The State Council has announced its approval of a draft amendment to China’s commercial banking law that would end the current loan-to-deposit ratio requirement preventing non-state banks from lending more than 75% of their deposits, South China Morning Post reported. Scrapping the longstanding requirement would help privately owned lenders and a nascent online banking sector […]
Category: Banking & Finance
Beijing granting provinces permission to issue at least RMB2.6 trillion (US$419 billion) in bonds this year for the first time in decades recalls the public bailout of China’s state-owned banks in the 1990s and runs counter to its pledge to grant a greater role to market forces in the economy, The Wall Street Journal reported, […]
Florentian prosecutors have formally requested the trial of Bank of China’s Milan branch along with nearly 300 individuals – most of them Chinese nationals – on charges including money laundering and tax evasion, Reuters reported, citing a copy of the request document. The document stems from an investigation begun in 2008 and points to the […]
The Chinese Academy of Social Sciences was only able find evidence showing RMB40 billion of the RMB104 billion raised by China’s state-run lotteries was actually spent on social welfare projects per the institution’s mandate, The Financial Times reported, citing an annual report on charitable donations from the academy. The new section of the report on […]
The division chief at the China Securities Regulatory Commission’s department of public offering supervision, Li Zhiling, was fired and detained by police investigating abuses of power on Saturday after her spouse was found to have illegally traded shares, South China Morning Post reported, citing a statement from the commission. The detention came one day after […]