137 employees at the Industrial & Commercial Bank of China have been reprimanded for violating party restrictions on lavish banquets, excessive travel and compulsory gift-giving, The Financial Times reported, citing state media. The ongoing crackdown by the party’s Central Commission on Discipline Inspection has particularly targeted the practice among senior officials and state-owned enterprise executives of inviting […]
Category: Banking & Finance
Expectations that the yuan will devalue further have boosted demand for the US dollar, forcing China’s central bank to sell off US$87.2 billion in foreign reserves to prop up the former currency’s value, bringing down its holdings to US$3.44 trillion as of the end of November, South China Morning Post reported. “The pick-up in capital […]
Anbang Insurance has revealed it will buy a 20.5% stake worth HK$7.8 billion (about US$1 billion) in Chinese property developer Sino Ocean Land in the latest push by China’s insurance industry into real estate, South China Morning Post reported, citing a filing to the Hong Kong Stock Exchange. The disclosure comes only a day after […]
CITIC Securities revealed on Sunday that it couldn’t contact either its investment banking head Chen Jun or head of global investment banking Yan Jianlin, South China Morning Post reported, citing a statement to the Hong Kong Stock Exchange. On Friday Caixin reported the duo had been detained and are either under investigation or assisting in an […]
Zhang Yun, president of Agricultural Bank of China (ABC), has resigned for personal reasons, Reuters reported, citing a statement by the country’s third-largest lender by assets to the Shanghai Stock Exchange. Zhang, also the bank’s vice chairman, was reported by Bloomberg in November to have been taken away to assist in an investigation. The bank’s board […]