Smartphone apps are opening up US financial markets to China’s middle class as its members seek a safe, profitable place for investible assets expected by Boston Consulting Group to reach RMB196 trillion (US$31 trillion) by 2020, The Wall Street Journal reported. “We’re targeting the new affluent, this younger demographic that has had limited options to […]
Category: Banking & Finance
The People’s Bank of China has suspended at least three foreign banks from settling offshore yuan transactions in the onshore market for three months, Reuters reported, citing thee unnamed sources. The sources said that authorities had warned the banks that if they engaged in lucrative carry trade – taking advantage of the different exchange rates – […]
The China Banking Regulatory Commission has published draft rules regulating the country’s peer-to-peer lending sector that would ban platforms from providing guarantees to clients or serving as more than simple intermediaries between borrowers and investors, The Wall Street Journal reported. Under the proposed rules such firms would be forbidden from selling other financial products – […]
The China Securities Regulatory Commission has agreed to share information on companies or individuals suspected of violating stock market rules with other government bodies, which will join the commission in meting out additional punitive measures to those found guilty, South China Morning Post reported, citing a joint statement with the National Development and Reform Commission, […]
Deutsche Bank will sell its 19.99% stake in China’s Hua Xia Bank to Chinese insurer subsidiary PICC Property and Casualty for RMB23-25.7 billion (US$3.5-3.9 million), The Wall Street Journal reported. The German bank recorded a EUR649 million (US$712.6 million) impairment charge on its stake, as it posted a EUR6 billion loss for the third quarter. Deutsche […]