Standard Chartered said today its pre-tax profit dropped 33% in the third quarter of the year, far beyond analyst estimates, after taking a nearly $1 billion hit from exposure to China’s banking and troubled real…
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China Appoints Technocrat Lan Foan as New Finance Minister Amid Fiscal Stimulus Push
As the global financial landscape continues its unpredictable dance, China has placed its fiscal future in the hands of a new leader, Lan Foan. A technocrat with scant experience in central government …
Xi Jinping Is Looking for Someone to Blame for China’s Property Bust
With China’s property bust threatening to sink the country’s economic recovery, Xi Jinping is looking for someone to blame.After putting the billionaire founder of Evergrande, a heavily indebted …
China’s Communist Party Establishes Central Financial Commission: A Power Play in the Financial Sector
In an era marked by financial giants and bloated economies, China’s Communist Party has taken a bold step towards the regulation of its financial sector, a behemoth worth $61tn. The establishment of …
China rushes to swap Western tech with domestic options as U.S. cracks down
China has spent heavily on replacing computer equipment … equipment doubled to 235 from 119 in the 12 months after September 2022, according to a finance ministry database seen by Reuters. In the same period,…
US ‘frankly raised’ disagreements with China at first financial working group meeting
U.S. officials “frankly raised areas of disagreement” with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S.
US-China Financial Working Group: A Step Towards Cooperation Amid Contention
In the midst of geopolitical power shifts and economic uncertainties, the United States and China have convened the inaugural meeting of the Financial Working Group (FWG). This newly established …
Xi Jinping steps up his attempt to rescue China’s economy
Officials will soon gather for a twice-a-decade conference on China’s financial system; another, annual meeting in December will help set economic policy for next year. Mr Xi may have also wished to …
China’s 1 trillion yuan sovereign debt plan offers ‘positive growth implications’, Beijing eager to strengthen down the road
National People’s Congress ratifies plan to raise China’s budget deficit ratio, approving 1 trillion yuan (US$137 billion) of sovereign bonds and allowing local governments to front-load part of their …
China’s Central Bank Structural Policy Tools Rise to $959 Billion at End-Sept
BEIJING (Reuters) – China’s outstanding structural monetary policy tools totalled 7.018 trillion yuan ($959 billion) at end-September, its central bank said on Wednesday, rising 2% from 6.78 trillion …
China’s Big Policy Moves Draw Cautious Investors Back to Beat-Down Stock Market
China’s benchmark CSI300 Index staged a moderate rebound from 4-1/2-year lows this week, after state fund Central Huijin Investment started buying exchange-traded funds (ETFs) on Monday, adding …
After foreign minister, China sacks missing defence minister; Finance, S&T ministers also replaced
After keeping mum for nearly two months, China on Tuesday formally sacked its missing defence minister Gen. Li Shangfu who met the same fate as his former Cabinet colleague and foreign minister Qin Gang whose…
What China’s mysterious sackings of top ministers mean for Xi Jinping’s grip on power
China also sacked finance minister Liu Kun, and appointed Lan Fo’an in his place, news agency PTI reported. Before Mr Lan was appointed to the post, he was the Communist Party chief of the finance…
