Minitrue: Bank of China Launders Money, Says CCTV
The following censorship instruction, issued to the media by government authorities, has been...
Bank of China
China’s Sovereign Wealth Fund Tries to Bolster Stocks of Major Banks
New York Times reports that China’s Sovereign Wealth Fund bought shares of major banks in order to inject confidence in the market: The China Banking Regulatory Commission is putting heavy pressure on banks to raise...
Bank of China to Invest $878 mln in Rail Project
The Bank of China will invest up to 6 billion yuan in a high-speed railway between Shanghai and Beijing. From Reuters: It said its Hong Kong-based unit, Bank of China Group Investment Ltd, has agreed to buy a 4.5 percent stake...
Bank of China to Sell up to $5.8 Billion in Bonds
Beijing is taking new measures to rein in inflation and overheating in the economy, Business Week reports: Bank of China plans to sell up to 40 billion yuan ($5.8 billion) in bonds to replenish its capital and meet government...
Exiting the Dragon
From the Financial Times: When Bank of America was negotiating to take a stake in China Construction Bank four years ago, advisers who worked on the investment gave it the code name “Project Solidgold”. Yet the landmark...
Ex-Chinese Bankers Are Sentenced To Prison in $482 Million Scam
The Washington Post has more details on the Bank of China managers sentenced to prison in the U.S. for embezzling $482 million: For more than a decade, the bank managers lived in high style, jetting to Las Vegas and Macau to bet...
US Jails China Bankers for Fraud
Two former Bank of China managers, and their wives, have been sentenced to up to 25 years in prison in the U.S. for stealing $485 million. BBC reports: Xu Choafan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi had also been convicted...
China to Maintain Relaxed Monetary Policy
From Reuters: China will continue to implement a relaxed monetary policy and keep sufficient liquidity in the banking system, the People’s Bank of China said on Sunday. The statement appeared to be the central bank’s...
Emerging Trouble for BRICs
In such a time of global financial instability, why might the People’s Bank of China, for the first time in six years, decreased its benchmark lending rate by 27 basis points to 7.2%? In addition to the more immediate steps the...
China’s Central Bank Signals Concern About Sagging Asset Values
The International Herald Tribune’s Karen Yeung and Samuel Shen report that some traders did not anticipate China’s Central Bank rate cut of .27% until later in 2008. The early cut may reflect a need to support Chinese...
Ex-managers of Bank of China Found Guilty in US
Li Xiaokun reports in the China Daily: A federal jury in Las Vegas on Friday convicted two former principals of China’s largest bank, who have been resident in the United States for the past seven years, of embezzlement...
Bank of China Denies Aiding Terrorists
The Bank of China has denied that it transferred money to terrorist groups as alleged in a recent lawsuit. From AP: The lawsuit filed last Thursday by victims of terrorism in Israel accused the bank of putting through dozens of...
Israeli Terror Victims Sue Bank of China
From Israel News , reported by Aviad Glickman: Victims of terror attacks carried out by Hamas, Islamic Jihad claim China’s largest bank facilitated attacks by transferring funds to Gazan terror groups, demand $500 million...
Bank of China Bothered by Fannie and Freddie Mess?
Chinese state media are reporting one of China’s largest banks “may” own $20 billion worth of debt in the United States’ gravely troubled lending giants Fannie May and Freddie Mac: The Freddie Mac and...
Chinese Banks Report Leap in Profits
From the Financial Times: China’s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite....
Subprime Holdings Damp China Bank Profits
Chinese banks reported increased profits in 2007, but they’ve suffered in recent months as a result of the U.S.’s subprime-mortgage crisis. From Reuters Via Financial Times : Industrial & Commercial Bank of...
Inflation vs. Interest Rates: The Battle Continues
As the United States winces with each new release of data that suggests the world’s largest economy may be shrinking, the world’s fourth largest economy looks to be facing it’s own new set of anxiety-producing...
China Shares Blame for Crisis, Carney Says
The new Bank of Canada governor, Mark Carney, has blamed China for the subprime mortgage crisis that has rocked the U.S. economy and is being felt around the world. From The Globe and Mail: By insisting on fixed exchange rates,...
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