China condemned the former chairman of China Huarong Asset Management Co. to death on charges of malfeasance, one of the most severe sentences to stem from President Xi Jinping’s anti-corruption drive … ( read original…
FINANCE
China Condemns Former High-Flying Finance Executive to Death
A former chairman of one of China’s biggest bad debt managers was condemned to death over charges of corruption, marking a rare sentence in President Xi Jinping’s efforts to tighten control over the … (…
Defense Bill Orders Study of Illicit Finance Risks Posed by China
The National Defense Authorization Act directs the Treasury Department to do a study on money-laundering risks related to China’s government and companies. ( read original story …)
China cuts EV subsidy in 2021; market downplays impact on lithium, cobalt prices
China’s finance ministry has reduced the subsidies for electric vehicles (EVs) for 2021 by 20%, a move most market participants say they had expected. The Chinese government body announced the the new … ( read…
Chinese watchdog to encourage rural bank mergers
China’s top banking watchdog said on Tuesday it would encourage founders of rural banks to boost capital, and would promote mergers and acquisitions in the sector to cut financial risks. ( read original story …)
China releases revised performance evaluation rules for commercial banks
[Photo/China News Service] BEIJING – China’s Ministry of Finance has issued revised performance evaluation rules for commercial banks. Starting from Jan 1, the revised rules introduced a new … ( read original story …)
JPMorgan in Talks With China Bank on Wealth Venture
JPMorgan Chase & Co. is seeking to establish another Chinese joint venture in wealth management as the nation’s financial opening has spurred a rush by global banks to capture a piece of a market that…
China lifts yuan midpoint by most since revaluation in 2005
China’s central bank on Tuesday lifted its official yuan midpoint by the most since it abandoned a decade-old peg against the dollar in 2005, underpinned by sharp gains in spot prices a day earlier. (…
UPDATE: Genworth Financial’s planned merger with a China-based company now on indefinite hold; company pursuing contingency plan
Genworth Financial Inc.’s plan to merge with a China-based company has been put on indefinite hold, in part because of the COVID-19 pandemic, though both … ( read original story …)
China tells inefficient firms to shape up or prepare to go bust
China is turning the screws on the nation’s companies as authorities seek to take advantage of the global pandemic to strengthen its industrial might. After letting inefficient firms survive for years … ( read original…
Wall Street Steps Up Hiring in China, With Analysts in Demand
Fresh hiring in China by global banks including JPMorgan Chase & Co. and Nomura Holdings Inc. as Beijing opens its $53 trillion financial market helped push the nation’s headcount of research analysts … ( read…
Genworth Financial’s planned merger with a China-based company now on indefinite hold; company pursuing contingency plan
Genworth Financial Inc.’s long-delayed plan to merge with a China-based company has been put on indefinite hold, though both companies said Monday they may still be able to complete a … ( read original story…
Beijing residents have highest savings in China
Beijing’s urban and rural residents save the most amount of money in China, financial media outlet Yicai reported on Sunday. As of 2019, China’s top three cities in terms of urban and rural residents ……
