Bank of China's Shenzhen and Fujian branches processed two cross-border transactions, each over US$1.7 billion, via the mBridge multilateral CBDC platform. This marks a significant step for the emerging payment network and China's ambition to internationalize the yuan, bypassing Western-centric financial systems.
China's central bank added 480,000 troy ounces (14.93 tonnes) of gold to its reserves in June, marking the 20th consecutive month of gold purchases, as part of its strategy to diversify foreign-exchange reserves and reduce dependence on US-denominated assets.
Argentina's Central Bank Governor met with the head of China's central bank to discuss the global economy and monetary system. While Argentina denies swap renewal talks are on the agenda, reports suggest progress is being made on extending the agreement.
China's economy shows sluggish consumption and weak investment in May, with new bank loans falling year-on-year. Despite regulatory efforts, demand remains weak, though the tech sector is a bright spot amid innovation drives.
A new Bank of China white paper reveals over 95% of overseas companies plan to maintain or increase cross-border yuan settlements, with a significant drop in those expecting a decline. The report also indicates a five-year high in yuan asset holdings by foreign firms.
The People's Bank of China, Hong Kong Monetary Authority, and Bank Indonesia have established a framework for direct bilateral transactions, facilitating the exchange of Indonesian rupiah and Chinese yuan to boost regional currency use and Hong Kong's role as an offshore renminbi hub.
The Bank of China Hong Kong–Zhuhai–Macau Bridge Half Marathon will open priority registration on Thursday and has added a 10km event to increase competitor numbers to 10,000. The platinum-level race, scheduled for November 15, aims to attract top international runners.
Leaders from Hong Kong and China celebrated the opening of the Bank of China Tower, the territory's tallest building, on May 18, 1990. Despite recent acrimony, officials expressed confidence in future cooperation.
The finance director of Hong Kong Chu Hai College has been arrested on suspicion of embezzling HK$770,000 (US$98,262) after the head of the institution reported the case to the police. Jane Zhang, president of the Tuen Mun‑based college, contacted police on April 29 after the Bank of China alerted her on April 17 to three unusual transactions from the college to the suspect’s personal account, amounting to about HK$770,000, a police source said. Zhang decided to report the matter after...
Gold bars, cruises, Dior beauty services and Rosewood Hong Kong vouchers are just some of the incentives Hong Kong’s major lenders are offering in hopes of capturing wealthy clients, as visitors from mainland China descend on the city during the golden week holiday starting on Friday. HSBC, Standard Chartered and Bank of China (Hong Kong) – the city’s three biggest banks – Citigroup, DBS Hong Kong, ICBC Asia, Bank of East Asia and Hang Seng Bank have all extended the hours of certain branches on...
Chinese banks are increasingly using satellite remote sensing to evaluate client assets and reduce credit risks. Postal Savings Bank of China and Chang Guang Satellite Technology recently launched a joint satellite to monitor collateral such as property and vehicles. The technology helps banks assess loan viability and repossession potential, particularly in rural and small business markets where traditional credit records may be incomplete. China's non-performing loan rate stood at 1.5% at end of last year, up from a record low of 0.9% in 2011.
People's Bank of China Governor Pan Gongsheng urged the IMF to take a clear stand against protectionism and defend multilateralism at the fund's 53rd International Monetary and Financial Committee meeting in Washington. Pan warned that escalating geopolitical conflicts, including the US-Israeli war on Iran and the effective closure of the Strait of Hormuz since February 28, are dragging down global growth, exacerbating financial market volatility and threatening energy and food security, particularly for developing countries.
The Bank of China (Hong Kong) – Zhuhai – Macau Bridge Half Marathon has been upgraded to platinum status by World Athletics, the highest possible race certification, placing it above the Standard Chartered Hong Kong Marathon.
