Stock market regulators have approved new rules allowing foreign brokerages with representative offices established in China for at least a year to apply for special membership of China's stock exchanges, Reuters reported. The new rule, which would give overseas brokers non-voting rights, took effect at the end of July. At the same time the Shanghai […]
Category: Banking & Finance
Beijing Peking University Founder Group, China's second largest personal computer maker, has moved to take a controlling stake in Zhejiang Securities, according to sources at the troubled south China brokerage reported by South China Morning Post. Founder was waiting for regulatory approval to acquire a 51 per cent stake from the brokerage's largest shareholder, Zhejiang […]
The Shanghai branch of the People's Bank of China reported that foreign banks invested US$240m in Shanghai during the first six months of this year, according to Reuters. "Foreign banks in Shanghai have an almost universally optimistic view of their China operations and of China's prospects for maintaining quick economic growth," said the bank. China […]
The Industrial and Commercial Bank of China has said that it will give greater lending priority to small and medium-sized enterprises. The approval process will be simplified and lending requirements for small enterprises lowered. Secondary branches of the bank would also have the power to make lending decisions of up to Yn50m. About 90 per […]
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Reserves climb to US$243bn
China's foreign exchange reserves at the end of June totalled US$242.76bn, reflecting a year-on-year growth rate of 34 per cent, said central bank governor Dai Xianglong. The average monthly growth rate of US$5.1bn over the first six months of the year was just over twice as large as the US$2.54bn achieved in the same period […]