The central government’s message to China’s 1,641 rural banks is clear: they must continue to support the financial needs of counties and agricultural areas, while also managing financial risk more … ( read original story…
Tagged By banking
China’s Luckin Coffee Files For Bankruptcy In US
Chinese cafe chain Luckin Coffee on Friday announced it had filed for bankruptcy protection in the United States, months after it had been booted from Wall Street indices over a fraud scandal. The … (…
Who owns Luckin Coffee? China-based Starbucks rival caught in fake sales scandal now files for bankruptcy
In 2020, after the coronavirus hit the economy, Luckin Coffee revealed that it inflated its 2019 sales revenue by up to $310 million … ( read original story …)
Why Beijing Is Bringing Big Tech to Heel
Beijing doesn’t oppose monopolies on principle, but even tech giants like Alibaba and Tencent must put party over profit. ( read original story …)
FT China index: Tracking recovery from the pandemic
China’s economy was the first to experience severe disruption due to the coronavirus outbreak, and has since been the first to begin to recover … ( read original story …)
UPDATE 1-China central bank research paper suggests requiring big tech to report credit data
A paper published by China’s central bank on Friday suggested authorities should require internet platforms to fully report credit data to the country’s databases in a move to break up their … ( read original…
China c.bank research paper suggests regulators require big techs to report credit data
A policy research paper published by China’s central bank on Friday suggested authorities should require internet platforms to fully report credit data to the country’s databases in a move to break up … ( read…
Foreign banks in China forced to reduce lending using overseas funds – sources
Some foreign banks in China are forced by the latest Chinese regulations to significantly reduce the amount of lucrative foreign currency-denominated loans that they grant to domestic clients, foreign … ( read original story …)
NetEase to Report Fourth Quarter and Fiscal Year 2020 Financial Results on February 25
(NASDAQ: NTES and HKEX: 9999, “NetEase” or the “Company”), one of China’s leading internet and online game services providers, today announced that it will report financial results for the fourth … ( read original story…
China’s central bank conducts 100 bln yuan of reverse repos Friday
China central bank on Friday conducted 100 billion yuan about 1545 billion US dollars of reverse repos to maintain liquidity ah … ( read original story …)
Fake accounts gain traction as they praise China, mock US
A pro-China network of fake and imposter accounts found a global audience on YouTube, Facebook and Twitter to mock the U.S. response to the COVID-19 pandemic as well as the deadly riot in Washington ……
China’s SWIFT joint venture shows Beijing eyeing global digital currency use, to internationalise yuan
Finance Gateway Information Service was registered in Beijing last month, with SWIFT the largest shareholder followed by a wholly-owned domestic settlement subsidiary of the People’s Bank of China … ( read original story …)
Bank of China raises US$500 million in first offering of Yulan bonds, as Beijing seeks to tap funding in Europe
Bank of China has become the first company to sell Yulan bonds, a new debt product that links Chinese companies with global investors, as the Asian country seeks to widen its funding access amid ……
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