China’s banking regulator is preparing new rules to forbid “invisible shareholders”, a response to the widespread use of shell companies and proxies to disguise the true owners of major Chinese banks and other companies. A…
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China says growth in interbank wealth products slowing sharply
BEIJING, Dec 1 (Reuters) – China’s banking regulator said on Friday that the country’s interbank business slowed significantly in the first 10 months of the year, with the total volume of wealth management products (WMPs)…
China’s banking regulator says will clean up existing micro loans
BEIJING (Reuters) – China’s banking regulator said on Friday that it will clean up existing micro loans after it suspended its approval for new micro loan firms, amid a crackdown on riskier borrowing. The regulator…
Regulator fines China Minsheng Banking $4.2 million for fake wealth product sales
SHANGHAI (Reuters) – China’s banking regulator has fined a Beijing branch of China Minsheng Banking Corp (1988.HK) 27.5 million yuan ($4.16 million) for selling fake wealth management products, according to a notice posted on its…
Regulator fines China Minsheng Banking $4.2 mln for fake wealth product sales
SHANGHAI, Dec 1 (Reuters) – China’s banking regulator has fined a Beijing branch of China Minsheng Banking Corp 27.5 million yuan ($4.16 million) for selling fake wealth management products, according to a notice posted on…
China central bank skips open market operations on sufficient liquidity
China’s central bank suspended open market operations Friday, citing sufficient liquidity in the banking system. The move meant a net cash withdrawal of 40 billion yuan (6.05 billion U.S. dollars) from the market as previous…
China busts underground bank used to funnel $3 billion out of the country
BEIJING—The money came from all over China — its wealthy southern and eastern coasts as well as the arid northwest — as thousands of people scrambled to circumvent the country’s strict controls on wealth. In…
China’s debt crackdown hits cash loan firms
China has long been known as a nation of savers, but consumers are rapidly embracing debt from non-bank online platforms. And the numbers of those taking out cash loans from the lenders is growing at…
Beijing restaurant sells its final North Korean beer as sanctions take hold
BEIJING — “This is the empty bottle of my last North Korean beer. I sold it last night,” Cui Chengri lamented, speaking from his empty Beijing restaurant. “I need re-supply by tonight but I don’t…
France Will Press China for More Financial Market Access
China earlier this month unveiled a set of financial reforms during a trip by U.S. President Donald Trump to Beijing, while Le Maire’s trip comes ahead of a visit by French President Emmanuel Macron next…
China Minsheng Bank handed fine in fake wealth management products case
China Minsheng Banking Corp has been fined 27.5 million yuan (US$4.2 million) in the fake wealth management products case that exposed lax internal control and risk management at the lender, according to the China Banking…
Minsheng Bank Fined Record $4 Mln for Wealth Management Fraud
… bank executives and employees were handed penalties including fines and bans from the banking industry, according to a statement released Thursday by the Beijing office of the China Banking Regulatory Commission (CBRC). The Minsheng…
BRIEF-China Internet Nationwide Financial Services Reports Q3 Earnings Per Share $0.23
* NET REVENUE INCREASED BY 26.2% TO $5.13 MILLION FOR Q3 OF 2017 Source text for Eikon: Further company coverage: Our Standards:The Thomson Reuters Trust Principles. ( read original story …)
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