Hengfeng Bank, based in Shandong province, was bailed out by China’s sovereign wealth fund. Photo: Shutterstock
China calls on local governments to ‘defuse the bomb’ of troubled small banks
- Beijing lays out road map for rescuing troubled small and regional banks as risks of problematic lenders have started to emerge amid economic slowdown
- Move comes after Baoshang Bank, Jinzhou Bank and Hengfeng Bank all ran into trouble in recent months
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China economy
Hengfeng Bank, based in Shandong province, was bailed out by China’s sovereign wealth fund. Photo: Shutterstock
The yuan’s share in international payments dropped to 1.81 per cent in July from 1.99 per cent in June, slipping behind the Canadian dollar as the sixth most-used international transaction currency. Photo: AFP
China’s dream of making the yuan a global currency hit by Hong Kong protests, depreciation, analysts say
- The yuan slipped to the sixth most-used international transaction currency in July, behind the Canadian dollar, according to financial messaging service provider Swift
- Chinese authorities have let the yuan’s exchange rate depreciate by about 15 per cent against the US dollar since the onset of the US trade conflict in March last year
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Yuan
The yuan’s share in international payments dropped to 1.81 per cent in July from 1.99 per cent in June, slipping behind the Canadian dollar as the sixth most-used international transaction currency. Photo: AFP