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Chinese capital controls mean Shanghai is not a global financial hub, US bankers say

Shanghai has fallen short of its ambitious goal of becoming a fully-fledged international financial centre by 2020, according to a survey by the American Chamber of Commerce in Shanghai.The plan was announced in 2009, when Shanghai officials pledged it would be on an equal footing to New York, London and Hong Kong by next year’s deadline.As the deadline grows nearer, however, the city remains largely a commercial and shipping capital. Restrictions on the movement of capital in and out of China… Source link

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Top venture capitalists, bankers land key role in deciding China’s tech board IPOs

Some of China’s most well-known venture capitalists and bankers could play a key advisory role in picking companies on the upcoming Nasdaq-style technology board in Shanghai.The Shanghai Stock Exchange published on Wednesday night two separate lists with names of candidates for the “listing and consultative committees” for the tech board.The two committees consist of 48 candidates each.Neil Shen Nanpeng, the founder and managing partner of Sequoia Capital China; Zhang Lei, CEO of Hillhouse… Source link

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China 

China mulls reprieve for some shadow bankers to stop fall in growth

China might allow a return of some shadow banking operations as long as their lending “benefits the real economy” and does not support speculation, according to a senior banking regulator.The move could relieve some, if not most, of the funding squeeze facing smaller private firms but would also be an step back from the government’s deleveraging campaign to reduce debt and risky lending to help stabilise growth.“We need to have an accurate understanding of shadow banking. For those … Source link

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Chinese bankers say lack of fintech investments is a ‘major drag’ on competitiveness

Chinese bankers’ concerns about falling behind on fintech investment are at a three-year high, as they consider their existing information technology system to be “a major drag” on business.Results from the Chinese Bankers’ Survey 2018, jointly conducted by consultancy PwC and the China Banking Association, found that about 38 per cent of the bankers viewed the current IT systems at their banks could “barely satisfy” ongoing business operations and see it weighing on their operations. This has… Source link

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Australia’s landmark banking inquiry: Tighter regulations, crackdown on ‘overinflated’ bankers’ salaries to come

A major shake-up of Australia’s massively profitable banking sector is on the cards as a landmark inquiry into abuses in the financial services industry releases its final report on Monday. Sweeping legislative and regulatory changes, a crackdown on the massive pay packets of bankers, and even criminal charges against senior executives could be among the recommendations issued by the royal commission. Major lenders – including the country’s “big four” banks, which are among the developed world’s most wealthy – have been under scrutiny in recent years, over allegations of dodgy…

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Hong Kong bankers and brokers see their bonuses fall by a fifth after dismal year for stock markets

If Hong Kong’s bankers and stockbrokers were hoping to bring home some extra bacon as the Year of the Pig got under way, they may have been disappointed. According to industry experts, they received smaller bonuses than usual thanks to the dismal performance of the stock market in 2018. Chinese companies traditionally dish out their bonuses before or at the beginning of the Lunar New Year, which this year falls on February 5. The bonuses paid to many bankers heading into the Year of the Pig was down by about…

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China 

China’s bankers and traders face smaller year-end bonuses and fewer job opportunities in 2019 amid trade war and market rout

China’s bankers and traders are facing smaller bonuses and fewer job opportunities, as the nation’s securities industry stutters after years of rapid growth. The sector, adjusting to a slowing economy, tightening credit and plunging stocks, last year saw its first annual headcount cut since 2014, the earliest official data available. A drop in stock sales meant most securities firms didn’t win a single mandate last year, and a third of them will not pay bonuses for 2018, according to Eric Zhu, a Shanghai-based manager at global recruiter Morgan McKinley. While…

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China 

China’s bankers grapple with new credit rules to private borrowers as officials sow confusion with flip-flopping policies

Some Chinese banks are struggling to comply with unprecedented regulatory targets for credit to private companies because they aren’t sure who to lend to, a sign that authorities’ urgency to reverse an economic slowdown is muddying policy. The confusion stems from China Banking and Insurance Regulatory Commission chief Guo Shuqing’s statement on Thursday that at least a third of new loans should go to private companies, with the ratio going up to 50 per cent in three years. The missive sent bank stocks falling. The problem, according to senior executives…

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Global 

Bank of Japan’s deafening silence amid the world central bankers’ hubbub speaks volumes about Abenomics

Central bankers in Jakarta, Hong Kong and Manila had a busy week, hiking interest rates to keep pace with the US Federal Reserve. New Delhi telegraphed more tightening moves to come. But officials in Tokyo? Crickets. There is a positive spin to put on Fed Chairman Jerome Powell hiking rates a third time in his short 237-day tenure. It’s a sign of confidence that the world’s biggest economy is vibrant enough to thrive without post-2008 emergency measures. Also, there’s an adult in the room as Donald Trump goes off the…

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