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  • August 2, 2014
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  1. Business - Banking & Finance - FINANCE

    Bitcoin value tumbles after BTC China exchange blocks renminbi deposits

    Posted Dec 18th 2013, 06:13am by DANNY LEE, Angela Meng and Amy Nip

    ... global sell-off. The blocking of deposits follows an order earlier this week from the People's Bank of China banning all transactions by third-party payment providers involving digital ... Danny Lee, Angela Meng and Amy Nip BTC among first casualties, as value of the digital currency plummets after People's Bank of China orders third-party payment providers to stop ...

    http://www.scmp.com/business/banking-finance/article/1384688/bitcoin-price-slump-after-beijing-bans-clearing-services
  2. News - World - FINANCE

    Big Cyprus savers could lose 60pc

    Posted Mar 31st 2013, 12:00am by AFP

    ... is needed." Senior Bank of Cyprus official Mario Skandalis confirmed the figures. Asked whether the rate that savers with deposits of more than €100,000 will lose could be as high as 60 per cent, he ... bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said yesterday. Lawmakers were ...

    http://www.scmp.com/news/world/article/1203483/big-cyprus-savers-could-lose-60pc
  3. Business - Banking & Finance - FINANCE

    Every penny of HK$3 trillion Exchange Fund needed for ‘crises’, says HKMA chief

    Posted Jul 29th 2014, 01:50am by Enoch Yiu

    ... a full guarantee for the city's HK$5.8 trillion of deposits in 2008. The total assets of the local banking sector had grown to HK$17 trillion at the end of last year, Chan said. ... 'vital in a crisis' The head of Hong Kong's de facto central bank has rejected calls from some lawmakers to use part of the city's HK$3 trillion Exchange Fund to pay ...

    http://www.scmp.com/business/banking-finance/article/1561450/hands-hk3-trillion-exchange-fund-says-monetary-authority
  4. Business - Banking & Finance - FINANCE

    Like Bank of China, Citic Bank also offers service branded 'money laundering' by CCTV

    Posted Jul 09th 2014, 03:58pm by DON WEINLAND, George Chen

    ... Don Weinland and George Chen CCTV accuses Bank of China of providing money laundering service Citic Bank also moves money overseas, say sources A day after Bank of China (BOC) was accused by the state broadcaster of breaking foreign exchange rules by helping people take money out of the country, it has emerged a second state bank has also been offering the service. Industry sources told ...

    http://www.scmp.com/business/banking-finance/article/1550351/bank-china-laundering-money-would-be-emigrants-cctv-reports
  5. Business - Banking & Finance - FINANCE

    Hong Kong Monetary Authority chief pledges support for US dollar peg

    Posted Jul 07th 2014, 11:27pm by Enoch Yiu

    ... developing yuan business in the city would continue to be his focus. Beijing has allowed the yuan to be used for international trade settlement since mid-2009. Deposits of the currency in the city ...

    http://www.scmp.com/business/banking-finance/article/1549266/hong-kong-monetary-authority-chief-pledges-support-us
  6. Business - Banking & Finance - FINANCE

    Ex-central bank official wary of interest-rate deregulation

    Posted Sep 15th 2013, 12:00am by JANE CAI

    ... Jane Cai xuejun.cai@scmp.com Former central bank official opposes relaxing rules on yuan bank deposits in Shanghai experiment, fearing speculators could exploit this Rate deregulation ... liberalising deposit rates in the free-trade zone, because the interest gap between inside and outside the zone could lead to arbitrage," Wu said on the sidelines of a banking forum in Beijing. ...

    http://www.scmp.com/business/banking-finance/article/1310031/ex-central-bank-official-wary-interest-rate-deregulation
  7. Business - Banking & Finance - FINANCE

    US regulator sues 15 banks, including HSBC, for rigging Libor benchmark

    Posted Mar 16th 2014, 05:54am by AFP

    ... Agence France-Presse in New York FDIC says interest rate manipulation caused 'substantial losses' to 38 now-closed lenders US regulator sues 15 banks for Libor rigging The US Federal Deposit Insurance Corporation (FDIC) has sued HSBC, Citigroup, Deutsche Bank and 12 other big global banks for manipulating the Libor benchmark interest rate. The manipulation caused ...

    http://www.scmp.com/business/banking-finance/article/1449580/us-regulator-sues-15-banks-including-hsbc-rigging-libor
  8. Business - Banking & Finance - FINANCE

    Online platforms emerge as new champions in lending

    Posted Apr 10th 2014, 01:01am by Adrian Wan

    ... These companies' outstanding loans stood at 13.2 trillion yuan, or about 29 per cent of all outstanding company loans. Commercial banks on the mainland offer a maximum of 3.3 per cent on one-year deposits. The People's Bank of China's benchmark deposit rate is 3 per cent and banks can offer up to 10 per cent more than the benchmark. Ma Weihua, former China Merchants Bank president, said internet ...

    http://www.scmp.com/business/banking-finance/article/1472346/online-platforms-emerge-new-champions-lending
  9. Business - Banking & Finance - FINANCE

    FSDC sees bigger role for Hong Kong in helping Chinese firms go global

    Posted Jul 15th 2014, 01:31am by Enoch Yiu

    ... in overseas markets through western investment banks. "In fact, these mainland companies can use the platform and professionals of Hong Kong to better help their 'going out' strategy. ...

    http://www.scmp.com/business/banking-finance/article/1554321/fsdc-sees-bigger-role-hong-kong-helping-chinese-firms-go
  10. News - World - FINANCE

    No revenue, no assets, yet worth US$billions: stock regulators pull plug on social networking firm

    Posted Jul 13th 2014, 06:32am by GUARDIAN, Bloomberg, Reuters

    ... Agencies in New York No revenue, no assets, yet worth US$ billion for no apparent reason- US authorities pull the plug on penny-stock social-networking company Trading halted on mystery firm Financial regulators in the US suspended trading in a social-net ...

    http://www.scmp.com/news/world/article/1552863/no-revenue-no-assets-yet-worth-usb-stock-regulators-pull-plug-social

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