Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)
Sen. Marco Rubio, R-Fla., asks a question to Secretary of State Mike Pompeo during a Senate Foreign Relations committee hearing on the State Department's 2021 budget on Capitol Hill Thursday, July 30, 2020, in Washington. (Greg Nash/Pool via AP)U.S. Sen. Marco Rubio introduced a new bill that would restrict U.S. banks, insurers and other financial institutions from investing in certain Chinese companies, marking another escalation of tensions between the two countries.

Attendees wear masks to curb the spread of the new coronavirus on the Hong Kong Stock Exchange on Thursday, June 18, 2020. (AP Photo/Ng Han Guan)
Attendees wear masks to curb the spread of the new coronavirus on the Hong Kong Stock Exchange on Thursday, June 18, 2020. (AP Photo/Ng Han Guan)China’s largest insurer Ping An Insurance Group, reported a 7.7% rise in net profit year over year for the third quarter, its first quarterly increase in a year, but the company warned that demand for insurance and other financial services will continue to be weak in the short term due to the global pandemic.

Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)
Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)Chinese fintech Ant Group is seeking to raise more than $34 billion from its upcoming blockbuster initial public offering, as the company disclosed pricing terms Monday for its two listings in Hong Kong and Shanghai that would make its IPO the largest ever.

In a draft revision to China’s central banking law, the yuan is specified as including “physical and digital forms.” (Photo by Eric Prouzet on Unsplash)
In a draft revision to China’s central banking law, the yuan is specified as including “physical and digital forms.” (Photo by Eric Prouzet on Unsplash)China’s central bank seeks to create the legal space for its upcoming state-backed digital currency in a proposal released Friday that would also ban all other digital currencies tied to the yuan.

An investor checks stock prices in a brokerage house in Beijing, China. (AP Photo/Mark Schiefelbein)
An investor checks stock prices in a brokerage house in Beijing, China. (AP Photo/Mark Schiefelbein)China’s top financial markets regulator is drafting new regulations aimed at curbing “excessive” record speculation on convertible bonds, as Chinese firms and investors increasingly turn to the hybrid asset in search of liquidity and returns.

This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)
This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)S&P Global will become the first wholly foreign-owned ratings agency approved to operate in China for exchange-traded bonds, in the latest effort by the Chinese government to open up the country's financial sector to the rest of the world.

In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Chinese online lending and wealth management firm Lufax Holding, which is backed by China's largest insurer Ping An Insurance Group, is seeking to raise up to $2.36 billion from an initial public offering in the U.S.

A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)
A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)Stock exchanges in Hong Kong and mainland China are considering adding shares from Shanghai’s Nasdaq-style STAR Market to a program connecting the two bourses, a move which would open the board to foreign investors.

Laurence D. Fink, CEO of BlackRock, speaks at an economic summit a day before the China Development Forum in Beijing, China, March 24, 2018. (AP Photo/Ng Han Guan)
Laurence D. Fink, CEO of BlackRock, speaks at an economic summit a day before the China Development Forum in Beijing, China, March 24, 2018. (AP Photo/Ng Han Guan)BlackRock’s Chinese subsidiary is closing several private investment vehicles in order to comply with regulations as it focuses on its new mutual fund business in the country, Chinese financial publication Caixin reported on Thursday.

In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this Feb. 8, 2019, file photo the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Citigroup is planning to create an investment banking unit in China as the country claims an increasingly large share of the global equities market and is buoyed by a surge of initial public offerings, Bloomberg reported Thursday.

The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group received approval from the China Securities Regulatory Commission for the Shanghai portion of its blockbuster initial public offering, which is the last step in the review process and a milestone that comes days after it reportedly got a green light for the Hong Kong portion of its highly anticipated dual listing.

Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)
Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)Chinese fintech Ant Group received approval on Monday for the Hong Kong portion of its initial public offering, according to reports from Reuters and the South China Morning Post, a move that comes a month after it received regulatory consent to list in Shanghai.

Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)
Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)China's largest insurer Ping An Insurance Group said Monday that its offshore investment and asset management unit and its subsidiaries have closed two funds, representing $875 million of total capital, that are part of the company's first investment program dedicated to private equity investing abroad.

The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group has raised its targeted valuation for its upcoming blockbuster initial public offering from $250 billion to at least $280 billion, Bloomberg reported on Friday.

OKEx, a cryptocurrency exchange, has suspended all withdrawals due to an unnamed private key holder cooperating with an inquiry in China, a company spokesperson said Friday.

Global banks and other financial institutions that serve people considered responsible for China’s crackdown on civil liberties in Hong Kong will soon face sanctions, the U.S. State Department said Wednesday.

HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.

Chinese brokerages Guolian Securities and Sinolink Securities on Monday called off their proposed merger just weeks after it was announced, saying that they failed to reach an agreement on some core terms of the deal, even as China’s regulators have pushed for consolidation in the sector to compete with foreign firms.

Deutsche Bank said Monday that it has become the first European bank to secure approval from China to join its pilot scheme for the facilitation of foreign exchange receipts and payments for trade, which aims to “simplify and improve” foreign currency payments for cross-border trades.

China International Capital Corporation, China’s first joint-venture investment bank, will begin a preliminary price consultation Wednesday as the next step toward listing its shares on the Shanghai Stock Exchange, looking to raise funds as foreign rivals expand into the region.