The People’s Bank of China this week used two money-market operations to inject a net RMB590 billion in the biggest such move in three years, Bloomberg reported, citing market data. The injection comes as policymakers are working to prevent an annual tightening of liquidity ahead of this year’s Lunar New Year holiday. “As the central […]
Category: Banking & Finance
China Citic Bank Corp. revealed late Thursday that it had uncovered a “risk incident” concerning RMB969 million (US$147 million), and that police had opened a probe and frozen related assets and funds, Bloomberg reported, citing stock exchange and emailed statements. Sources familiar with the matter said that an employee at the bank’s Lanzhou branch allegedly conspired […]
The People’s Bank of China is moving to further curb capital outflows by restricting the ability of foreign firms to repatriate earnings, banning yuan-based funds for overseas investments and shrinking the amount of yuan available for Hong Kong banks to use for making loans–often without publicly disclosing said measures, The Wall Street Journal reported, citing […]
Shareholders in China’s rural commercial banks are selling off their stakes on a variety of loosely-regulated platforms, including online marketplace Taobao, The Financial Times reported. The sales follow the end to an official freeze on listings in Shanghai and Shenzhen that had helped prevent shareholders from divesting. The use of backdoor methods to cash out […]
Police are investigating two employees at Agricultural Bank of China who allegedly ran a scam that lost the bank RMB3.9 billion (US$593.6 million), Caixin reported, citing unnamed sources and subsequently backed up by an exchange filing from the bank. The two were detained on suspicion of having stolen billions in bills of exchange from the […]