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Monthly Archives: October, 2018

51Duoying Becomes China’s First Direct Bank to Enter Liquidation over Product Compliance

51Duoying (多盈财富) has just announced the launch of liquidation proceedings, marking the first time that a direct bank in China has suspended operations due...

50’s and Under Officials Emerge as Executive Mainstay at Chinese Banking Regulator

New staffing arrangements at China's banking regulator have seen officials born after 1965 become a mainstay force within the agency. On the afternoon of 8...

CBIRC Slashes Threshold for WMP Investment, Calls for Banks to Strengthen Risk Awareness

China's banking regulator has launched new rules which dramatically reduced the minimum threshold for investment in wealth management products (WMP's). On 28 September the China...

Ministry of Finance Sells around $650 Million in Dim Sum Bonds via Hong Kong

The Chinese Ministry of Finance has announced the sale of 4.5 billion yuan (approx. USD$650 million) in dim sum bonds via auction in Hong...

Fintech Will Prompt Chinese Banks to Shed at Least Half a Million Staff

One of China's big state-owned banks expects fintech advances to lead to at least half a million job losses in the sector over the...

China Could Cut Taxes by 5 Trillion Yuan over 5 Years, Enterprise Income Tax Set to Fall to 20%: State Media

Chinese state media has pointed to the possibility of as much as five trillion yuan in tax cuts over the next five years as...

Chinese Investment Banks Required to Register Info on WMP Investors

Investment banks in China are now required to file detailed information on investors in the wealth management products (WMP) that they provide. China's Banking Sector...

Ant Financial Foresees Comprehensive Digitisation of Banking, Closer Ties to Established Banks

The world's largest fintech company expects banking operations to become fully digitised in future, and has stressed the importance of "comprehensive opening" of its...

Beijing Withdraws from Monetary Compensation Policy for Shantytown Overhauls

The Chinese central government has launched further curbs on the provision of monetary compensation to the displaced residents of shantytown redevelopments, following concerns that...

Chengdu Plans to Host World’s Largest Fintech Hackerspace by 2019

The Sichuan province capital of Chengdu in central China hopes to become home to the world's largest fintech hackerspace by the end of 2019. Jiao...

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