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  • July 30, 2014
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  1. 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
  2. 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

    ... '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 ... 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. ...

    http://www.scmp.com/business/banking-finance/article/1561450/hands-hk3-trillion-exchange-fund-says-monetary-authority
  3. 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

    ... Enoch Yiu enoch.yiu@scmp.com Bigger role seen in helping China firms go global The Financial Services Development Council will study how Hong Kong professionals and the market could better ... 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
  4. Business - Banking & Finance - FINANCE

    Mainland China authorities clash over securities launch

    Posted Jun 23rd 2014, 03:08am by REN WEI

    ... Daniel Ren in Shanghai ren.wei@scmp.com Central bank criticised as asset-backed product is blocked, with investors saying such securities had been approved as part of financial reform Mainland clash over securities launch The mainland's first asset-based securities product has been caught in the crossfire between the securities and the banking authorities, in the latest ...

    http://www.scmp.com/business/banking-finance/article/1538534/mainland-china-authorities-clash-over-securities-launch
  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. 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
  7. News - Asia - FINANCE

    Japan told to do more to combat money laundering and terrorist financing

    Posted Jun 29th 2014, 05:51am by AGENCIES

    ... The measures should include "necessary legislation", the Financial Action Task Force (FATF), which is sponsored by the Organisation for Economic Co-operation and Development, said. ... financing. That report flagged concerns including the low rate of money-laundering prosecutions and the low number of inspections of non-bank financial institutions. "The FATF is concerned ...

    http://www.scmp.com/news/asia/article/1542568/japan-told-do-more-combat-money-laundering-and-terrorist-financing
  8. Business - Banking & Finance - FINANCE

    Taiwan to renegotiate deal on yuan investment quota

    Posted Jul 12th 2014, 12:52am by BLOOM

    ... Bloomberg in Taipei Taiwan to renegotiate deal on yuan investment quota Taiwan's regulators plan to renegotiate an agreement to invest yuan in the mainland's capital markets and separate the pact from a beleaguered cross-strait trade deal, accor ...

    http://www.scmp.com/business/banking-finance/article/1552353/taiwan-renegotiate-deal-yuan-investment-quota
  9. Business - Banking & Finance - FINANCE

    Beijing to back United States over new Fatca law against tax evasion

    Posted Jun 27th 2014, 11:50pm by Toh Han Shih

    ... it intended to sign an IGA before the end of this year. "The Chinese IGA is pretty good for business," he said. "The IGA ensures the continuity of normal banking relations between ... taxpayers, as required by Fatca, for fear of breaching mainland data privacy laws. Non-Chinese banks like HSBC and Citi had subsidiaries on the mainland which were at risk of being blacklisted ...

    http://www.scmp.com/business/banking-finance/article/1542111/beijing-back-united-states-over-new-fatca-law-against-tax
  10. Business - Banking & Finance - FINANCE

    China Development Bank loans point to stealthy economic stimulus

    Posted Aug 15th 2013, 12:00am by George Chen, JANE CAI

    ... George Chen and Jane Cai in Beijing CDB loans will go towards investment in Hebei, Jiangsu and Qinghai in a further indication of the stealthy economic stimulus on mainland Bank provides three provinces funding boost China Development Bank (CDB) has agreed to fund massive infrastructure borrowing by three mainland provincial governments in the latest sign of an effort by Beijing ...

    http://www.scmp.com/business/banking-finance/article/1296795/china-development-bank-triple-funding-boost-provinces

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