China bank watchdog drafts regulations on bankruptcy

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China Digest 19

The China Banking Regulatory Commission said on Tuesday that it is drafting regulations on the disposal of bankruptcy risk in commercial banks, the 21st Business Herald reported. The regulations will be based on core principles of effective disposal as raised by the Financial Stability Board. It will also give full consideration to close-out netting, the primary means of mitigating credit risks associated with over-the-counter derivatives.
银监会:正在起草《商业银行破产风险处置条例》

US$149 billion agreements on debt-to-equity swaps

The National Development and Reform Commission said around 70 enterprises with high liabilities and various other institutions have reached agreements on debt-to-equity swaps totaling one trillion yuan (US$149.15 billion), China News reported. The enterprises involved are mainly from industries of steel, coal, chemical engineering and equipment manufacturing. The agreements constitute a bid to deleverage under a moderate monetary policy.
发改委:70余家高负债企业达成逾1万亿元债转股协议

Hong Kong official explores yuan market potential

The Chief Executive of the Hong Kong Special Administrative Region, Carrie Lam Cheng Yuet-ngor, met the mainland’s leading banking and financial officials and regulators in Beijing on Tuesday, to discuss offshore yuan market development and cooperation on the Belt and Road initiatives, Sina Finance and the Paper reported. Carrie Lam met with the People’s Bank of China governor, Zhou Xiaochuan, and the vice chairman of the China Securities Regulatory Commission, Jiang Yang, the report added.
央行行长周小川会见香港特区行政长官林郑月娥
姜洋会见林郑月娥:共同促进两地资本市场健康稳定发展

China’s export growth slows down

China’s exports in July stand at 1.32 trillion yuan, a rise of 11.2% from a year earlier and the lowest growth rate since the start of the year. Analysts from the Industrial Bank attribute the slowdown to the decrease of exports to the United States and the European Union, as reported by National Business Daily. Meanwhile, July imports recorded a year-on-year 14.7% increase, totaling 1 trillion yuan. The intake of coal has hit a five-month low, along with a decrease in demand of iron ore and steel.

Government to rev up car-sharing industry

The Ministry of Transport and the Ministry of Housing and Urban-Rural Development said in a joint statement it would encourage the car-sharing industry, especially cars of small and medium size and plug-in electric vehicles, China News reported. More than 92.7% of car-sharing companies stock less than 50 vehicles and the top five firms hold only 20% of the market in China. In comparison, the top five firms in the US hold 94% of the existing market.
两部门发布小微型客车租赁新规:鼓励共享汽车发展

Facial recognition sweeps 40 cities

Alipay’s facial recognition technology has been implemented involving government affairs among 40 cities, the Economic Information Daily reported. More than 8.75 million users have tested the technology to match faces with personal data to check updates on personal tax, insurance and fees related information. The exercise saved at least four million hours of document proceedings for users over the past three months.
支付宝将刷脸技术应用政务领域 全国40城开通

Wanda Group adds China UnionPay as shareholder

Wanda Group has transferred some shares from its financial subsidiary, Wanda Internet Finance, to China UnionPay, according to an article in eeo.com.cn. By adding new shareholders, the registered capital of its financial subsidiary increased to 9.3 billion yuan in July from 5 billion yuan in February. Analysts familiar with the conglomerate think Wanda’s finance arm could be reducing its liabilities to prepare for going public.
万达金融出售部分股份给中国银联:或为降负债谋上市

Sharp is back with a brand new phone

Sharp, a multinational electronic product manufacturer owned by Foxconn, has launched a new smartphone, Aquos S2, in a major bid to return to the lucrative Chinese market, Caixin reported. Luo Zhongsheng, CEO of the company, said the new model will bring Sharp back to the central position of the Chinese mobile market, which would place it at fifth or sixth place.
夏普手机称重回中国市场

McDonald’s eyes hundreds of new outlets

McDonald’s China announced on Tuesday that the Ministry of Commerce has approved a deal that saw CITIC Capital and Carlyle Group buy into the fast food giant, Caixin reported. On the new board, CITIC and Carlyle would hold four and two seats respectively, while McDonald’s would hold one seat. The new company plans to open 500 new outlets per year in the coming half decade, mainly in tier 3 and tier 4 cities.
中信、凯雷接手麦当劳中国特许经营权 称不插手经营

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