Tencent Holdings Ltd., China’s largest social media firm, is entering the traditional finance industry by investing in CICC International Capital Corp., a move that may help the investment bank’s expansion in wealth management. Shares of…
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S&P cuts China’s credit rating, citing increasing economic, financial risks
(Reuters) – S&P Global Ratings downgraded China’s long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit. “The downgrade reflects our assessment…
China VAT Reform Boosts Growth, Entrepreneurship
China’s VAT rate structure was further cut from four to three tiers (6%, 11% and 17%) starting from July 2017, with tax rates for farm produce, tap water and books reduced from 13 to 11%.…
Robots finds a welcome reception among China’s finance and tax services
Mainland based accountants are embracing automation to lower office administration costs and enhance efficiency, moves which are opening the door to a wider embrace of artificial intelligence (AI). Delixi Electric, a manufacturer of low-voltage electrical…
China hits back at U.S. over trade, says unilateralism is “unprecedented challenge”
BEIJING (Reuters) – China hit back on Thursday at recent criticism from the United States about its trade practices, saying some countries’ unilateralism is an unprecedented challenge to global trade. Ministry of Commerce spokesman Gao…
China central bank backs mortgage rate hikes in capital
BEIJING (Reuters) – China’s central bank supports a move by some banks to increase lending rates on mortgage loans in the Beijing market, state broadcaster China Central Television (CCTV) on Tuesday quoted the central bank…
China’s bitcoin clampdown is likely here to stay, analysts say
“I see the crackdown on bitcoin as part of this larger multi-agency program to reduce financial sector risk, which will unfold over months and probably years,” said Jim Stent, author of “China’s Banking Transformation.” “I…
Deutsche Bank warning: Global financial CRASH inevitable if Chinese ‘credit bubble bursts’
Strategists at the German bank have indicated China could be the trigger for the next economic downturn as the country’s “fundamental vulnerabilities” remain. Research by the bank’s strategists Jim Reid, Nick Burns, Sukanto Chanda and…
Bank of China permitted to start operations in Pakistan
KARACHI: The State Bank of Pakistan (SBP) has allowed the Bank of China Limited to commence its banking business in Pakistan. Earlier, the SBP issued banking licence to the Chinese bank in May 2017. The…
Chinese Central Bank said to be drafting fresh package of reforms for more financial market opening
China’s central bank is drafting a package of reforms which would give foreign investors greater access to the nation’s financial services industry, according to sources familiar with the matter. The People’s Bank of China will…
Central bank official says China keen to promote use of yuan in commodity pricing
China is keen to raise the profile of its currency in the pricing of commodities, according to a central bank official. The country is studying the “market rules and mechanisms of pricing commodities in yuan…
Amid Beijing’s push to CPEC, Bank of China begins operations in Pakistan
Pakistan’s central bank has allowed the government-owned Bank of China to begin operations in the country. Karachi: Pakistan’s central bank has allowed the government-owned Bank of China to begin operations in the country, amid Beijing’s…
Bank of China : Pak establishes banking channel with China
Pakistan has formally established banking channel facility to facilitate ever increasing trade volume between the two countries as China has become one of the major business partner of Pakistan. In this respect the State Bank…
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