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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.

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.

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.

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.

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.

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.

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.

Chinese fintech Ant Group’s upcoming massive initial public offering is seeing strong interest from retail investors, as evidenced by the CNY 60 billion in proceeds ($8.96 billion) raised by five mutual funds created to invest in the company’s shares, Reuters reported Friday.

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.

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.

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.

Chinese insurer Ping An Group said on Monday that its offshore asset management unit launched its first Undertakings for Collective Investment in Transferable Securities umbrella fund to provide global investors opportunities to invest in China's equity and fixed income markets.

Chinese fintech Ant Group cleared a key hurdle for its blockbuster initial public offering Friday when a committee approved its proposed listing on the Shanghai Stock Exchange’s STAR Market.

Industrial and Commercial Bank of China said Thursday that it has launched the first Visa virtual credit card in Hong Kong in response to the increasing popularity of cardless payment via mobile phones.

The Singapore Exchange on Thursday unveiled the listing of the world’s biggest exchange-traded fund to invest solely in Chinese government bonds, aiming to capitalize on investors’ accelerating demand to access opportunities in the second-largest bond market on the globe.

Tougher Hong Kong regulations for domestic insurance groups that operate internationally would strengthen their risk and capital management, Fitch Ratings said Monday.

Tokyo-based Ueda Yagi Tanshi Co. will be the first wholly foreign-owned money broker to operate in mainland China, after receiving approval on Friday from the China Banking and Insurance Regulatory Commission.