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China pushing ahead with controversial corporate social credit rating system for 33 million firms

China is moving forward rapidly its plans for a controversial social credit rating system that will include 33 million companies, raising fears of reprisals among foreign firms as Beijing seeks to extend its control over the business environment in the country.The National Development and Reform Commission (NDRC) is pushing ahead with social credit-based supervision of all commercial entities from large firms to small, independently owned and operated business, prompting complaints over… Source link

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Global 

Stock markets back in favour at Credit Suisse as hopes rise of US-China trade war breakthrough

Credit Suisse believes now is the time to focus on the equities market as political uncertainty has lessened in Europe, central banks are undertaking stimulus measures and hope is growing that tensions could ease in the US-China trade war.Michael Strobaek, Credit Suisse’s global chief investment officer, said the bank is shifting the balance of its portfolio towards equities as it has become “more sanguine” about developed stock markets. In particular, the Swiss bank is favouring US equities… Source link

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Global 

China outstanding bank loans fell in August, backing new moves to boost credit to support economy

The growth in China’s outstanding bank loans fell again in August, supporting the central bank’s decision to start easing credit conditions and suggesting further steps ahead to support an economy pressured by the trade war with the United States.The country’s commercial banks extended 1.21 trillion yuan (US$170.22 billion) in new loans in August, in line with expectations and higher than the 1.06 trillion yuan in July, according to data released by the People’s Bank of China on Wednesday… Source link

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Global 

Hong Kong credit rating at risk of further downgrade if protests continue, Fitch warns

Prolonged anti-government protests in Hong Kong will only cause greater damage to the city’s reputation, said Andrew Fennell, the head of sovereign ratings at Fitch Ratings, on Tuesday, pointing to the possibility of a further downgrade in the city’s credit rating.Last Friday, Fitch stunned city leaders by cutting Hong Kong’s credit rating for the first time since 1995, trimming it by one notch to AA from AA+. The downgrade was due to months of conflict and violence that amount to the largest… Source link

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China 

Grey rhinos or black swans? Has China made a choice with credit easing?

The rapid escalation of the China-US trade war in recent weeks has left Beijing’s policymakers with the choice of two evils: either enlarge the obvious “grey rhino” risk of rising debt or face the unpredictable “black swan” threat of a further economic slowdown, analysts said.The central government has been trying to keep both at bay for the past two years, with President Xi Jinping saying in January that China must stay on high alert for “black swan” events while preventing “grey rhino” risks… Source link

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Citibank says Hong Kong credit card spending dropped in August amid protests

Citibank, Hong Kong’s largest foreign lender, said credit card spending on retail had dropped in recent months, with the special administrative region hit hard by 13 weeks of unprecedented social unrest.The bank, a major credit card issuer in the city, found spending by its credit card customers on retail purchases had dropped year on year in August, Lawrence Lam, consumer business manager at Citibank (Hong Kong), said on Wednesday. He was speaking at the unveiling of new digital services.Lam,… Source link

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Vietnam 

Credit funds to lend helping hand to SMEs – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  SMEs will be handled by credit guarantee fund if their business and production are affected by objective reasons. — Photo Vietnamplus HÀ NỘI — Small- and medium-sized enterprises (SMEs) will be aided by credit guarantee funds if a change in State policies results in their failure to pay debt, including principal and interest, on time. This is a key part of a finance ministry circular guiding the credit guarantee funds’ mechanism of credit risk management for SMEs, which was recently issued. The firms enjoying the credit guarantee funds also includes the SMEs who suffer losses of finance…

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Vietnam 

Central bank stipulates special control for credit institutions – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The headquarters of the State Bank of Việt Nam in Hà Nội. Credit institutions which are given weak rankings for two consecutive years will be placed under the SBV’s special control. — Photo SBV HÀ NỘI — The State Bank of Việt Nam (SBV) has issued a circular regulating special control for credit institutions. Under Circular 11/2019/ TT-NHNN, which will take effect of October 1 this year, credit institutions (excluding policy banks) that fall into one of the following seven cases will be placed under the SBV’s special control. First are credit institutions facing a shortage…

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Vietnam 

SBV warns credit institutions over rate hikes – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  SBV says it will narrow banks’ credit growth targets if the banks violate regulations. — VNA/VNS Photo  HÀ NỘI — The State Bank of Việt Nam (SBV) says it will closely monitor interest rates offered by credit institutions and take measures to strictly handle violations of the law, including cutting credit growth targets. This is main part of the SBV’s new document on mobilisation interest rates of credit institutions. It was made as many commercial banks are racing to mobilise capital, luring customers with deposit interest…

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Vietnam 

Banks required to tighten control over credit cards – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The central bank has asked commercial banks to review transactions and terminate contracts with customers suspected of using their credit cards for improper purposes. Photo baodauthau.vn HÀ NỘI The State Bank of Việt Nam (SBV) has directed commercial banks to tighten control over credit card payments to prevent the improper use of credit cards. Under the instruction, SBV has asked commercial banks to review transactions and terminate contracts with customers suspected of using their credit cards for improper purposes. Banks should review contracts with units accepting credit card payments…

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