China Economic ReviewZhou Xiaochuan, head of the China Securities Regulatory Commission, has been appointed governor of the People's Bank of China. The 55-year-old was a protege of Premier Zhu Rongji and he tackled a range of problems affecting the stock markets while he was at the CSRC, including poor accounting practices and widespread speculation.
The central government has decided to set up a China Banking Regulatory Commission that will be headed by Liu Mingkang, currently president of the Bank of China, reported Xinhua Financial Network. Xiao Gang, deputy governor of the People's Bank of China, was expected to replace Liu as Bank of China president and Li Wei, secre-tary […]
A number of Chongqing-based businessmen are planning to set up their own bank, to be called the Employment Bank, South China Morning Post said. The head of the group is Yin Mingshan, chairman of motorcycle maker Lifan Industrial Group, one of 16 large private firms proposing to set up the bank by pledging a total […]
Shanghai plans to merge its 231 rural credit co-operatives to form the city's third commercial bank, Reuters reported. The new bank, to be called Shanghai Co-operative Bank, would still focus on rural clients but would also offer retail banking services in urban areas. It has been working with Germany's Wincor Nixdorf Retail & Banking Systems […]
The Chinese unit of Nippon Electric Glass has secured a Yn200m loan from the China Development Bank. This is the first time that the state-owned bank, which concentrates on lending for infrastructure projects, has made a loan to a firm affiliated with a Japanese corporation. Shijiazhuang Baoshi Electric Glass will use the funds to repay […]