From Xinhua: China’s banking regulator said that since February last year 1,887 bank employees have been punished for their involvement in hundreds of crimes worth more than 8 billion yuan. A statement issued by the China Banking Regulatory Commission (CBRC) show crimes at banks have dropped by almost a third to 480 cases in the […]
Read MoreFrom Reuters: China on Wednesday authorised two banks to invest $3.5 billion of their clients’ money overseas, bringing total approvals so far under a scheme to promote capital outflows to $8.3 billion. The foreign exchange regulator said on its Web site that it had granted a quota of $2.0 billion to China Construction Bank Corp. […]
Read MoreFrom Bloomberg: Managers at Bank of China Ltd., the country’s second-largest lender, spent a decade pulling off the biggest bank heist in Chinese history. The men at a branch in southern China embezzled $485 million before using false identities to flee to the U.S., where they were arrested in 2004, U.S. prosecutors say. The former […]
Read MoreFrom Bloomberg: China’s leaders are finding that the world’s largest command economy no longer responds to their commands. Growth is hurtling along at the fastest pace in a decade, defying official efforts to curb investment in unneeded factories and real-estate projects. The government’s immediate concerns are that overheated growth will saddle China with excess capacity, […]
Read MoreFrom China Daily: Despite efforts to slow the pace down, China’s economy reported breakneck growth in first half year. Now officials and experts are saying that more macro control measures must be adopted to rein in the galloping economy. China’s economy surged a year-on-year 10.9 percent in the first half of 2006 and total investment […]
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