https://www.scmp.com/rss/512874/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The Henan bank scandal, in which 40 billion yuan (US$6 billion) in deposits disappeared, is more than a Chinese banking crisis – it is a political crisis that could undermine people’s confidence in local governance and also other local banks, according to analysts. The blow to public confidence in financial stability and the government’s ability to protect their legitimate interests could be a long-term issue, unless the central government can find ways to promptly repay the depositors, they... https://www.scmp.com/news/china/politics/article/3185182/chinas-henan-bank-scandal-not-just-financial-crisis-it-may-be?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3185182/chinas-henan-bank-scandal-not-just-financial-crisis-it-may-be?utm_source=rss_feed Wed, 13 Jul 2022 22:00:24 +0000 The banking scandal in China’s central Henan province could be merely the tip of the iceberg in terms of systemic risks, and its impact threatens to snowball if regulators fail to bring it under control while the nation is struggling to boost its economy, according to analysts. Meanwhile, a central bank official vowed on Wednesday to beef up efforts in cracking down on illegal financial activities while also protecting consumer interests. For months, rural savers have taken to the streets in... https://www.scmp.com/economy/china-economy/article/3185163/how-chinas-henan-bank-scandal-threatens-crisis-confidence?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3185163/how-chinas-henan-bank-scandal-threatens-crisis-confidence?utm_source=rss_feed Wed, 13 Jul 2022 16:00:22 +0000 How did the Henan banking crisis start? The cash crisis began to unfold when savers were denied access to their accounts at a number of rural banks in Henan and Anhui provinces due to a system upgrade on April 18. Since then, deposits at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng in Henan province and Guzhen Xinhuaihe Village Bank in the neighbouring Anhui province have been affected. Chinese regulators... https://www.scmp.com/economy/china-economy/article/3185003/what-you-need-know-about-henan-banking-crisis?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3185003/what-you-need-know-about-henan-banking-crisis?utm_source=rss_feed Tue, 12 Jul 2022 23:00:12 +0000 Chinese authorities will start repaying some victims of one of the nation’s biggest ever financial scandals later this week after hundreds of savers took to the streets at the weekend in protest, but the move has still been met with disappointment and calls for more transparency. Individuals with deposits of up to 50,000 yuan (US$7,450) with Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank or New Oriental Country Bank of Kaifeng in Henan province... https://www.scmp.com/economy/china-economy/article/3184968/chinas-banking-crisis-victims-promised-prompt-repayment-only?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3184968/chinas-banking-crisis-victims-promised-prompt-repayment-only?utm_source=rss_feed Tue, 12 Jul 2022 05:56:15 +0000 Police in Henan province have shed new light on the alleged culprit behind arguably one of China’s largest financial scandals, in which billions of yuan worth of deposits – comprising the savings of thousands of people – were frozen in rural banks. The dire situation has highlighted the financial risks facing lenders and savers in China’s less-developed regions, and the underlying threat this poses to public order. After months of lamenting from the masses of anguished savers unable to withdraw... https://www.scmp.com/economy/china-economy/article/3184906/chinas-cash-crisis-culprit-named-police-said-have-run?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3184906/chinas-cash-crisis-culprit-named-police-said-have-run?utm_source=rss_feed Mon, 11 Jul 2022 12:30:24 +0000 Read more stories from SCMP’s Private Banking Directory 2022 You don’t have to own a single bitcoin to know that the era of DIY finance is upon us. Even in traditional banking ecosystems, people are increasingly controlling and managing their finances and transactions without the need for brokers, agents and ATMs. This is especially apparent when it comes to on-the-go convenience, with consumers expecting a mobile-first experience more than ever. In a recent study by IT security company Entrust... https://www.scmp.com/special-reports/article/3182637/app-idemic-how-banks-are-upping-their-mobile-game-personalise-and?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182637/app-idemic-how-banks-are-upping-their-mobile-game-personalise-and?utm_source=rss_feed Wed, 29 Jun 2022 03:00:26 +0000 Read more stories from SCMP’s Private Banking Directory 2022 The fine wine market is one of the more glamorous investment opportunities to have enjoyed a boost since the start of the pandemic. While the world has been reeling, wine collectors and traders have been busy pocketing profits, buying and selling wines from the key regions that never go out of fashion. Data from Liv-ex, the London-based fine wine exchange, showed that in 2021 wine investments had their best year on record, with the... https://www.scmp.com/special-reports/article/3182638/grape-expectations-why-wine-might-be-smartest-investment-you-can?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182638/grape-expectations-why-wine-might-be-smartest-investment-you-can?utm_source=rss_feed Tue, 28 Jun 2022 03:00:16 +0000 Read more stories from SCMP’s Private Banking Directory 2022 Asset managers around the world have long been rubbing their hands at the prospect of socially responsible investing taking off in a big way. And, after many false dawns, it seems they might now finally be getting what they wished for, with the amount of money flowing into funds that put ethical and social standards front and centre now hitting eye-watering levels. The pandemic has apparently fast-tracked a shift into ESG funds with... https://www.scmp.com/special-reports/article/3182871/investing-esg-funds-growing-trend-keep-eye-out-greenwashing?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182871/investing-esg-funds-growing-trend-keep-eye-out-greenwashing?utm_source=rss_feed Mon, 27 Jun 2022 03:00:17 +0000 Read more stories from SCMP’s Private Banking Directory 2022 China’s reported GDP growth of 4.8 per cent in the year’s first quarter may have defied expectations – but the momentum is unlikely to be sustained due to the sudden spread of coronavirus. The five-week lockdown of Shanghai disrupted business activities and the supply chain. While the restrictions have been eased gradually, analysts believe the country’s economy will only recover in the second half of the year. China’s goal of becoming... https://www.scmp.com/special-reports/article/3182605/despite-disruptions-and-restrictions-steady-recovery-predicted?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182605/despite-disruptions-and-restrictions-steady-recovery-predicted?utm_source=rss_feed Sun, 26 Jun 2022 03:00:15 +0000 Read more stories from SCMP’s Private Banking Directory 2022 In March 2022, HSBC became the first bank to enter The Sandbox, a digital world where users can buy land and build virtual experiences. The bank aims to engage and connect with sports, esports and gaming enthusiasts via the acquisition of its site in the metaverse, and while uncertainty remains as to how the platform will develop moving forward, the move is a sign of the financial industry’s growing interest in the Web3 universe. “What... https://www.scmp.com/special-reports/article/3182873/brave-bold-and-tangled-world-web3-where-metaverse-and-nfts-are?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182873/brave-bold-and-tangled-world-web3-where-metaverse-and-nfts-are?utm_source=rss_feed Sat, 25 Jun 2022 03:00:21 +0000 Read more stories from SCMP’s Private Banking Directory 2022 As the world continues to relax pandemic measures and central banks raise their rates and tighten policies, investors would do well to consider two key features of the market – inflation rates and economic performance. With Covid-19 starting to ease in 2021, the global economy has been able to recover to varying degrees. “In 2022, thanks to large-scale economic stimulus measures, the progress of global economic recovery is... https://www.scmp.com/special-reports/article/3182872/global-economy-recovers-covid-19-russia-ukraine-conflict-bankings?utm_source=rss_feed https://www.scmp.com/special-reports/article/3182872/global-economy-recovers-covid-19-russia-ukraine-conflict-bankings?utm_source=rss_feed Fri, 24 Jun 2022 03:00:16 +0000