The People's Bank of China is working to set up a department to detect money laundering, South China Morning Post said. The department is expected to be working with domestic commercial banks and the legal system by next year. Money laundering was made a crime in 1997, but it was not until late last year […]
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Ernst & Young has estimated the non-performing loans of Chinese banks at 34 per cent of their total lending, according to a report by the international financial services group. In July the People's Bank of China stated that the ratio at the big four banks was 25.37 per cent, representing a 2.26 per cent fall […]
Beijing residents earning more than Yn100,000 a year will be required to complete and submit individual tax returns to the Beijing tax bureau, Beijing Morning Post said. At present, companies deduct income tax from employees' salaries and make a monthly lump sum payment to the bureau. The new system, which will take effect in October, […]
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Banks move to extend services
China's banking and securities regulators have approved the Industrial and Commercial Bank of China to sell closed-end mutual funds through its 28,300 outlets nationwide. ICBC and the Bank of Communications have already been given permission to sell open-end mutual funds. China's Commercial Bank Law of 1995 prohibits banks from running different kinds of services under […]
The Industrial and Commercial Bank of China's volume of trading via the internet reached Yn1,000bn in the year to June 18, more than five times that of the same period of last year, Xinhua reported. The bank said that it had invested heavily in electronic financial systems and had upgraded its internet banking system four […]