China’s regulators are putting together a unified front seeking to beat back growing risks to the financial system from $8.7 trillion in asset management products, including investments in bonds and risky off-balance-sheet lending by banks. They’re working to draft sweeping new rules governing the surge in these products, Bloomberg News reported earlier this week and a regulator confirmed Wednesday.
Category: China Travel
Virtual reality takes students on field trips to DC, volcanos and China
Students picked up white plastic visors and slid them onto their faces. Suddenly, they were 2,600 miles away, standing in Washington, D.C., next to the Martin Luther King Jr. Memorial, with the Lincoln and Jefferson memorials visible as they turned their heads.
New Year’s Money Curbs May Prompt More Use of China Outflow Pipe
On the day bank branches reopened after China imposed restrictions on citizens trying to spirit money out of the country, Wendy Chen went to her branch in Shanghai and peppered staff with questions about how to get around the new controls. She was asking after the Jan. 1 rules required people converting yuan into dollars to provide detailed information on how they planned to use the money abroad and restricting its use.
China’s Year of Cat-and-Mouse With Insurance Buyers in Hong Kong
It’s a game of cat-and-mouse that has gone on for most of this year, with Beijing showing no signs of winning yet. Each time China tightens up on money flowing out of the country for purchases of Hong Kong insurance, new routes seem to emerge.
Zhongan Online Said to Scrap H.K. IPO, Consider China Listing
Zhongan Online P&C Insurance Co. scrapped plans for an initial public offering in Hong Kong or the U.S. and is instead focusing on a listing in mainland China, people familiar with the matter said.
Chinese Buying Insurance in Hong Kong Said to Face Further Curbs
Chinese residents buying insurance in Hong Kong will no longer be able to swipe their credit cards multiple times to get around previously imposed curbs intended to slow sales, according to people with knowledge of the matter. Purchases of insurance in Hong Kong using MasterCard Inc. and Visa Inc. credit cards issued in China have been capped at $5,000 per insurance product, according to the people, who asked not to be identified because the changes haven’t been made public.