The Chinese government has agreed to delay implementation of new bank technology regulations that would force foreign banks to turn over source code and other trade secrets, The Wall Street Journal reported, citing an unnamed US Treasury official. The official told reporters following a meeting between US Treasury Secretary Jacob Lew and Chinese officials in […]
Category: Banking & Finance
Alibaba-affiliated (BABA.NYSE) Ant Financial disclosed that its consumer-facing Yu’ebao money market fund was worth RMB578.93 billion (about US$93 billion) in assets and that its number of users had quadrupled from the previous year to reach 185 million, Tech In Asia reported. Ant Financial also claimed Yu’ebao’s funds had generated RMB24 billion in value as of the end of 2015, roughly […]
Indonesian President Joko Widodo announced Indonesia planned to apply for membership with in the Beijing-backed Asian Infrastructure Investment Bank Thursday during a visit to China, South China Morning Post reported, citing state media; meanwhile, The New York Times reported that the South Korean Ministry of Strategy and Finance had announced that country’s intention to join the regional bank, […]
State-owned China Construction Bank (0939.HKG, 601939.SHA) launched the first-ever international money-market fund priced in the Chinese yuan on Wednesday, allowing European investors to profit off a mixture of short-term mainland bonds that are currently hard to access abroad, The Wall Street Journal reported. The bank struck a deal with Germany’s Commerzbank AG (CRZBY.OTCMKTS) to launch the exchange-traded money-market […]
Bank of China, the second of the four largest Chinese banks to announce its results for last quarter, has posted a 4.8% gain in profit despite a near doubling of non-performing loans, Bloomberg reported. Net income rose to RMB38.5 billion (US$6.2 billion) — slightly higher than analysts’ estimates of RMB36.4 billion — amidst a period of tempered earnings […]