SHANGHAI: The chairman of China’s biggest insurer is under investigation by the Communist Party’s anti-corruption commission, the agency said on Saturday, as the government pushes a campaign against graft and a clean-up of the country’s chaotic financial industry. Wang Bin is being investigated for suspected “serious violations of discipline and law”, the Central Commission for Discipline … Read more
BEIJING: China on Monday announced a reserve ratio cut and renewed support for the housing market as another Chinese property developer said it had defaulted on a major bond repayment. The central bank said it would cut the reserve requirement ratio by 0.5 percentage points for most banks, effective December 15. The move reduces the … Read more
BEIJING: The recent default of property developer China Evergrande Group is an individual case and will pose little impact on the market, the country’s regulatory authorities said. Evergrande’s problem was mainly caused by its own mismanagement and break-neck expansion, an official with the People’s Bank of China told the press when asked to comment on … Read more
