Chinese financial regulators are ratcheting up their crackdown on virtual currencies with the launch of a strict prohibition on payments companies providing services for related transactions.
Escalating border tensions with China have not prevented India from becoming the Beijing-based Asian Infrastructure Investment Bank’s biggest borrower.
One of the senior-most advisors to the Chinese central bank says the release of strict new regulations governing China’s asset management sector can effectively curb risk without precipitating crisis as feared by many observers.
Chinese real-estate related lending posted a marked slowdown in growth last year as Beijing sought to cool down overheating urban property markets.
China’s banking regulator has penalised the Chengdu branch of the Shanghai Pudong Development Bank for providing 77.5 billion yuan (USD$12.14 billion) in loans to local shell companies in order to hide dud assets.
The latest official data points to year-on-year housing price growth in China’s first-tier cities easing for the 15th consecutive month in December 2017, with analysts expecting growth to further ease in 2018 due to property control policies.
Internationalisation of the Chinese yuan may have taken a major step forward following reports that the German central bank will include the currency in its stockpile of foreign reserves.
Reductions in the reserve ratio requirements for Chinese banks are set to give a boost to long-term liquidity following their launch towards the end of January.
In an interview with the Chinese Communist Party’s flagship newspaper Guo Shuqing, the head of the China Banking Regulatory Commission, warned that “black swans” and “grey rhinos” continue to pose a threat to the country’s financial stability, and pointed to the need for greater curbs on real estate bubbles and local government debt.
China’s central bank has raised the interest rate for 63-day reverse repos after reintroducing them following a month and a half absence.