National Australia Bank (NAB) is keen to see its rural banking partnership with Agricultural Development Bank (ADB) serve as the foundation to future joint ventures between the two lenders, the Wall Street Journal reported. The memorandum of understanding signed on Friday focuses on rural-banking expertise and on training staff. NAB chief executive John Stewart sees […]
Category: Banking & Finance
China revised rules governing foreign exchange Wednesday, though the loosened restrictions are unlikely to alter the renminbi’s (RMB) near-term trajectory, the Wall Street Journal reported, citing analysts studying the situation. The new rules removed requirements for domestic firms to put all of their foreign currency into the local banking system, and reduced approvals needed for […]
Categories
Markets, resource shares slide
China’s main stock index fell by almost 2% Thursday, led by resource shares declining in response to dropping global oil and metal prices, state media reported. The Shanghai Composite Index (SCI) ended the day down 1.86% at 2,690.75 points. The SCI is down 7.31% over the last six trading days, approaching the 17-month low of […]
The intial public offering of China South Locomotive & Rolling Stock in Shanghai attracted heavy demand on Wednesday, Reuters reported. The IPO of China’s largest train maker raised US$956 million and had one of the highest oversubscription ratios of a big IPO in two years, drawing US$331 billion of retail and institutional subscriptions. The offer […]
The US Federal Reserve gave Industrial and Commercial Bank of China (ICBC) permission to open its first branch in the US, the Wall Street Journal reported. The approval is viewed as a sign of easing restrictions after Chinese officials complained in recent bilateral economic talks that Chinese banks had been denied access to the American […]