China Economic ReviewCitibank announced on July 16 that it had received regulatory approval to issue renminbi-denominated debit cards to its mainland China customers. Prior to this, Hong Kong-based Bank of East Asia was the only foreign lender permitted to issue debit cards on the mainland. The likes of HSBC and Standard Chartered, meanwhile, are still waiting to […]
In recent months, you could have been forgiven for thinking that China was slipping back into the bad old days of Maoist planning. Coal producers in Shandong and Shaanxi have been told to raise output and cut prices, banks forced to rein in lending and hold buckets of cash in reserve, mutual fund managers instructed […]
After a long hiatus, securities joint ventures are being approved again
Up and running UBS: Beijing Securities became UBS Securities and opened for business in May 2007. Offers securities underwriting and A-share broking, and asset management services. Goldman Sachs: Does A-share broking through Beijing Gao Hua Securities, a domestic brokerage controlled by virtue of a private arrangement. Also has an underwriting joint venture with Gao Hua. […]
When a market goes up quickly, a similarly rapid fall is all but guaranteed. China is no exception. As of mid-July, the Shanghai Composite Index (SCI) lost about half its value since reaching a record high of over 6,000 points in October. At one point in June, the index fell 10 consecutive days to close […]