Major mainland insurance company Fude Insurance Holdings has revealed its chairman, Zhang Jun, “is assisting relevant Chinese authorities with an investigation,” Caixin reported, citing a short statement from the company. Fude’s statement said the case was a “personal matter” and that the company is “not being investigated or being asked to assist the investigation.” The […]
Category: Banking & Finance
Global banking behemoth HSBC Holdings has revealed in an earnings statement that it is under investigation by the US Securities and Exchange Commission for its hiring practices in Asia, The Wall Street Journal reported. The bank is the latest to disclose an SEC investigation into hiring practices since a Hong Kong Monetary Authority probe found […]
China Securities Regulatory Commission Chairman and Party Secretary Xiao Gang has been dismissed and replaced by Liu Shiyu, a former central bank official and chairman of Agricultural Bank of China (ABC), The Financial Times reported, citing state news agency Xinhua. Xiao became the public face of the stock market rescue effort made in the face […]
China’s State Administration of Foreign Exchange announced on Thursday that foreign investors registered with its Qualified Foreign Institutional Investor (QFII) program will no longer be subject to individual quotas and will instead be allowed to invest around 20% of total assets (or client assets under management) into China without any special permission, The Financial Times reported. Analysts […]
Chinese consumers using UnionPay debit and credit cards to buy insurance products will have such purchases capped at US$5,000 per transaction effective February 4 as regulators attempt to close loopholes enabling capital outflows, Bloomberg reported, citing unnamed sources. Many mainlanders have been buying insurance in Hong Kong, where the currency is officially pegged to the […]