An investment fund backed by China’s National Social Security Fund was launched in Shanghai, with a size of 5.1 billion yuan ($707.24 million) for its first phase, the financial regulatory authority …
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China’s collapsed shadow bank Zhongzhi warns of $41 billion hole
Zhongzhi and its affiliates extended loans to troubled developers and snapped up assets from firms like Evergrande. Read more at straitstimes.com.
China’s Troubled Shadow Bank Zhongzhi Warns of Insolvency
One of China’s largest shadow banks warned it’s “severely insolvent,” with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News.Most Read from …
China Parliament Pressures Banks To Step Up Property Finance
China’s banks should step up funding for property developers to reduce the risk of additional defaults and ensure completion of housing projects, members of the country’s top lawmaking body said.
Who’s on China’s new Central Financial Commission, and what will the Communist Party watchdog do?
The Central Financial Commission, a new party organ overseeing China’s vast financial holdings, convened a meeting chaired by Premier Li Qiang Other high-level officials sit on the commission and …
Exclusive: China to name finance veteran Zhu as new forex chief, sources say
China is set to appoint Zhu Hexin, a veteran banker and chief of state-run financial conglomerate CITIC Group, as the new head of its foreign exchange regulator, four people familiar with the matter …
China Fines iPhone Maker Foxconn $2,800 Amid Major Tax Probe
Chinese tax authorities handed out a 20,000 yuan ($2,800) fine to a Foxconn Technology Group subsidiary for overstating expenses while Beijing is pursuing a broader probe into the iPhone maker’s …
Outspoken Chinese economist Yu Yongding issues stagflation warning on Beijing’s fiscal policies
Known for his critical assessments of China’s economy, Yu says there is ‘very big room’ for more expansionary fiscal policies, and time is of the essence in adopting them – or bigger risks could …
The Big Bank With a $15 Billion Conundrum in China
H SBC Holdings has a $15 billion headache in China—a big stake in a local lender that it can’t easily sell and that could require a big write-down.
China’s central bank tells lenders to bring forward some lending: Sources
BEIJING: China’s central bank has told some banks to bring forward some of the loans they plan to extend in early 2024 to late this year and to not overdo lending in the first quarter,…
Exclusive-China’s state banks seen swapping and selling dollars for yuan -sources
China’s major state-owned banks were seen exchanging yuan for U.S. dollars in the onshore swap market and selling those dollars in spot currency markets this week, two sources told Reuters on Tuesday.
McDonald’s is investing more in China to tap ‘tremendous opportunity’
McDonald’s has struck a deal to ramp up its stake in its China business to just under 50% and expressed confidence in its growth prospects in the world’s second-largest economy.
What do we know about China’s new financial watchdog?
China’s Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday and urged stronger supervision of risks in the financial sector as Beijing …
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