The State Administration of Foreign Exchange (SAFE), China’s currency regulator, has been carrying out a rare survey of banks and companies, asking about their ability to deal with volatility in the yuan and their risk management processes, according to three banking and policy sources who spoke to Reuters. The SAFE surveyed “how companies in different […]
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In a huge blow to the world’s biggest mobile gaming market, China has placed a three-hour-a-week cap on the amount of time users under the age of 18 can play video games, reports Caixin. The move comes amid Beijing’s continued and wide-ranging crackdown on the country’s tech companies. According to new guidelines from the National […]
Wang Xing, founder and chief executive of Meituan has become the latest in the list of Chinese tech leaders to echo President Xi Jinping’s recent rhetoric on wealth redistribution, promising to overhaul the Beijing-based food delivery service’s practices amid an increasing regulatory crackdown, reports the Financial Times. The Meituan CEO told investors on Monday that […]
Leading state-owned Chinese banks, Bank of Communications and China Construction Bank, are advancing their pilot program for a sovereign digital currency, reports the South China Morning Post. The banks have started exploring the possibility of allowing holders of the ‘e-yuan’ to purchase insurance products and investment funds online. If successful, this could advance the applicability […]
Africa’s fintech industry has seen an investment drought, brought on by the Covid-19 pandemic, but this seems to be nearing its end as venture capitalists, particularly those from China, are returning to the continent, reports the South China Morning Post. After more than a year of staying away, funds are again looking at start-ups–particularly in […]