Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS , said two sources with direct knowledge of …
FINANCE
JPMorgan’s Dimon says US, China need to have ‘real engagement’
JPMorgan Chase & Co CEO Jamie Dimon on Wednesday said the United States and China need to have “real engagement”, during his first visit to China since his 2021 comment about the bank outlasting China…
Dollar sags versus yen after Japan warning; Aussie slides on China data
The dollar languished below the psychological 140 yen level Wednesday after getting knocked back from a six-month high after Japanese officials met on Tuesday.
Exclusive-Credit Suisse Aborts China Bank Plan to Avoid Regulatory Conflict Under UBS-Sources
Credit Suisse had been planning over the last few years to set up a wholly owned local bank in China that would have boosted its presence in the country by allowing it to set up…
China Fintech Unicorn B2B No.1 Foreign Trade Financial Platform XTransfer Officially Set Foot in Hong Kong
XTransfer, China No.1 B2B foreign trade financial platform*, successfully held its inaugural “B2B Trade Digitization” foreign trade seminar at the InterContinental Grand Stanford Hotel Hong Kong. The …
US clamps down on sensitive export requests to China that would support Beijing’s military modernisation
Some advanced technologies included semiconductors, marine engines, and satellite and rocket prototypes. Read more at straitstimes.com.
JPMorgan China CEO Says Expansion Taking Longer Than Expected
JPMorgan Chase & Co.’s China head said its expansion in the country is taking longer than expected, as the US bank races to take advantage of China’s $60 trillion financial sector.
US Treasury Seeks China Engagement Even as It Sharpens Its Economic Tools
The US Treasury Department is seeking engagement with China while also sharpening the economic tools needed to counter what it sees as national security challenges, according to two officials, …
China’s push for trade in yuan has downsides for Gulf states
The United States closely monitored the Gulf’s appetite for trade in yuan. In February 2023, the dollar accounted for 84.3% of the world’s trade finance, down from 86.8% a year earlier. Meanwhile, the …
China Billionaire’s Fosun Gets S&P Ratings Boost After Cutting Debt By $3 Billion; Stock Rises
Among its recent disposals, Shanghai Yuyuan Tourist Mart, a retail subsidiary of Fosun International, agreed to sell 80% of its ownership in diamond-related investment arm Alpha Yu to a fund …
Elon Musk Meets Chinese Finance Minister in Beijing
Tesla’s Elon Musk met China’s foreign minister Qin Gang in Beijing on Tuesday, the Chinese ministry said in a statement. Qin Gang told Elon Musk China was “committed to creating a better …
TikTok Creators’ Financial Info, Social Security Numbers Have Been Stored In China
TikTok has stored the most sensitive financial data of its biggest stars — those in its “Creator Fund” — on servers in China.
China Central Bank Makes Massive Central Bank Bills Swap
The People’s Bank of China implemented the fifth Central Bank Bills Swap (CBS) operation in 2023 on Monday May 29, 2023. The amount of CBS was 5 billion yuan, with a duration of 3 months.…
