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The Taiwanese authorities are preparing to lift their ban on cross-straits insurance business, though they will retain limits on the total value of policies that can be written on the mainland, Associated Press reported in August. Currently, five companies have representative offices on the mainland and several told Shanghai Daily that they expected the ban […]

Aviva, formerly known as CGNU, said that it would form a joint venture with the China National Cereals, Oils and Foodstuffs Import and Export Corp to sell life insurance in Guangzhou. The UK's largest insurance company, which received a China insurance licence last September, plans to invest Yn250m for a 50 per cent stake in […]

The Chinese government has ended Bank of China's monopoly on personal purchases of foreign exchange by allowing two other banks to sell foreign currency to individuals, Xinhua reported. The Industrial and Commercial Bank of China and Citic Industrial Bank are now able to sell foreign currency to individuals through a realtime computer network linked to […]

International ratings agency Standard & Poor's has welcomed attempts by China's banks to address problem assets, South China Morning Post said. The agency gave its approval after both the Industrial and Commercial Bank of China and Bank of China said that they had increased write-offs on non-performing loans, made additional loan loss provisions and reversed […]

Foreign banks in China licensed to do local currency business are protesting at a new rule by the central bank that will set limits on their borrowing of local currency, the Financial Times said. The People's Bank of China has told the banks that funds raised in bilateral loans from Chinese financial institutions would be […]