The China Securities and Regulatory Commission (CSRC) has punished six mainland brokerages for rules violations by their margin trading businesses, South China Morning Post reported, citing a statement from CSRC spokesperson Zhang Xiaojun. The most sever punishment came for Great Wall Securities, which Zhang said had broken regulations against selling products to unqualified investors, distributing trust […]
Category: Banking & Finance
Brokerages in China are preparing for rules expected to allow commercial banks and other finance firms to own a brokerage license by raising funds to expand margin trading and other businesses as some predict a series of takeovers, Reuters reported. With firms profits having more than doubled to US$16 billion in 2014, mergers “between banks and […]
The operator of Beijing’s New Third Board, the mainland’s leading off-market equity exchange, has announced it is investigating a series of “ultra-high” price quotations from the week of March 23-27, Reuters reported. “We have zero tolerance, and will take out our sword,” said the National Equities Exchange and Quotations. The New Third Board, previously a backwater, […]
Beijing’s efforts to boost growth by easing monetary policy are falling short as most cheap credit goes to inefficient state-run enterprises and local municipalities that use the funds largely to refinance old debt, The Wall Street Journal reported, citing manufacturing survey figures. An official manufacturing survey weighted toward bigger state enterprises and released this week […]
China’s State Council released a plan on Tuesday detailing a plan to launch a deposit-insurance system covering up to RMB500,000 (US$80,550) per bank for businesses and individuals this May, The Wall Street Journal reported. The move is aimed at better disciplining lenders and their customers and is seen as a prelude to freeing up government-controlled interest […]