At a Samsung smartphone shop in a mall in Shanghai, 31-year-old Lin Wenjie is considering which phone to buy when a saleswoman approaches him with a suggestion. The saleswoman, who works for consumer lending company…
Tagged By finance
Beijing watches out for ‘grey rhino’ and ‘black swan’ in the jungle of financial risks
Beijing is on guard against threats from a veritable jungle of financial risks – from the unpredictable “black swan” to the predictable “grey rhino”, the People’s Daily said in an editorial. The terms slipped into…
China Construction Bank gets nod for debt-for-equity swap subsidiary
BEIJING (Reuters) – China Construction Bank Corp (CCB), the country’s second-largest commercial lender, said on Friday it has received regulatory approval to set up a subsidiary to conduct market-driven debt-for-equity swaps. CCB was the first…
China announces goal of AI leadership by 2030
BEIJING — China’s government has announced a goal of making the … Baidu Inc. and Alibaba Group are spending heavily to develop artificial intelligence for finance, self-driving cars and other applications. Manufacturers also are installing…
U.S. bank card companies to seek licenses to operate in China in months
U.S.-based payment card companies, including American Express, MasterCard and Visa, are preparing to submit licence requests to operate in China within months, according to three people with direct knowledge of the matter. The long wait…
Exclusive: U.S. bank card companies to seek licenses to operate in China in months
HONG KONG (Reuters) – U.S.-based payment card companies, including American Express (AXP.N), MasterCard (MA.N) and Visa (V.N), are preparing to submit license requests to operate in China within months, according to three people with direct…
China stocks rise as investors pile into banking and consumer shares
Even badly bruised small caps shrugged off early weakness to end the morning higher, though traders were not sure if their recent sharp correction has ended. The blue-chip CSI300 index rose 1.1 percent to 3,707.23…
China’s Central Bank Sheds Light on How Much State Spending Matters
Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter. China’s central bank is offering investors an unprecedented running commentary on how it deals with one of the most…
Xi’s Risk-Off Push Ripples Through China as Transition Nears
Some Chinese lenders received an order from the China Banking Regulatory Commission earlier this month to lower their rates on WMPs, according to people familiar with the matter. The requirement applies to on-balance sheet WMPs,…
Bank of America halts HNA transactions amid debt concerns, people say
Representatives for Bank of America, Citigroup and Morgan Stanley declined to comment. Support from Western banks has helped fuel a debt-backed buying spree by HNA, as it expanded from its home base on China’s sunny…
Bad Loans in China Set to Climb
More businesses in China may be unable to repay their bank loans in coming years as the economy slows while the government steps up its deleveraging campaign, according to a state-owned asset management company (AMC)…
China growth steady despite crackdown on financial risks
Financial analysts believe China’s economy will slow later this year as Beijing moves to deflate the country’s credit bubble and achieve sustainable growth. The world’s second-largest economy served up gross domestic product (GDP) growth of…
China’s financial efforts help offset global risks
China’s efforts to rigorously reform and continue opening up of its financial sector will contribute to global efforts to contain risks, said analysts. Against the backdrop of weak recovery from the financial crisis and policy…
