StanChart first foreign bank to get China fund custody licence

Standard Chartered Bank (China) has become the first foreign bank to be granted a licence to provide custody services to domestic funds and asset managers in China, the bank said on Monday, as Beijing took another step towards opening its capital markets. Since 2017, a handful of foreign asset managers have been permitted to set up onshore operations and sell investment … https://reut.rs/2SCmXtK

China is “one of the bigger risks” to global economy – BoE’s Carney

China’s financial system poses one of the bigger risks to global financial stability, Bank of England Governor Mark Carney said in an interview with the BBC to mark the 10th anniversary of the global financial crisis. Carney also cited domestic risks to Britain from Brexit, a further significant rise in household debt and cyber-attacks on the banking system, risks the BoE … https://reut.rs/2N811HN

China’s banks see jump in fines under chief regulator Guo – UBS

Fines levied by China’s banking regulator have surged since Guo Shuqing became its head in February 2017, rising nearly six-fold from the cumulative fines levied over the previous 14 years, UBS said in a report. The exponential increase in fines highlights a much stricter level of enforcement of regulations in the banking sector as Beijing seeks to fend off systematic … https://reut.rs/2M30qBS

Chief U.S. spy catcher says China using LinkedIn to recruit Americans

The United States’ top spy catcher said Chinese espionage agencies are using fake LinkedIn accounts to try to recruit Americans with access to government and commercial secrets, and the company should shut them down. William Evanina, the U.S. counter-intelligence chief, told Reuters in an interview that intelligence and law enforcement officials have told LinkedIn, owned … https://reut.rs/2N5oQ2c