finance

The People's Insurance Co (Group) of China (PICC), the country's leading insurance conglomerate, has achieved material progress in bringing in a strategic investor, thus paving the way for its listing, the group's top management said on Tuesday. "We've entered the final stage of ...
Western Union has more than doubled the number of banks offering its services from three to eight over the past year, expanding its network to more than 25,000 locations in China, a senior official from the US-based money transfer firm said Thursday. Drina Yue, senior vice ...
HSBC Life Insurance Co, the insurance arm of global financial heavyweight HSBC, hopes to further consolidate its bancassurance business in China, said Terry Lo, chief executive officer of HSBC Life. "We've gained a strong foothold in the mainland during the first year of ...
China Life Insurance Co, the country's largest insurer, said on Thursday it plans to acquire a controlling stake in a bank, as part of its efforts to be a financial conglomerate and better compete with peers. "It is a must-do move for us and we have got permission from the China ...
JPMorgan Chase & Co will make a substantial investment to build its corporate banking business in China in a bid to win more large foreign multinational clients as well as Chinese companies with rising global ambitions, said a senior executive of the US bank. JP Morgan will ...
China UnionPay Co. Ltd. (CUP), a Chinese bankcard services provider, announced Wednesday it has signed a memorandum with Singapore Tourism Board (STB) to further facilitate CUP bankcard services in the city-state. According to the memorandum, both sides agreed to jointly promote ...
Bank of China, one of the country's "big four", started to issue up to 5 billion renminbi ( RMB) bonds in Hong Kong from Wednesday, which was believed a big boost for the city to fully establish its offshore RMB market. It was the third time for BOC, China's largest foreign ...
Loans for mergers and acquisitions in Shanghai rose to 10 billion yuan (US$1.5 billion) at the end of June because banks were encouraged to lend to help facilitate companies to integrate in order to boost economic upgrading. Thirty-three loans were extended for M&A deals in the ...
The world must strengthen financial regulatory systems, especially that of major reserve currency issuing countries such as the United States, said a senior political advisor on Tuesday. The US has taken advantage of its status as a major reserve currency issuer to grab other ...
The People's Bank of China (PBOC), China's central bank, auctioned 56 billion yuan (US$8.26 billion) of one-year bills through its regular open market operations Tuesday at a yield of 2.0929 percent. The yield of one-year bills has been unchanged at 2.0929 percent since June 8. ...
China Huarong Asset Management Corporation (Huarong), one of China's four State-owned asset management firms, said Friday it has signed a cooperation agreement with Chinese Taiwan-listed SinoPac Financial Holdings Co to jointly develop financial products and business models. ...
The explosive growth in China's affluent population, riding on the nation's boom, has led the nascent private banking sector to become a red-hot battlefield for foreign banks. EFG Bank, a private banking arm operating in Asia under Zurich-based EFG International, is the latest ...
Ping An Insurance (Group) Co, China's second-biggest insurer, is to pay 29.1 billion yuan (US$4.3 billion) for a controlling stake in Shenzhen Development Bank, a medium-sized lender, to consolidate its banking arm. Shenzhen-based Ping An will pay 2.69 billion yuan in cash and ...
The banking regulator said on Tuesday that it is pushing mergers and acquisitions (M&A) among the country's rural credit cooperatives (RCC) in a bid to reduce their high credit risks. The M&A targets are RCCs that have a non-performing loan ratio higher than 30 percent. For a ...
China's Ministry of Finance said Wednesday that it would sell a batch of seven-year book-entry treasury bonds worth 28.71 billion yuan (4.3 billion U.S. dollars) from Thursday. The bonds, with a fixed annual interest rate of 3.1 percent, would be sold to the public from Oct. 14 ...
The hike in banks' reserve requirement ratio by China's central bank signaled policymakers' aim to rein in excess liquidity and curb rising inflation but the move may not signal a shift in its policy stance toward tightening, analysts said on Tuesday. The People's Bank of China ...
China's new yuan-denominated lending in September rose to 595.5 billion yuan (US$89.28 billion), an increase of 9.2 percent from August, China's central bank said Wednesday. China's banks extended 6.3 trillion yuan from January to September, 2.36 trillion yuan, or 27.3 percent, ...
Central Huijin Investment Ltd., an arm of China's sovereign wealth fund, has finished the first round of increasing stake in China Construction Bank (CCB) and it intended to continue increasing its CCB shareholdings, said the bank on Tuesday. In a statement filed with the Hong ...
China's central bank has temporarily raised the reserve requirement ratio of the four major state-owned lenders and two privately-owned banks, sources told Xinhua Tuesday. Banks must keep an extra 50 basis points, or 0.5 percentage points, in reserves, to check lending, the ...
China' s Huarong Asset Management Co. said Tuesday it had opened a bank in central China' s Hunan province, becoming the first asset management company in China to start banking operations. Huarong Asset Management and Hunan provincial government Tuesday jointly initiated the ...
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China's reform leading group holds first meeting
China's reform leading group holds first meeting
BEIJING, Jan. 22 (Xinhua) -- China's leading group for overall reform ...
China stocks close higher over liquidity injection
China stocks close higher over liquidity injection
BEIJING, Jan. 21 (Xinhua) -- Chinese shares rose on Tuesday after the ...
China slams Japan's NHK governor's denial of Nanjing massacre
China slams Japan's NHK governor's denial of Nanjing massacre
BEIJING, Feb. 5 (Xinhua) -- China on Wednesday slammed the remarks of ...
China cuts retail oil prices
China cuts retail oil prices
BEIJING, Jan. 24 (Xinhua) -- China's top economic planner announced on ...
Canada's main stock index tumbles over asset loss in emerging markets
Canada's main stock index tumbles over asset loss in emerging markets
TORONTO, Jan. 24 (Xinhua) -- Canada's main stock index fell sharply on ...
GM China chairman to retire
GM China chairman to retire
CHICAGO, Jan. 24 (Xinhua) -- General Motors Co. announced Friday that ...
Super car club in commercial drive
Super car club in commercial drive
On the night of Nov 11, more than 150 super cars were driven into the ...
China's banks must evolve or perish
China's banks must evolve or perish
As China's traditional banks raise interest rates to claw back lost ...
Chinese leader calls for more marine power
Chinese leader calls for more marine power
Chinese Vice Premier Zhang Gaoli Sunday called for research in polar ...
Stars 'Big Three' fall short of title in 1st year
Stars 'Big Three' fall short of title in 1st year
Miami Heat's LeBron James (R) stands with teammates Chris Bosh (C) and ...
Injured star short-track skater Wang Meng left out of China's squad for Sochi
Injured star short-track skater Wang Meng left out of China's squad for Sochi Winter Games
Injured Olympic champion Wang Meng has been ruled out of the 139...
Fourteen countries expected to compete in Cuba's wrestling tourney
Fourteen countries expected to compete in Cuba's wrestling tourney
Some 14 countries and regions are expected to compete in the 45th ...