A consortium of state-owned and private companies was the sole bidder for Shengjing Bank’s shares in a court-arranged auction.
FINANCE
China’s Lending Strategy in Emerging Markets Risks Prolonging Borrowers’ Pain
Financial stress in developing countries is testing Chinese lenders’ approach, which has included rescheduled payments and more credit for troubled borrowers.
China Megacity Chengdu Extends Lockdown as Covid Persists
The Chinese megacity of Chengdu extended a weeklong lockdown in most downtown areas after Covid-19 cases increased, underscoring the government’s commitment to eradicating the virus even as the …
GM’s China ambitions take an ill-timed detour
General Motors is investing $100 million to import luxury vehicles in a bid to galvanise slumping sales in China. The carmaker run by Mary Barra wants to tempt wealthy urbanites and outdoorsy …
“China’s financial system must ‘adapt accordingly’ amid economic transition”
More financial adjustments will be needed to counter headwinds over the long run as China’s economy faces demographic challenges and a heightened technology rivalry with the West, according to a …
China Overtakes US With $306 Billion Corporate Credit Boom
China has surged ahead of the US for corporate bond deals in its yuan credit market in recent months, a rare shift that highlights the deepening impact of the two countries’ diverging monetary …
China’s Covid Test Providers Are Owed Billions in Unpaid Bills
Testing is a core part of China’s strategy to contain Covid, but companies that provide such services are finding it harder to get paid on time.Most Read from BloombergRussia Privately Warns of Deep …
From the U.S. to China, Major Economies Are Stalling. But Not India.
The Indian government expects growth to exceed 7 percent this year, though that pace may be hard to sustain as the global economy continues to slow.
Soho China’s billionaire founders relinquish top roles to pursue philanthropy after failed bid to sell company
Pan Shiyi and wife Zhang Xin have relinquished their top posts as chairman and CEO respectively of the firm they founded in 1995. The stock has lost as much as two-thirds of its value since…
Russia’s top banks have started lending out yuan and transferring China’s currency outside the SWIFT system
“I don’t think Russia will return to such a situation of the dollar’s influence on the domestic economy,” said Sberbank CEO German Gref.
China’s foreign exchange stockpile slides to lowest since 2018 amid rising U.S. dollar
The value of China’s foreign exchange reserves fell to the lowest since October 2018 in the wake of a smaller trade surplus and exchange rate volatility. China’s FX stockpile stood at $3.055T as of …
China’s yuan continues to fall against the dollar despite Beijing’s aggressive steps to prop up the currency
China’s yuan has dropped all the way to a key psychological milestone that, if exceeded, could mean further decline.
China and India could take advantage of a Russian oil price cap and buy more cheap barrels, US Treasury official says
The US-led price cap efforts are meant to reduce Moscow’s ability to finance its war machine. “Our hope is that countries like China and India will join the price cap coalition,” he said at a…