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. (…
Tagged By banking
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 ……
China Is an Economic Bully—and Weaker Than It Looks
The world doesn’t have to put up with Beijing’s attempts at economic coercion. A British court will decide the fate of the Wikileaks founder, who faces an 18-count indictment in the United States. ( read…
China accuses US of breaching market rules in NYSE delisting
US government order leading to the impending January 11 delisting of three Chinese telcos from the New York Stock Exchange is politically motivated and violates market rules, says China Securities … ( read original story…
China’s tweaks to CFETS index basket could drive yuan higher – analysts
China’s decision to cut the weighting of the U.S. dollar in a key currency index basket could push the yuan’s value higher against its peers this year, some analysts said. ( read original story …)
China makes debt rating agency pay for default, in a precedent for legal and financial service firms to be responsible for their work
The Hangzhou court’s ruling sets the precedent for bond underwriters, accounting and law firms to be financially responsible for bondholders’ losses, potentially offering a new road map for handling … ( read original story …)
China Banks, Developers Slump as Beijing Caps Loans to Curb Risk
Shares of Chinese banks and developers tumbled on Monday after regulators made an unprecedented move to cap loans for the real estate sector, the latest effort to snuff out systemic risks. ( read original story…
China Makes Rating Firm Pay for Debt Defaults for First Time
A Chinese court ruled that a local ratings firm should help compensate some creditors for a construction firm’s 1.4 billion yuan ($216 million) bond defaults three years ago, a first in the country as ……
China’s central bank faces tricky balance to support liquidity
The People’s Bank of China has taken steps to ease financial conditions after interbank rates doubled in the second half of the year, reflecting the challenge it faces in navigating a return to normal ……
