Zhou Xiaochuan, governor of the People’s Bank of China, has cautioned that corporate debt levels are too high, The Financial Times reported, citing comments given at a meeting with business leaders in Beijing. “Lending and other debt as a share of GDP, especially corporate lending and other debt as a share of GDP, is on […]
Category: Banking & Finance
Shang fulin, chair of the China Banking Regulatory Commission, openly proposed the use of debt-for-equity swaps to help Chinese banks lighten their growing load of non-performing loans on Wednesday at the close of the country’s annual legislative meeting, The Financial Times reported. “We are studying the plan and it’s not as simple as some reports […]
The US Federal Reserve announced on Wednesday that it would hold off on further increases in interest rates for at least another month, citing uncertainty in China and oil price volatility as contributing factors in its decision, The Guardian reported, citing a statement released at the close of the regulator’s two-day March meeting. The Fed […]
The People’s Bank of China has drafted rules for a tax on foreign-exchange transactions, Bloomberg reported, citing unnamed sources. The initial rate of the tax, meant to help curb currency speculation, may be kept at zero to allow time for refining the new levy’s implementation. The sources also claimed that the tax was not designed […]
Annual net profit at Ping An Insurance Group rose 38% to RMB54.2 billion (US$8.311 billion), South China Morning Post reported, citing the firm’s annual earnings report. The new business value of life insurance sold by the company rose 40.4% to RMB30.84 billion, with new customers up 30 million for an overall individual customer base of […]