HSBC led the London market lower on Wednesday after a $3 billion hit to its operations in China saw the banking giant’s quarterly profits dive 80%. HSBC also said it would also add $200 million…
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‘Deeply sorry’: China hedge fund apologises after trading ban for ‘market disruption’ in first punishment since Beijing’s vow to stem stock rout
An award-winning Chinese quant hedge fund has apologised to markt authorities and investors, after being punished with a trading ban for dumping stocks on local bourses, the first known case since the …
HSBC’s Q4-23 profit down 80% after taking $3b charge on its China bank stake
While rising interest rates globally boosted HSBC’s full-year earnings to a record, the bank has faced headwinds over the past year in China, one of its key growth markets. The ongoing real estate …
Russian media: China’s 3 biggest banks stop accepting payments from sanctioned Russian institutions
The restrictions have been introduced by the Industrial and Commercial Bank of China (ICBC), the China Construction Bank (CCB), and the Bank of China, the Russian state news outlet Izvestiya said.
Bank of East Asia cut its exposure to China’s troubled commercial property sector last year
Hong Kong’s largest family-owned lender said its non-performing loans in mainland China dropped by 0.47 percentage points to 2.68 per cent at the end of 2023 compared with the first half, as its …
China’s central bank slashes mortgage reference rate to tackle property crisis
(MENAFN) In a bid to address an enduring property crisis, China’s central bank has taken unprecedented measures by slashing its key mortgage reference rate. The People’s Bank of China (PBOC) declared …
Xi Jinping’s Socialist Solution: China’s Response to the Real Estate Crisis
Government authorities are predicted to intervene directly in the house rentals and sales market. According to the Wall Street Journal (WSJ), Chinese President Xi Jinping wants to entrust the state …
China needs to do more on ‘silent crisis’ of debt, says World Bank official
Beijing must be more ready to support countries facing distress, says deputy chief economist …
China’s Property Stocks Gain as Lending Rate Cut Boosts Sentiment
Among individual movers, developer Shimao Group was up 8.3%, China Resources Land added 4.7% and New World Development rose by 5.3%.
China’s new financial regulator pledges transparency to bring investors back from the brink
China’s new financial regulator has made fresh pledges to increase regulatory transparency, stability and predictability, the latest of several attempts to restore investor confidence following a …
China’s central bank unexpectedly cuts benchmark lending rate y 25 bps to 3.95%
China held its one-year loan prime rate on Tuesday, but surprised markets by lowering the five-year rate by 25 bps to 3.95%, according to a statement Tuesday from the People’s Bank of China. Reuters …
China’s central bank cuts benchmark lending rate for the first time since June
The People’s Bank of China cut the five-year loan prime rate (LPR) to 3.95% from 4.2%, while the one-year LPR, which serves as a benchmark for corporate loans, was kept unchanged at 3.45%.
Xi Jinping Leads Push For Communist Principles In China’s Financial Sector Amid Economic Challenges
China’s top financial regulators have vowed to enforce Communist Party principles in the finance sector, emphasizing the importance of serving the economy while avoiding excessive risks. What Happened …
