From the shadows: online financial platforms are the next force to challenge China's bricks & mortar banks. Photo: Reuters
From the shadows: online financial platforms are the next force to challenge China's bricks & mortar banks. Photo: Reuters

Online finance the next force in shadow banking

The most important and market-moving stories from the Chinese-language media

December 26, 2016 9:29 AM (UTC+8)

Online financing platforms are the growing force in China’s expanding shadow banking system, the Securities Daily said. Loans made over the Internet exceeded 3 trillion yuan by the end of last month. The system is riddled with problems, with 880 platforms shut down this year, the report added.
影子银行概念扩容非穿透式金融风险加剧

Speculators can expect more crackdowns in 2017

Property speculators will face more crackdowns next year following measures introduced in the latter part of 2016 to cool off the overheating housing market, The People’s Daily overseas edition said in a commentary on December 24. Details of the new restrictions weren’t provided, only that they will be tailored to the needs of different areas.
人民日报刊文谈楼市:应综合施策让炒房者知难而退

November foreign exchange trading jumped 40%

Foreign exchange trading jumped 42% on month in November to 15.89 trillion yuan (US$2.32 trillion), Yicai reported. Most of the surge came from individuals trading currencies for personal purchases.
11月外汇交易大增四成 明年个人购汇额度不变

Zheshang refutes bond default fraud claim

Zheshang Property and Casualty Insurance has reportedly produced documents to reject claims it falsified papers with China Guangfa Bank related to sale of Cosun Group corporate bonds. Cosun Group defaulted on bonds worth more than 312 million yuan (US$45 million) last week.
浙商财险公布多份证据 假保函遭质疑

BoCom chief risk officer under investigation

Yang Dongping, the Chief Risk Officer of the Bank of Communications, is under investigation by the Communist Party of China’s discipline commission, Caixin reported on December 25.
独家|交行首席风险官杨东平接受调查

Yang Xiaodu named as Minister of Supervision

Yang Xiaodu, a former deputy secretary-general of the Central Committee of Discipline Inspection, was named Minister of Supervision on December 25, reported Caixin on the same day. Yang, 63, was part of the anti-corruption drive in 2014 that resulted in the “great Shanxi political earthquake” that saw seven senior officials dismissed for “discipline violations,” the report added.
央纪委副书记杨晓渡任监察部部长

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