A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.

Vanguard Group has returned $21 billion in managed assets to state funds in China, Bloomberg reported Friday, as the asset management firm continues to pare back its international business to focus on catering to individual investors.

Lufax Holding, a Chinese online wealth management and lending platform, backed by China's largest insurer Ping An Insurance Group, is looking to go public in the U.S. , as Chinese companies continue to look to U.S. markets despite political tensions.

Major Italian lender UniCredit on Monday revealed a partnership with European investment firm Investindustrial and China’s sovereign wealth fund to launch a cross-border fund that will primarily invest in Italian companies aiming to grow their business presence in China.

China’s top finance officials introduced long-awaited reforms designed to improve risk management at its largest banks and shield the wider economy from another global financial crisis.

Amundi said Wednesday that it received the final clearance from Chinese regulators to begin its joint venture operations with Bank of China’s wealth management subsidiary, as the French company aims to make China one of its most important markets.

China’s large sector of unregulated banking will soon slow its growth as banking reforms are set to take effect next year, and formal banking continues to dominate new credit supply, Moody’s said.

A Hong Kong regulator fined and reprimanded Everbright Securities for pledging its clients’ assets as collateral to obtain credit lines from banks and using client authorizations which had expired.

A Chinese financial regulator on Monday released draft rules aimed at reining in its rapidly growing online insurance market in part by requiring operating licenses for digital insurers.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

Fitch Ratings said on Monday that it affirmed the ratings for Singapore’s three big banks while warning that the trio still face the prospect of downgrades if the country’s medium-term economic conditions do not improve amid a recovery from the COVID-19 downturn.

Self-driving cars, autonomous machinery and other computerized items will one day have bank accounts they can access without human intervention, Huawei and SPD Bank said in a white paper Monday.

Chinese fintech Ant Group said Monday that its online banking unit opened for business in Hong Kong, an expansion that comes in the lead-up to the company’s blockbuster initial public offering.

China will combine two large foreign-investor programs and open up more of its financial markets to outside institutions, relaxing several rules as it encourages a rising global profile for its currency.

Chinese telecommunications company Huawei on Friday launched a product to help financial intitutions develop remote services, amid a push to provide more digital offerings especially to customers not already reached by the traditional banking sector.

Ant Group on Friday unveiled a new cross-border trade finance platform powered by its Blockchain-based unit AntChain in partnership with major global banks as the Chinese fintech readies for its blockbuster initial public offering.

FTSE Russell will include Chinese government bonds in its World Government Bond Index beginning in October 2021, in a move that could result in up to $140 billion in additional inflows for China.

Chinese companies need to develop more rigorous standards for disclosing and understanding risks posed by climate change, researchers from Chinese insurer Ping An said in a report Thursday.

Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

Canada’s BMO Global Asset Management is reportedly the latest global firm to pull out of the Hong Kong exchange-traded funds market with plans to sell its seven locally listed funds to China Asset Management (Hong Kong), just weeks after Vanguard revealed it was leaving the market.