Over-the-counter retail debt trading is to be launched with a pilot scheme at some 400 outlets of the major state-owned banks in Beijing in June, China Securities Journal said. Debt trading for retail investors, a long expected move to shore up the debt market and reduce bank risks, is intended to create a liquid debt […]
Category: Banking & Finance
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Banks told to disclose earnings
All banks and other lenders in China, both domestic and foreign-owned, must from now on issue annual financial statements, according to a directive issued by the People’s Bank of China. It did not specify whether the reports should be based on domestic or more stringent international accountancy standards. Bloomberg said the move was prompted […]
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Job market under pressure
A quarterly survey of employment conducted by the Ministry of Labour and Social Security showed that China’s 62 major cities had 1.45m registered unemployed in the last quarter of 2001 and 1.09m jobs available for them. Xinhua said that unemployment was highest in north-east China and that most of the unemployed who found jobs were […]
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Pension system near bankruptcy
A pilot social security system being run in Liaoning province has run short of money, forcing the government to divert funds budgeted elsewhere and hampering other reforms, Wall Street Journal said. The reason for the shortage of funds is that planners overestimated the ability of state enterprises to pay their contributions and failed to create […]
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Banks to approve capital deals
Some banks in Shanghai have been authorised to examine and approve foreign exchange transactions on the capital account, Xinhua reported. The move is part of China’s policy of loosening its foreign exchange management system and, if the experiment is successful, it will be extended to other banks across the country. Bank of Communications, based in […]