The notice was jointly issued by the People’s Bank of China and the China Banking Regulatory Commission – the central bank and banking watchdog – to crack down on risks in the nation’s internet financing…
FINANCE
Bank of China granted license to operate in Turkey
The Bank of China has been granted a license to operate in Turkey, head of Turkey’s banking watchdog said on Friday. “Permission has been already given to the bank. Now, license was given. Bank of…
China’s debt crackdown hits cash loan providers
China has long been known as a nation of savers, but consumers are rapidly embracing debt from non-bank online platforms. The number borrowers taking out cash loans from the micro-lenders is growing at an unprecedented…
China, France to deep economic, financial cooperation
BEIJING, Dec. 1 (Xinhua) — China and France Friday held the fifth High-Level Economic and Financial Dialogue in Beijing with fruitful cooperation outcomes. The dialogue, co-chaired by Chinese Vice Premier Ma Kai and French Economic…
China makes progress in curbing banking sector risks
BEIJING, Dec. 1 (Xinhua) — China has made progress in reining in risks in its banking sector, with interbank business curbed, a banking regulator said Friday. By the end of October, interbank assets and liabilities,…
U.S.-listed Chinese financial firms drop as China sets new rules
(Reuters) – U.S.-listed shares of Chinese financial firms slipped in premarket trade on Friday after Reuters reported that China’s regulators had circulated new rules to local governments to clamp down on cash loan firms. PPDAI…
China banking regulator targets ‘invisible shareholders’
China’s banking regulator is preparing new rules to forbid “invisible shareholders”, a response to the widespread use of shell companies and proxies to disguise the true owners of major Chinese banks and other companies. A…
China says growth in interbank wealth products slowing sharply
BEIJING, Dec 1 (Reuters) – China’s banking regulator said on Friday that the country’s interbank business slowed significantly in the first 10 months of the year, with the total volume of wealth management products (WMPs)…
China’s banking regulator says will clean up existing micro loans
BEIJING (Reuters) – China’s banking regulator said on Friday that it will clean up existing micro loans after it suspended its approval for new micro loan firms, amid a crackdown on riskier borrowing. The regulator…
Regulator fines China Minsheng Banking $4.2 million for fake wealth product sales
SHANGHAI (Reuters) – China’s banking regulator has fined a Beijing branch of China Minsheng Banking Corp (1988.HK) 27.5 million yuan ($4.16 million) for selling fake wealth management products, according to a notice posted on its…
Regulator fines China Minsheng Banking $4.2 mln for fake wealth product sales
SHANGHAI, Dec 1 (Reuters) – China’s banking regulator has fined a Beijing branch of China Minsheng Banking Corp 27.5 million yuan ($4.16 million) for selling fake wealth management products, according to a notice posted on…
China central bank skips open market operations on sufficient liquidity
China’s central bank suspended open market operations Friday, citing sufficient liquidity in the banking system. The move meant a net cash withdrawal of 40 billion yuan (6.05 billion U.S. dollars) from the market as previous…
China busts underground bank used to funnel $3 billion out of the country
BEIJING—The money came from all over China — its wealthy southern and eastern coasts as well as the arid northwest — as thousands of people scrambled to circumvent the country’s strict controls on wealth. In…
