BEIJING, April 17 (Reuters) – China’s central bank said on Tuesday it will cut the amount of cash most commercial and foreign banks must hold as reserves to pay back loans obtained via its medium…
Tagged By finance
Online consumers in Asia buy three times more banking products than less tech-savvy peers, says McKinsey
The figure for mainland China more than tripled to 60 per cent in the same period. McKinsey’s study also found that in developed Asian markets, internet banking penetration rose to 97 per cent in 2017,…
China c.bank says still needs to keep reserve ratios relatively high
BEIJING, April 17 (Reuters) – China’s central bank still needs to maintain relatively high reserve requirement ratios for banks to fend off financial risks, it said on Tuesday as it announced plans to cut ratios…
Ping An A-Shares Trade at Rare Discount as China Finance Hit
Concern that China will further free up bank deposit rates is prompting investors to dump financial stocks across the mainland, with insurers including Ping An Insurance (Group) Co. becoming collateral damage. Ping An’s yuan-denominated shares…
China’s economic growth holds steady amid trade dispute
In a speech last week, President Xi Jinping promised to open China’s markets wider, cut import duties on autos and ease restrictions on foreign ownership in the auto and finance industries. He gave no details…
China growth beats forecasts in face of trade row, financial risk
China’s economy grew more than expected in the first quarter as it withstood headwinds from Beijing’s fight against financial risk and pollution, and trade tensions with the United States. While acknowledging the potential negative impact…
China’s former insurance regulator charged with bribery
The former head of China’s insurance regulatory body has been formally charged with bribery and abuse of power, prosecutors said on Monday, becoming the most senior financial regulator to be targeted in a continuing crackdown…
China posts better-than-expected 6.8% growth in Q1
China’s economy grew a forecast-beating 6.8 percent in the first quarter, official data showed Tuesday, overcoming Beijing’s battle on financial risk and pollution and trade tensions with the US. The world’s number two economy exceeded…
China bank goes staffless at a branch; robots replace tellers
At mid-morning on a busy street in central Shanghai, Liang Min, a salesman, has entered a branch of the China Construction Bank (CCB) to withdraw money. “I need 20,000 yuan,” he says. He is talking…
Bank of Singapore to double wealth management staff in Hong Kong to cater to China’s rich
Bank of Singapore, the private banking arm of Singapore’s second-biggest lender OCBC, plans to double its staff in Hong Kong as it eyes wealth management business from China’s growing number of millionaires and billionaires, according…
DBS CEO upbeat on foreign bank access expansion
He was impressed with the quick follow-up from China’s central bank Governor Yi Gang, who, in his speech, provided specific details for the financial services sector. “The idea that foreign banks can have not only…
China c.bank raises interest rate on 1-year MLF
SHANGHAI, April 17 (Reuters) – China’s central bank raised the interest rate on one-year medium-term lending facility (MLF) loan by 5 basis points on Tuesday, matching hikes in other short-term money market rates. The interest…
China’s Economic Growth Remains Robust Amid Strong Retail Sales
People’s Bank of China Governor Yi Gang last week said economic indicators performed better than expected in the first quarter amid continued improvement in the global outlook. Industrial output by the mining sector decreased 1.1…
