A court in Guangzhou has sentenced 24 people at Guangdong Bangjia Leasing Co to jail terms for defrauding 230,000 investors of almost RMB10 billion (US$1.5 billion) through wealth management products promising annual returns as high as 47%, The Financial Times reported, citing state media. The court froze and seized assets including 43 villas and 127 […]
Category: Banking & Finance
The People’s Bank of China cut mainland banks’ reserve requirement ratio by 50 basis points effective March 1, lowering the amount of cash major lenders must keep as reserves to 17%, Reuters reported, citing a statement on the central bank’s website. “This reflects the central bank is keen to ease liquidity in the China banking sector,” […]
Citigroup has agreed to sell its 20% stake in China Guangfa Bank to China Life Insurance for RMB19.68 billion (US$3 billion), The Wall Street Journal reported, citing a statement from the New York-based bank. Citigroup had originally fought for the share based on the possibility of full ownership in 2006 before regulators introduced a 20% […]
The China Securities Regulatory Commission has banned Guotai Junan Securities from acting as a market maker for the mainland’s over-the-counter market from February 29 to May 29 as punishment for market manipulation, South China Morning Post reported, citing a statement from the regulator. Guotai Junan was found to have manipulated shares in 16 companies listed […]
Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications announced on Thursday that they would waive fees for mobile money transfer services in response to growing competition from online payment services, South China Morning Post reported, citing a joint statement from the country’s five […]