billion yuan ($95.8 billion) for souring loans. Prudent as that may seem, the worst is yet to appear. (…
Donald Trump’s mega-fundraiser Elliot Broidy is on verge of being charged with plot to persuade U.S. government to handover billionaire Chinese dissident to Beijing – with …
Former top Republican fundraiser reportedly will be charged with pushing the government to end the probe of a Malaysian state investment fund and extradite a Chinese dissident. ( read original story …)
China’s Banks Aren’t Close to Hitting Bottom
This isn’t the bottom for Chinese banks’ bad loans. Be prepared for more and weaker balance sheets.China’s lenders reported large declines in net profit for the first time in decades Sunday, citing … ( read original…
China’s Stock Market is Rebounding More Broadly Than the U.S.
The record-setting rally in U.S. equities gets all the attention but China’s stock market boasts a broader rebound. ( read original story …)
China’s sovereign digital currency plans must be globally compatible to internationalise the yuan, analysts say
China is set to expand the testing of its new sovereign digital currency later this year or in early 2021, but analysts say the design of its technological platform needs to be made compatible with…
China-Backed Development Bank AIIB Appoints Veteran European as First Chief Economist
The AIIB began operations in 2016 and has so far spent $20 billion worth on projects. It has 103 governments as shareholders though unlike most of the world’s other big developmen … ( read original…
China’s Central Bank Endorses New Reference Rates for Financial Markets
China’s central bank said Monday that it would make interbank repo rates by depository institutions a key reference for setting prices in the nation’s financial market, in its latest move toward … ( read original…
Envirotainer Opens New Station in Beijing, China
Envirotainer, the global market leader in secure cold chain solutions for air transport of pharmaceuticals, today announced that they are expanding their network of stations by adding Beijing (PEK), … ( read original story …)
China Minsheng Bank’s revenue up 11.16% in H1
BEIJING – (CMBC) saw its operating revenue rise 11.16 percent year-on-year in the first half (H1) of 2020, company data showed. The bank’s total operating revenue stood at 98.11 billion yuan ($14.3 … ( read…
China must reform financial markets to ward off US financial sanctions, think tank urges
China should make its own financial markets big enough and open enough to foil any attempt by the United States to decouple financially, according to a semi-official Chinese research group.The tactics … ( read original…
Genworth gets ‘satisfactory information’ that China-based company could finance $2.7 billion acquisition
Genworth Financial Inc. said late Monday that it will proceed with its long-delayed acquisition by China Oceanwide Holdings Group Co. Ltd. after the China-based company showed that it could raise … ( read original story…
China must reform financial markets to ward off any US financial sanctions, think tank urges
Chinese think tank featuring senior regulatory officials and financial experts calls for deeper financial reform and ‘contingency plans against extreme conditions’. ( read original story …)
