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Post on 2019-4-13 07:49:32 | All posts |Read mode
BEIJING Nike Air Max 90 Pas Cher , Jan. 29 (Xinhua) -- A century-old Chinese bank became the latest target of a tightening financial clean-up in the world's second largest economy.

China's banking regulator has fined Postal Savings Bank of China (PSBC), along with 11 other related banks, a total of 295 million yuan (about 46 million U.S. dollars) over a bill fraud case in the northwestern province of Gansu.

Probes into a PSBC sub-branch in Wuwei City in December found 7.9 billion yuan worth of bills were involved and another 3 billion yuan of wealth management funds were illegally drawn or embezzled, according to the China Banking Regulatory Commission (CBRC).

It was the third major penalty on domestic lenders since December, following a 462-million-yuan fine imposed on a branch of Shanghai Pudong Development Bank for illegally covering up bad loans and a 722-million-yuan fine for China Guangfa Bank for offering illegal guarantees for defaulted corporate bonds.

The hard action suggests an even tougher stance on risk control by the government Nike Air Max Noir Pas Cher , which has already taken a hardline on financial violations and accumulating risk for the past year.

The CBRC listed 10 regulatory tasks for 2018, ranging from shrinking corporate debts to cracking down on illegal activities to curbing property bubbles.

While risks are generally manageable, non-performing assets, imperfect internal control, shadow banking and other hidden dangers still pose threats to financial stability Nike Air Max Blanche Pas Cher , CBRC chairman Guo Shuqing has said, warning of hidden dangers of "gray rhinos" and "black swans."

Two other main financial regulators also moved swiftly in stepping up supervision in the mean time.

The China Securities Regulatory Commission has started to take rigorous approval procedures for initial public offerings (IPOs) since a new public offering review committee came into office in October, rejecting or suspending more than half of IPO applications. During the previous week, only three of 18 businesses were given the greenlight.

Over the past three years, the approval rate stood above 90 percent Nike Air Max Pas Cher Homme , according to Wind Info, a financial information service provider.

The insurance regulator rolled out new rules to toughen regulation over insurance funds, with the aim of directing more capital into the real economy. Outbound investment of insurance funds will be under scrutiny, and shareholders of insurance firms will be banned from interfering in the operation.

Prevention of financial risks is key for China to win what policy makers called the three tough battles, during the tone-setting Central Economic Work Conference in December Nike Air Max Pas Cher Junior , namely controlling risks, reducing poverty and tackling pollution.

Liu He, a member of the Political Bureau of the Communist Party of China Central Committee, stressed financial risk control in his speech at the World Economic Forum in Switzerland.

"Shadow banking and hidden debt for local governments are serious problems we have to deal with," he said. "In about three years Nike Air Max Pas Cher Femme , we will strive to bring the overall leverage ratio under effective control, make the financial system more adaptable and better serve the real economy, prevent systemic risks and facilitate better flow of economic activities."

Thanks to the efforts, progress has been made. The country's overall leverage ratio growth has slowed down, and outstanding loans from shadow banking have begun to decline.

Robin Xing Nike Air Max Pas Cher Chine , chief China economist with Morgan Stanley, said the situation was improving and risks would remain under control.

"Policy tightening and related financial sector clean-up policies have helped to control financial risks," he said.

Xing estimated that China's debt to GDP ratio would peak in the second half of 2019.

MANILA, Jan. 29 (Xinhua) -- Officials led by Philippine Finance Secretary Carlos Dominguez are to meet Jack Ma, founder and chairman of China's e-commerce giant Alibaba Group Basket Nike Air Max Pas Cher , in Hangzhou on Thursday to explore innovations in digital commerce, the Department of Finance (DOF) said on Monday.

Ahead of Dominguez's meeting with Ma on Thursday, DOF said a Philippine delegation of finance and central bank officials are also scheduled to visit Alibaba Business School, an institution focusing on implementing Alibaba Group's e-commerce training system.

The group is expected to take part in a lecture series from Jan. 31 to Feb. 2 designed to gain a wider understanding of an e-commerce ecosystem including the digital technologies that can be employed to improve the Philippines' nascent online payment system.

"We will look at the financial regulations in China and explore how we can tap digital technologies to empower our micro, small and medium enterprises (MSMEs) Nike Air Max Pas Cher , especially those in the countryside, the same way that Jack Ma did to help small enterprises in China gain a foothold in the global e-commerce industry," Dominguez said.

According to the Alibaba Business School, the three-day New Economy Workshop organized by Alibaba and tailor-fit to the Philippine setting "will incorporate firsthand experience with real-life e-commerce applications in an effort to provide a framework for creating a regulatory environment that encourages growth across the fintech (financial technology), logistics , e-commerce and big data industries."

The Philippine government aims to put in place a secure, seamless and efficient digital payment system in the country to make it financially inclusive, enabling Filipinos to sell and buy online and easily tap credit facilities even with limited loan histories.

With the help of China's financial and technological output into the Southeast Asian country's developing mobile Internet industry, mobile payment becomes a new trend in the urban Philippines.

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