SHANGHAI, April 18 (Reuters) – China will limit the amount
of money consumers can transfer to third-party online payment
platforms, aiming to protect banks and consumers from fraud amid
an explosion of online and mobile payment transactions.
Banks will be obliged to limit how much money an individual
can transfer to platforms such as Alibaba Group Holding’s Alipay
per transaction or on a single day, based on the person’s
financial status, showed a document issued by the central bank
and banking regulator.
SHANGHAI, April 16 (Reuters) – China’s securities regulator
has ordered underwriters to update application materials for
firms waiting to list, sources told Reuters on Wednesday,
raising hopes that an eight-week stall in initial public
offerings on mainland China stock exchanges will end soon.
The official Shanghai Securities News reported Wednesday
morning that the China Securities Regulatory Commission (CSRSC)
has told underwriters to complete their submissions of revised
disclosure materials as early as the end of this week. Four
sources at investment banks confirmed to Reuters they had
received CSRC instruction to update their disclosures with the
latest 2013 financial statements.
SHANGHAI, April 16 (Reuters) – Chinese companies that have
lent money to other companies are facing a potential wave of
defaults, with several listed firms already reporting missed
Shipbuilder Sainty Marine Corp Ltd on Tuesday
became the latest listed firm to report that it had failed to
receive principal and interest repayments on a 900 million yuan
($144.7 million) loan to a property developer.
SUZHOU, China (Reuters) – Suzhou, an ancient city in Jiangsu province 100 km (60 miles) west of Shanghai, lives in legend as one of China’s most beautiful, famous for its elegant gardens and charming canals.
More recently, it became an industrial powerhouse, sitting at the heart of the Yangtze River Delta region that, along with the Pearl River Delta in Guangdong, drove China’s economic boom.
SHANGHAI, April 10 (Reuters) – China will allow cross-border
stock investment between Shanghai and Hong Kong, regulators said
on Thursday, a small step towards opening China’s capital
account and letting Chinese individuals buy foreign equities
The move represents a potential goldmine for brokerage
services, and the news drove shares of securities firms
SHANGHAI, April 8 (Reuters) – A small manufacturer of
polyester yarn based in China’s wealthy Zhejiang province has
declared bankruptcy, threatening its ability to meet an
interest payment on a high-yield bond due in July.
Zhejiang Huatesi Polymer Technical Co Ltd asked a local
court for bankruptcy protection in early March, according to an
announcement on the website of the Anji County People’s Court.
SHANGHAI (Reuters) – The China Banking Regulatory Commission (CBRC) has said it will conduct regional and national stress tests after banks saw a spike in bad loans last year, the Shanghai Securities News reported on Friday, reflecting growing concerns over credit risk.
“All (CBRC) offices, supervisory departments, must organize stress tests of banking institutions in a timely manner so as to analyze the impact of unfavorable situations in individual banks and the banking system and urge banking financial institutions to make emergency plans,” the regulator was quoted as saying in guidelines sent to banks in March.
SHANGHAI/HONG KONG (Reuters) – China’s biggest banks showed milder-than-expected signs of financial stress from loan defaults and shrinking profit margins, cheering investors even as the lenders this week posted their slowest profit growth since they became listed.
A slowing economy and the debt overhang from the massive credit-fuelled stimulus that Chinese policymakers launched in response to the 2008 financial crisis are stoking concern about a rise in bad loans.
BEIJING/SHANGHAI, March 25 (Reuters) – The regulator for
China’s interbank money market will change the way it calculates
the opening price for two benchmark interest rates, sources told
Reuters on Tuesday, in a bid to reduce the ability of individual
banks to manipulate key rates.
The National Interbank Funding Center, which is controlled
by the central bank, will use a new method to calculate the
opening quote for the overnight and seven-day
bond repurchase rates, four sources told Reuters.
SHANGHAI (Reuters) – Hundreds of people rushed on Tuesday to withdraw money from branches of two small Chinese banks after rumors spread about solvency at one of them, reflecting growing anxiety among investors as regulators signal greater tolerance for credit defaults.
The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions.