America’s relationship with China involves massive tensions between economics, which act to bring the two countries ever closer together, and geopolitics, which is driving them ever further apart. Unusually,
Tagged By financials
Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert
A ransomware attack on a US unit of the powerful Industrial and Commercial Bank of China that may have contributed to a brief market sell-off on Thursday was a significant escalation for cybercriminals that underscored how…
The World’s Largest Bank Was Just Hit by a Ransomware Attack. Experts Say These Hacks Will Keep Happening
Sources told Bloomberg that ICBC Financial Services, a U.S. subsidiary of Industrial and Commercial Bank of China, relied on the offline system to process trades of U.S. Treasuries after it was hit by a ransomware…
Wall Street and Beijing fight fallout of ransomware attack on China’s biggest bank
The attack prevented ICBC FS from settling Treasury trades on behalf of other market participants, according to traders and banks. Hedge funds and asset managers rerouted trades because of the …
China’s latest stimulus effort unintentionally creates chaos in its financial markets as short-term rates hit 50%
China’s recent sale of sovereign bonds has created a massive liquidity crunch, forcing some banks to borrow at astronomical costs.
Ransomware attack on China’s biggest bank disrupts Treasury market trades
U.S. Treasury says it’s in contact with financial regulators after China’s biggest bank says it experienced a ransomware attack that reportedly disrupted trading in the U.S. Treasury market …
China can raise 2024 budget deficit ratio to spur growth – c.bank adviser
China can raise its budget deficit ratio next year to support the economic recovery because there is still space for the central government to issue more debt, Wang Yiming, a policy adviser to the central…
China To Legalize Shadow Banking?
The Financial Times reports that China’s government is moving to regulate the shadow banking sector, while at the same time officially legitimizing these alternate sources of funding.
China’s budget deficit ratio can be increased next year – c.bank adviser
China’s budget deficit ratio can be increased next year, Wang Yiming, a member of the Monetary Policy Committee of the People’s Bank of China (PBOC), said on Friday at the Caixin Summit in Beijing. The…
China’s Largest Bank Under Siege
In a recent cybersecurity incident that has sent shockwaves through the financial industry, the U.S. subsidiary of China’s largest bank, the Industrial and Commercial Bank of China Financial Services (ICBCFS),
Ransomware attack on China’s biggest bank may have hit US Treasury market
A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may …
China’s ICBC, the world’s biggest bank, hit by cyberattack that reportedly disrupted Treasury markets
The U.S. financial services division of Chinese bank ICBC was hit with a cyberattack that reportedly disrupted the trading of Treasurys.
Suspected Russian hackers disrupted the market in U.S. Treasuries by attacking China’s—and the world’s—largest bank
ICBC was reportedly forced to conduct some trades via a portable USB drive after the bank was hit by a ransomware attack.
