China’s ambassador to the UK on Sunday said China isn’t seeking to replace the dollar as the world’s primary currency, the Wall Street Journal reported. In an interview with the BBC, Ambassador Fu Ying downplayed recent comments made by People’s Bank of China governor Zhou Xiaochuan that called for a new global reserve currency issued […]
Category: Banking & Finance
Jiang Jianqing, chairman of Industrial & Commercial Bank of China (ICBC), believes the Chinese economy is reviving as increasing domestic consumption offsets declining exports, the Wall Street Journal reported. Speaking in Hong Kong on Thursday, Jiang pointed to signs of recovery in domestic stock and property markets as evidence of increasing investor confidence. He also […]
Several of the foreign investors in the Industrial Commercial Bank of China (ICBC) may sell their stakes later this year, the Wall Street Journal reported. American Express indicated that it may exit later this year while investment bank Goldman Sachs said that it will hold onto at least 80% of its 4.9% stake until at […]
The Australia & New Zealand Banking Group (ANZ) plans to incorporate locally in China and open 20 branches across the country to establish itself as one of Asia’s leading banks, the Wall Street Journal reported. ANZ will focus on three key growth areas with its brand and partnerships: the Yangtze River Delta, including Shanghai; the […]
The Chinese government has endorsed a blueprint to make Shanghai a global financial and shipping centre by 2020, the South China Morning Post reported, citing state media. The move could help China overcome the financial crisis. In its statement, broadcast on national television, the State Council said: “Shanghai should strengthen its strategic cooperation with Hong […]