China Construction Bank participated in the London silver price fix on Monday, making it the first Chinese bank to do so, The Wall Street Journal reported, citing a statement from fix co-administrator CME group. The state-run mainland bank joints UBS Group AG, Bank of Nova Scotia, HSBC Holdings PLC, Toronto Dominion Bank and J.P. Morgan Chase […]
Category: Banking & Finance
People’s Bank of China Deputy Governor Yi Gang told journalists at a Sunday press conference that China’s foreign exchange reserves were comprised only of highly liquid assets, The Financial Times reported. Skeptics claim the headline total of reserves exaggerates the resources available to support the yuan, suggesting that the total includes illiquid assets such as foreign […]
Capital outflows from China since mid-2014 were likely driven by domestic firms paying down dollar-denominated debt on expectations of a stronger US dollar, rather than investors fleeing from mainland assets en masse, Bloomberg reported, citing research by the Bank for International Settlements. Researchers for the bank examined the record US$175 billion net decline in cross-border […]
Beijing is planning to bundle billions of dollars worth of non-performing loans to be sold to international investors in an attempt to whittle away at the growing glut of bad debt at mainland banks, The Financial Times reported, citing local media. Regulators have reportedly already granted a quota of RMB50 billion (US$7.655 billion) for the […]
Li Lingcheng, former president and party head of Hebei Financing Investment Holding Group, has been detained by the party’s discipline arm in connection with a program that exceeded the legal amount of loans it was allowed to guarantee for banks, asset management firms, trust companies, securities firms and peer-to-peer lending sites primarily in the rust-belt […]