China’s financial regulators are tightening controls on high-cost consumer lending, reports Caixin. This move could reshape business models across the country’s fast-growing consumer lending sector, including US-listed Chinese lending platforms. The crackdown highlights Beijing’s effort to contain household debt risks without undermining consumer spending, which policymakers continue to promote as a pillar of economic recovery. Authorities […]
Category: Banking & Finance
Provincial and municipal authorities in Zhejiang have established special task forces to address a mounting default crisis at Zhejiang Zhejin Asset Operation, reports Caixin. The licensed financial asset exchange has suspended payouts on wealth management products, stranding nearly 10,000 investors. The crisis, involving more than RMB 20 billion ($2.8 billion) in financial products, began in late […]
China has announced a new policy package to boost household spending, reports the South China Morning Post. The policies focus on tightening coordination between commerce and financial regulators, expanding access to credit and promoting new forms of consumption. The move comes as soft retail sales and weak consumer confidence continued to weigh on economic growth last month. Analysts said […]
Chinese investors are borrowing a record amount of cash to buy local stocks, further fueling a months-long rally that has largely been driven by liquidity, reports Bloomberg. The outstanding amount of margin trades in China’s onshore equities market climbed to RMB 2.28 trillion ($320 billion) Monday, surpassing the previous record of RMB 2.27 trillion in […]
China’s major state-owned banks were seen actively mopping up the offshore yuan on Monday, three people with knowledge of the matter said, as the currency comes under growing pressure from a darkening economic outlook and strain in the property sector, reports Reuters. State banks often act as agents for China’s central bank in the offshore […]