People’s Bank of China to push yuan global use ‘to a new level’ China will continue to expand cross-border use of its domestic currency, the yuan, this year, the central bank says. The global use…
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China to expand cross-border RMB use
BEIJING – China will continue to expand cross-border use of its currency Renminbi, or yuan, this year, according to the central bank. The global use of the Chinese yuan is one highlight of China’s financial…
Major commercial banks raise Beijing mortgage rate
The Beijing branches of the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China have decided to lift their floor mortgage rates for first-home purchasers from 1.05…
AMP plays down talk of China Life deal
Embattled wealth manager AMP has played down references in its board minutes released by the banking royal commission to exploring a deal with one of the world’s biggest insurers, China Life. The minutes of AMP’s…
Dimon Lays Out 100-Year China Vision With Trade Spat on Horizon
Dimon, 62, reiterated that JPMorgan still plans to achieve 100 percent ownership of a Chinese brokerage operation, adding that the bank is in the “process.” He said he hopes there won’t be a trade war…
Dimon Says China’s Yuan May Rival Dollar’s Role in 20 Years
China has a long list of financial reforms to tackle before the yuan can rival the global role of the dollar, according to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. “Eventually, it will…
Banks fined for financial violations
was fined 1.1 million yuan for bundling the sales of WMPs with its financial leasing business, among other violations. The punishment comes as China’s regulators toughen their stance on market irregularities, targeting risky business such…
Ant Financial faces more curbs
The rules will force Ant and some of its peers in at least two financial industries to get licenses from China’s central bank and meet minimum capital requirements for the first time, said people familiar…
China’s Got Jack Ma’s Finance Giant in Its Crosshairs
There’s no other company on Earth quite like Ant Financial. But Ant’s extraordinary reach may soon expose the company to a major challenge: Chinese policy makers, worried that Ant and other financial holding companies pose…
China slams US criticism of its ‘Orwellian’ Taiwan demand
BEIJING — China has dismissed White House criticism of its “Orwellian” demand that foreign airlines not refer to self-ruled Taiwan as a country, saying companies operating in China must respect its sovereignty. “Whatever the U.S.…
China is about to give global finance the chance of a lifetime
“A more open and competitive financial sector should deliver more growth bang for each unit of credit buck,” says Bloomberg Economics Chief Asia Economist Tom Orlik. China’s $42 trillion financial sector is set to open…
China Steps Up Crackdown, Imposes More Fines on Financial Firms
The China Banking and Insurance Regulatory Commission imposed the latest penalties on China Merchants Bank Co., Industrial Bank Co. and Shanghai Pudong Development Co. for more than a dozen violations at each entity, the regulator…
China’s trade imbalance with U.S. a long-term problem, says central bank governor: Caixin
BEIJING (Reuters) – China’s “huge” trade imbalance with the United States is a structural and long-term problem and should be viewed with rationality, the Chinese central bank governor was quoted as saying by financial magazine…
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