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
Topic |   China economy

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Hengfeng Bank, based in Shandong province, was bailed out by China’s sovereign wealth fund. Photo: Shutterstock
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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
Topic |   Yuan

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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
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