The China Foreign Exchange Trading System is planning to boost liquidity in the country’s forex market by introducing market makers for the first time, Reuters reported. Under proposals submitted for approval to the State Administration of Foreign Exchange, the rule allowing banks to quote a price for either selling or buying only would be relaxed […]
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China intends to keep the exchange rate of its currency stable over the next few years but will make it more flexible, deputy central bank governor Wu Xiaoling told an economic forum in Beijing in April. In addition, he said, the authorities would gradually move towards convertibility on the capital account. China’s currency, the yuan, […]
China’s first private insurance company, Minsheng Life Insurance, has been established, Xinhua reported. The Beijing-based company is funded by 21 largely private shareholders, including New Hope Group, the parent of New Hope Agribusiness, a major investor in Minsheng Bank, which is China’s only private bank. The new company will begin operations once it has formed […]
The People’s Bank of China has issued a statement that reconfirms the ban on banks acting as stockbrokers. Facing greater competition from foreign institutions, domestic banks have been lobbying the central bank to expand their business by moving into the securities and insurance sectors. While the central bank has maintained the separation of these activities, […]
Australia’s Macquarie Bank has signed a co-operation agreement with China’s largest mortgage lender, reported Reuters. The venture, to be set up by Macquarie Securitisation Shanghai and China Construction Bank, will focus initially on home loan products funded by the Chinese partner and fees for expediting mortgage applications. Macquarie said its strategy is to develop the […]