Daily archives: June 7th, 2016

China’s May foreign exchange reserves fall $27.96 billion

China’s foreign exchange reserves in May fell $27.93 billion to $3.19 trillion, hitting the lowest level since December 2011, according to data published by the People’s Bank of China (PBOC) on Tuesday. Compared with $3.22…


FINTS EVENING HIGHLIGHTS (7 Jun 2016)

*PBOC’s deputy governor Yi Gang said at a briefing during the ongoing 8th round of the China-US Strategic and Economic Dialogue that China has decided to grant the United States 250 billion yuan of RQFII…


More than a Thousand Beijing seniors lose savings to illegal pension fund

Nearly 1400 Beijing senior citizens were struck by news that they probably lost all their investment in a private elder-care project, into which many have put their lifetime savings. The Beijing-based provider of the project,…


Shanghai-Hong Kong Stock Connect (7 Jun 2016)

Northbound stock trade sees a net fund inflow of 1.67 billion yuan The Shanghai – Hong Kong Stock Connect saw a net fund inflow of 1.67 billion yuan for northbound trade on Tuesday. The Shanghai…


China to establish world’s largest oil & gas transport entity

China COSCO Shipping Corp, a state-owned marine giant in the country, announced on June 6 that it is establishing the world’s largest oil and natural gas transportation enterprise in Shanghai. The enterprise will be formed…


China vows to impose strict punishments on cheaters in Gaokao

Around 9.4 million students will take the national college entrance examination (most commonly known as the Gaokao) today (Jun 7) and tomorrow (Jun 8), marking the first year since the amended Criminal Law stipulating punishment…


China Stock Market Roundup (7 Jun 2016)

China’s stock market closed mixed on Tuesday in a range-bound session, as investors kept a wait-and-see attitude ahead of a three-day holiday. By the close, the Shanghai Composite Index edged 0.07% higher, at 2,936.05 points,…


Mixed attitudes towards interest rates rise in Jun

US Federal Reserve Chair Janet Yellen delivered a speech at 00:30 Beijing time, Jun 7, stating that currently, positive economic forces have outweighed the negative ones and warning against attaching too much significance to a…


Cloud business becomes third pillar of Alibaba Group

In the past two years, Alibaba Cloud, China’s e-commerce giant Alibaba Group’s cloud computing unit, has been accelerating its footsteps expanding into the overseas markets. Earlier in May, Alibaba Cloud announced that it had formed a…


FINTS LUNCH TRAY (7 Jun 2016)

*Outstanding amount of margin financing in two exchanges as of June 6 increased 2.97 billion yuan to 836.714 billion yuan *PBOC will inject 50 billion yuan into the financial system via its seven-day reverse repurchase…


Chinese investor buys Germany’s Hahn airport for trade links

Shanghai Yiqian Trading Company is buying an 82.5% stake in the Frankfurt-Hahn Airport, in a move to increase trade links between China and Germany, according to foreign media. The Chinese trade firm, mainly focused on…


Increasingly fierce battle ongoing in China’s theme park market

Wanda Cities, a theme park chain opened by the property and entertainment conglomerate Dalian Wanda Group, is taking on Disney to contend for a growing middle class in China and the country’s $610 billion tourism…


FINTS Morning Brief (7 June 2016)

China housing regulator is carrying out rectification work for real estate agencies. The ministry of Land and Resources of the PRC cuts the supply of construction land from 2617 ha to 2171 ha. Resources taxation…