A branch of China’s sovereign wealth fund, Central Hujin Investment, has sold RMB3.5 billion (US$565 million) in shares of Industrial & Commercial Bank of China (1398.HKG, 601398.SHA) and China Construction Bank (0939.HKG, 601939.SHA), potentially paving the way for further reduction of government control of the country’s biggest banks, Bloomberg reported, citing filings to the Hong […]
Category: Banking & Finance
JPMorgan (JPM.NYSE) has been ordered by the US Securities and Exchange Commission to provide any correspondence between the bank and 35 Chinese officials including politburo member Wang Qishan in connection with an investigation into how the company hired the children of high-ranking officials to win business in China, The Financial Times reported, citing two unnamed […]
FTSE Group plans to include Chinese stocks in two new emerging-markets indices in what the company has described as a transitional move before it ultimately adds mainland shares to its benchmarks, Bloomberg reported, citing a statement released at a briefing in Hong Kong. FTSE is due to decide in September whether yuan-denominated shares will be […]
Regulators in Hong Kong and China have agreed to a Mutual Recognition of Funds program that will allow asset managers in each market to sell certain funds to retail investors on the other side of the border starting July 1, The Wall Street Journal reported. The agreement will initially be capped at RMB300 billion (US$48 […]
Peer-to-peer (P2P) credit now stands at US$53 billion in China as more entrepreneurs turn to internet financing, representing a potential threat to traditional banking and posing a dilemma for regulators hoping to boost growth but who are also wary of unregulated credit, Reuters reported, citing online lending tracker P2P001. China’s number of P2P lenders more […]