This is a far less regulated banking system, which China has been trying to bring under control with varying levels of success. The shadow banking system lends vast amounts of money, and China has ……
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Hong Kong issues four more virtual bank licences to spur innovation and disrupt bricks-and-mortar financial services
Hong Kong’s monetary authority has issued four virtual banking licences to applicants affiliated with a trio of China’s largest technology companies as well as the city’s stock exchange, in a move to … ( read…
China Beige Book CEO on US trade war: ‘The Chinese decided to get greedy’
China Beige Book CEO Leland Miller blames China for derailing negotations last week. “Substantively we are very close [to a deal.] We’re almost there,” Miller told Yahoo Finance’s “The Ticker” on … ( read original…
China Mobile Barred From the U.S. Market Over Espionage Concerns
The U.S. and China have signaled hardening positions as they prepare for high-stakes talks in Washington to try and avoid an escalation in a year-old trade war that has cast a long shadow over ……
Ant Financial, Tencent Join Hong Kong Virtual Banking Race
(Bloomberg) — Tencent Holdings Ltd., Ant Financial, Industrial & Commercial Bank of China Ltd. and Xiaomi Corp. are among companies to win licenses to create virtual lenders in Hong Kong, bringing … ( read original…
China’s Robocars Are Being Lapped By Their U.S. Competitors
(Bloomberg) — Sign up for Next China, a weekly email on where the nation stands now and where it’s going next. The autonomous Lincoln MKZ started turning left at a Beijing intersection when a ……
China’s Yuan Tumbles to Lowest Since January on Trade War Fear
China will not allow the currency to keep sliding, as that will pressure stocks further and trigger risks in the broader financial system, Gao said. The authorities could boost the yuan’s funding … ( read…
As tariff hike looms, China asks U.S. to meet it halfway, denies backtracking
BEIJING (Reuters) – China appealed to the United States to meet it halfway to salvage a deal that could end their trade war, with its chief negotiator in Washington for two days of talks hoping…
Chinese bank employee convicted of ‘leaking state secrets’ after sharing policy draft on WeChat
China has convicted a local bank employee of “leaking state secrets” after she shared a draft of a top secret financial policy document with people outside the government, according to a recently … ( read…
SWIFT to intensify localization efforts in China
A bank staff member counts 100-yuan banknotes at the Beijing Branch of the Bank of Communication in Beijing, capital of China. [Photo/Xinhua] The Society for Worldwide Interbank Financial … ( read original story …)
China holds appeal hearing for Canadian sentenced to death
That came after Canada arrested Meng Wanzhou, chief financial officer of Chinese telecom giant Huawei, on a U.S. extradition warrant in December. Days later, two Canadians — Michael Kovrig and Michael … ( read original…
UPDATE 2-China banks temper April lending as debt worries rise, but all eyes on U.S. trade threat
But expectations that it may be moving to a more cautious approach shifted wildly this week after a sudden blowup in U.S.-China ties. Chinese banks extended 1.02 trillion yuan ($150.16 billion) in net … (…
China bank lending slows more than expected in April, raising concerns about economic outlook
China’s new bank lending slowed more than expected in April, triggering new concerns over the country’s economic outlook and prompting fresh calls for further monetary easing against the backdrop of … ( read original story…
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