China Daily: Lenders’ asset quality improving on credit reforms

Two of the largest State-owned commercial banks in China recorded a significant improvement in their asset quality last year, as a combined result of several factors including the adjustment of their credit structures and acceleration of the disposal of nonperforming loans. Industrial and Commercial Bank of China Ltd has...

Anbang’s former chairman on trial in $10 billion fraud case

Wu Xiaohui, former chairman of Anbang Insurance Group, the Chinese insurer that owns the Waldorf Astoria New York hotel, stood trial on Wednesday on charges of fraudulently raising $10 billion and embezzlement. The trial concluded after nearly 10 hours at Shanghai No 1 Intermediate Court. No verdict was given....

Yuan crude futures internationalized

The Chinese futures market took another step on Monday toward internationalization with the unveiling of yuan-denominated crude oil future contracts, the first of its kind open to overseas investors. The futures, under discussion for nearly 17 years, will set a crude oil pricing benchmark that reflects supply and demand...

Giving fintech Chinese touch

CreditEase looks to expand its footprint with products for wealth management Amid a boom in the global wealth management sector, CreditEase Company, the Beijing-based financial technology conglomerate, is ramping up efforts to expand its presence in overseas markets. The process started in 2015, when CreditEase successfully listed its online...

UK official seeks Western hub status for London in B&R

Charles Bowman, the lord mayor of the City of London, is making a nine-day visit to China, promoting the United Kingdom's capital as the "natural Western hub" of the Belt and Road Initiative. Bowman, who acts as an ambassador for the UK's financial services industry, will meet members of...

Illegal financial risks being tackled

To prevent risks from spreading in the financial system, China will toughen its crackdown on illegal fundraising and irregular financial activities that dodge regulations, Premier Li Keqiang said on Tuesday. Li described illegal and risky practices by some financial institutions as "blisters". He struck a resolute note that they...

China daily: Asset managers to gain more leeway

Securities market access set to be widened in a more gradual manner China will continue to open the onshore securities market to foreign asset managers and will grant them wider access to the market in a gradual manner, said an official of the Asset Management Association of China. The...

China reduces US debt holdings

Regulator says decision based on prevailing market situation China reduced its holdings of US treasuries to a seven-month low in January, amid concerns that the world's largest bond market might suffer headwinds from impending interest rate increases. The total amount of US treasuries held by China dropped to $1.17...

China – Looking to quell financial risks

Government Work Report shows China's intent to tackle challenges arising from new-age monetary products As cryptocurrency bitcoin's value roller-coasted globally in recent months, so did the sleep pattern of Beijing-based cargoloader Zeng Wen, 27, who doubles up as a part-time risk-happy investor. Zeng used to earn 2,800 yuan ($442.2)...

China to strengthen regulatory framework

Strengthening the regulatory framework will remain a key focus for China's banking sector this year, according to economists and analysts, who believe more specific rules will be introduced to place greater emphasis on enforcement. "We expect more specific regulations to be introduced this year to either fix loopholes in...

China Daily – Bad debt disposal seen improving

China's latest move to lower the regulatory requirement on the ratio of allowance for loan impairment losses to nonperforming loans will encourage commercial banks to classify bad loans more accurately and to step up the disposal of distressed debt, researchers said. The requirement on the ratio will be lowered...

Western banks eye B&R bonanza

BEIJING - With China's Belt and Road Initiative gaining more recognition globally, Western banks including Citigroup, HSBC and Standard Chartered are rushing in for a piece of the pie in this once-in-a-generation opportunity. The initiative, proposed by President Xi Jinping in 2013, aims to create greater trade, infrastructure and...

War on financial risks intensifies

Banking regulator vows to establish prevention and control mechanism China will deepen its efforts to prevent and mitigate financial risks, with its banking regulator making the war on financial risks its top priority this year, officials said. "Currently, financial risks are one of the most prominent and major type...

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