The China Securities Regulatory Commission may be considering suspension of further initial public offerings on mainland exchanges and met with major Chinese brokerages on Monday afternoon to discuss unknown matters, Bloomberg reported, citing two unnamed sources. Halting IPOs would head off any diversion of funds away from already listed shares into new listings. “Suspending IPOs […]
Category: Banking & Finance
Losses on Monday pushed both the Shanghai and Shenzhen composite indices down beyond a decline of 20% since their June 12 peak, a qualifier commonly held to signify entry into a bear market, The New York Times reported. Shanghai closed the day down 3.3%, while Shenzhen fell 6.1%. Both exchanges had fallen more than 7% […]
The People’s Bank of China on Saturday cut both the country’s one-year benchmark lending rate and one-year deposit rate by 0.25% to 4.85% and 2%, respectively, while also lowering the reserve requirement ratio by 0.5% for banks with sizable lending to small businesses and farmers – the first time it has cut both on the […]
Mainland listed shares plunged Friday as the Shanghai Composite Index fell 7.4% and the Shenzhen Composite Index fell 7.9%, accelerating a sudden fall for what had been a world-beating rally, The New York Times reported. Authorities have been moving to further restrict stock purchases using borrowed money both on the books and off, but while […]
Alibaba Group Holding (BABA.NYSE) affiliate Ant Financial Services Group began operations of its online bank MYbank Thursday despite the current inability of users to actually open accounts, The Wall Street Journal reported. While the bank has registered capital of RMB4 billion (US$644 million) and can issue loans of under RMB5 million to small businesses and […]