China

Filters:
Banking
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.

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.

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.

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.

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.

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.

Standard Chartered’s Hong Kong unit has applied to establish a securities company in mainland China, joining other global firms looking to ramp up their presence in the region as the country opens its financial sector to foreign players.

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.

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.

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.