Banks

Bank of Ningbo and OCBC Renew 10-Year Cooperation Agreement

Bank of Ningbo and OCBC Renew 10-Year Cooperation Agreement

Bank of Ningbo Co. [SHE:002142], a city-level commercial bank headquartered in eastern Zhejiang province, and Singapore’s oldest bank, Oversea-Chinese Banking Corp. [SGX:O39],…

Aug 22, 2017
Dou Shicong
CEB Europe and Luxembourg Branch Get Nod to Start Operation

CEB Europe and Luxembourg Branch Get Nod to Start Operation

Following its receipt of official approval from the European Central Bank, China Everbright Bank Co. (Europe) Ltd. (CEB Europe) started its operations on the continent on July 31.

Aug 16, 2017
Liao Shumin
Balance of PBOC’s Funds Outstanding for Foreign Exchange Drops for 21st Straight Month

Balance of PBOC’s Funds Outstanding for Foreign Exchange Drops for 21st Straight Month

The People’s Bank of China’s balance of funds outstanding for foreign exchange decreased by USD694.7 million (CNY4.65 billion) to CNY21.5 trillion…

Aug 16, 2017
Dou Shicong
China to Slightly Ease Monetary Policy in Second Half, PBOC Advisor Says

China to Slightly Ease Monetary Policy in Second Half, PBOC Advisor Says

China’s tight monetary policy will ease off slightly in the second half and rate hikes are unlikely, Sheng Songcheng, a key advisor to the People’s Bank of China, told Chinanews.com yesterday.

Aug 16, 2017
Tang Shihua
ABC, Mastercard to Work With Major Chinese Audio Platform on Credit Card for Younger Generation

ABC, Mastercard to Work With Major Chinese Audio Platform on Credit Card for Younger Generation

The Agricultural Bank of China Ltd. [SHA:601288] and Mastercard Inc. [NYSE:MA] will work with China’s largest audio sharing platform, Himalaya FM,…

Aug 14, 2017
Zhang Xia
CBRC Fines Five Banks Amid Unprecedented Crackdown on Illegal Banking Activities

CBRC Fines Five Banks Amid Unprecedented Crackdown on Illegal Banking Activities

Amid an unprecedented regulatory crackdown on illegal activities in the banking sector, Citibank China and other four banks have recently…

Aug 14, 2017
Zhang Xia
Development Finance Should Use Leverage Effect to Back Belt and Road, PBOC Official Says

Development Finance Should Use Leverage Effect to Back Belt and Road, PBOC Official Says

The traditional development finance model may struggle to meet the construction funding needs of the Belt and Road Initiative and…

Aug 14, 2017
Du Qingqing
Dollar-Yuan Exchange Rate Closes at 10-Month High of 6.7075

Dollar-Yuan Exchange Rate Closes at 10-Month High of 6.7075

The yuan’s central parity rate against the US dollar hit a 10-month closing high of 6.7075 today, appreciating 109 basis points from yesterday.

Aug 9, 2017
Xu Wei
Chinese Banking Regulator Bans Debt-For-Equity Swaps by Zombie Companies

Chinese Banking Regulator Bans Debt-For-Equity Swaps by Zombie Companies

The China Banking Regulatory Commission has drafted a measure to ban zombie firms, businesses acting in bad faith and companies engaged…

Aug 9, 2017
Xu Wei
Visa Submits Bankcard Clearing Business Application to PBOC

Visa Submits Bankcard Clearing Business Application to PBOC

International credit card brand Visa Inc. [NYSE:V] said it has submitted an application for setting up a bankcard clearing body…

Aug 4, 2017
Dou Shicong
China’s Forex Regulator Asks Bank Card Issuers to Report Personal Overseas Consumption from Aug. 21

China’s Forex Regulator Asks Bank Card Issuers to Report Personal Overseas Consumption from Aug. 21

Following an announcement in June that China is to collect domestic bank cards’ cash withdrawal and consumption information occurring outside…

Aug 4, 2017
Chen Juan

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