The People’s Bank of China has drawn up a timetable for the lifting of geographic restrictions on foreign bank branches after China joins the World Trade Organisation, People’s Daily said. Upon accession, foreign banks will be allowed to operate in Shenzhen, Shanghai, Dalian and Tianjin. Thereafter, year by year, the number of cities will be […]
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Hong Kong and Shanghai Bank (HSBC) is in talks to acquire a minority stake in the Bank of Shanghai, the Financial Times reported. HSBC said that any deal would be subject to regulatory approval and final agreement on the terms. Meanwhile, Citibank is in preliminary talks to take a 15 per cent stake in the […]
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Banks to approve capital deals
Some banks in Shanghai have been authorised to examine and approve foreign exchange transactions on the capital account, Xinhua reported. The move is part of China’s policy of loosening its foreign exchange management system and, if the experiment is successful, it will be extended to other banks across the country. Bank of Communications, based in […]
China’s outstanding foreign debt totalled US$170.41bn at the end of June 2001, the People’s Bank of China announced in November. This appeared to show a sharp increase from the US$145.73bn reported for the end of December 2000. However, the central bank said the figures were now calculated in a way recommended by the International Monetary […]
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Television auction sets record
The auction by China Central Television (CCTV) of advertising time slots in January and February 2002 raised Yn2.63bn, 22 per cent more than the amount raised in 2001, Beijing Morning Post said. The highest price paid for an individual slot was Yn20.6m for the position after CCTV’s daily news programme, paid by Anhui Gujing Group. […]