Banking

Bloomberg Considering the lack of enthusiasm for the so-called mini trade deal in China, the country’s disappointing trade data, an unexciting yuan fixing and the cautious-sounding analyst commentaries, it was a wonder that emerging markets were able to make any headway at all. But catch-up was predictably the order of the day following the US rally, so most currencies strengthened, ...

Bloomberg To see how little investors love China’s small banks, look no further than the nation’s largest online auction site. On Alibaba Group Holding Ltd’s Taobao platform, a Chinese court tried to auction off 1.5 million shares of a rural bank in the eastern Zhejiang province for a starting price of $161,000 — about half their appraised value. After three ...

Bloomberg The Federal Reserve said it will begin buying $60 billion of Treasury bills per month to improve its control over the benchmark interest rate it uses to guide monetary policy after turmoil rocked money markets in September. The central bank, in a statement, stressed that “these actions are purely technical measures to support the effective implementation” of interest-rate policy ...

Bloomberg China’s central bank has clarified the definition of standard assets in the nation’s $14.1 trillion investment-product industry as it moves toward an enforcement deadline. The People’s Bank of China (PBOC) published draft rules to define what qualifies as standard credit assets. These assets refer to fixed-income securities, including government bonds, central bank bills, corporate bonds, debt financing instruments of ...

Bloomberg The World Bank cut India’s economic growth forecast by the most among South Asian nations on Sunday, below the outlook pegged by the nation’s central bank for this year, mainly because of a deceleration in domestic demand. India’s gross domestic product growth is projected at 6% in the fiscal year started on April 1, compared with 7.5% forecast in ...

Bloomberg Chime, an online banking startup with more than 5 million customers, is close to raising new funding from investors at a valuation that could be north of $5 billion, according to a person familiar with the matter. The funding round is slated to be led by DST Global, said the person, who asked not to be identified discussing private ...

Bloomberg Two Senate Democrats are urging three payment processing companies to reconsider their involvement with the Libra cryptocurrency project envisioned by Facebook and a coalition of other groups. Libra poses risks not only to global financial systems, but also to the companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter to ...

Bloomberg Revolut has hired JPMorgan Chase & Co to raise $1.5 billion in debt and equity, Sky News reported, without saying where it got the information. The US investment bank has been tasked with selling $500 million worth of shares and $1 billion of convertible loans for the UK bank in the coming months, the report said. The loans could ...

Bloomberg Absa Group Ltd’s corporate and investment banking unit plans to open an office in China as part of an expansion that will also target other parts of Asia and the Middle East. “Next year, we will be seeking strategic approval from our board for an on-the-ground presence in China,” Charles Russon, the division’s chief executive officer, said in an ...

Bloomberg British bank shares jumped amid optimism that a UK deal to leave the European Union would support domestic lenders. Royal Bank of Scotland Group Plc rose as much as 16.4% on October 11, the biggest intraday rise since May 2010, and Lloyds Banking Group Plc gained as much as 12.5%, its largest increase since February 2016. Bonds of both ...