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The French banking group BNP Paribas has won approval to establish a joint venture investment bank in China, the Financial Times said. This is the first such venture approved since China joined the World Trade Organisation and BNP described the move as a milestone for the industry. BNP’s partner is Changjiang Securities, a regional company […]

Bank of China is engaged in a legal battle with its former client Nonferrous BM over a series of arbitrage deals conducted in late 1999, reported Asian Wall Street Journal. According to the lawsuits, the bank’s New York branch lent metals trading group Nonferrous BM US$50m in Japanese yen borrowed from its sister bank in […]

The People’s Bank of China has closed 60 illegal banks in Guangdong province in the past 14 months, South China Morning Post reported. An official at the central bank’s Guangzhou branch said that the banks had offered customers a means of obtaining more foreign exchange than they could obtain at state-owned banks and provided services […]

Xiamen International Bank has been awarded a licence to provide domestic clients with foreign currency services, said a People’s Bank official. The Sino-foreign joint venture bank has a 25 per cent foreign shareholding divided between Japan’s Shinsei Bank, the Asian Development Bank and the US-backed Sino-Finance Group. This is the first approval granted since China […]

Asahi Kasei Corp is to become the first Japanese firm to produce spandex in China, reported Nikkei. Demand for the fibre, which is used to make swimsuits, is growing fast in China. The company plans to invest US$25m to establish a wholly-owned subsidiary in Hangzhou, Zhejiang province. The number of mainland buyers at Hong Kong […]