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In this round-up, China announces a reserve requirement ratio cut for small banks and a reduction on the interest rate for excess reserves, Bank of Jinzhou will sell some of its assets at a steep discount and the Chinese securities regulator condemns Nasdaq-listed Luckin Coffee for faking its sales record.
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JP Morgan Asset Management is set to become the first foreign asset manager to fully own a Chinese fund management company, after its onshore partner agreed to exit their 15-year-old joint venture.
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In this round-up, the Mainland is keeping a close eye on people who did not show any symptoms but still tested positive to Covid-19 and the country said medical supplies that do not meet domestic standards will not be exported.
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In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.
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Hong Kong’s Securities and Futures Commission has made a series of concessions for traders and other investment intermediaries tackling the coronavirus to operate from overseas.
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The Asian Infrastructure Investment Bank has proposed creating a $5bn crisis recovery facility in response to the Covid-19 pandemic.