Best known for its smartphones, Xiaomi will own around 30% of the new bank. The Chinese regulator is encouraging the launch of new banks. In 2014, the China Banking Regulatory Commission (CBRC) started handing out…
Tagged By finance
Across China: More private banks in pipeline
BEIJING, Dec. 30 (Xinhua) — Historically, China’s banking sector has been dominated by a few colossal state entities, but the tone has changed and market-oriented private banks are springing up in response to needs that…
China’s central bank on levers to buoy the yuan
China enhanced its ability to stabilise its currency, as the rising US dollar threatens to undermine its economy, by accelerating the flow of capital out of the country. China’s central bank is adjusting the mix…
China economy improving, rate hike a possibility – People's Bank of China adviser
While inflation is showing signs of picking up in China along with economic activity, economists say there is no immediate pressure on the central bank to raise rates. BEIJING: Interest rates in China are already…
China's banking industry sees growing external assets
BEIJING – China’s banking industry recorded more external financial assets by the end of September compared with the second quarter, according to official figures. China’s banking industry, excluding the central bank, reported external financial assets…
China economy improving, rate hike a possibility – central bank adviser
BEIJING Interest rates in China are already on an upward trend as the economy improves, People’s Bank of China (PBOC) adviser Sheng Songcheng told Reuters in an interview. “The economy is improving…so interest rates and…
China policymakers pledge stability for 'complex' year ahead
“At present, China’s economic and financial operations are generally stable, but the complexity of the situation cannot be underestimated,” the People’s Bank of China (PBOC) said. Bank lending is on pace to top 2015’s record…
China to relax curbs on foreign investment in financial sector
BEIJING China unveiled plans on Friday to allow more foreign investment in banking, insurance, securities and credit-rating firms, as part of a wider opening up of the world’s second-largest economy. The moves could ease some…
China business confidence index rises for third straight quarter – central bank survey
BEIJING (Reuters) – Business confidence among entrepreneurs in China rose for the third straight quarter in October-December, according to a survey by the People’s Bank of China published on Thursday. The entrepreneurs’ confidence index rose…
China slashes first round of oil products export quotas – sources
BEIJING (Reuters) – China has cut oil product export quotas to the nation’s four oil majors by 40 percent in the first round of licences for 2017, according to two sources who have seen the…
IGM Financial investing $468-million for 10% stake in China AMC
The Mackenzie unit of IGM Financial Inc. has agreed to pay the equivalent of $468-million to buy a 10-per-cent interest in China Asset Management Co., Ltd. The Winnipeg-based firm says the China AMC deal will…
China to increase fiscal spending, cut taxes in 2017: ministry
BEIJING China will appropriately increase fiscal spending in 2017 and continue with policies to reduce taxes and fees, the finance ministry said on Thursday after a meeting to set next year’s agenda. “Make fiscal policy…
IGM Financial investing $468 million for 10% stake on China Asset Management
WINNIPEG – The Mackenzie unit of IGM Financial Inc. (TSX:IGM) has agreed to pay the equivalent of $468 million to buy a 10 per cent interest in China Asset Management Co., Ltd. The Winnipeg-based firm…
