Beijing’s takeover of Baoshang Bank last month has unnerved investors who expect trouble ahead. Photo: Reuters
China’s need for opening up of financial market highlighted by demise of Baoshang Bank
- The Chinese government was forced to step in and hand the control of the small Inner Mongolian bank to the China Construction Bank
- Investors and analysts fear deteriorating health of small banks despite the central bank’s assurance that the failure is an isolated case
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China economy
Beijing’s takeover of Baoshang Bank last month has unnerved investors who expect trouble ahead. Photo: Reuters
Anbang Insurance Group bought the Waldorf Astoria hotel in New York for a record US$1.95 billion in 2014. Photo: Reuters
Is China’s concern over a possible US dollar shortage risk forcing companies to sell overseas assets?
- China’s need for US dollars to repay debts, pay for imports and fund Belt and Road initiative projects may exceed its US$3.1 trillion in foreign exchange reserves
- Anbang Insurance Group, Dalian Wanda Group and HNA Group have all been pressured to sell assets amid the trade war with the United States
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Yuan
Anbang Insurance Group bought the Waldorf Astoria hotel in New York for a record US$1.95 billion in 2014. Photo: Reuters