Russian firms open hundreds of Chinese bank accounts as sanctions bite

Insights 03/06/22, 01:53

Russian companies now want to open new accounts with the Chinese bank since its businesses face troubles as Western countries impose sanctions after it invaded Ukraine. After at least four of the most prominent Russian banks were removed from the SWIFT global financial messaging system, a Chinese bank received hundreds of ...

Beijing issues new rules to scrutinize cash flows

Economy 02/13/22, 15:32

According to Nikkei Asia, starting March 1st, the Chinese authorities will require more customer information when a deposit or withdrawal of more than $7,870 at one time. Individual customers who want to do the transaction must clarify the origin of the money and its use. Similarly, the requirements will apply to ...

Chinese banks in record fall for bad debts after pandemic effect

China 09/01/20, 18:59

The largest state-owned banks of the Chinese Communist Party (CCP) recorded historic drops in profits, the main reason being the devastating effect of bad debts caused by the CCP Virus pandemic. The CCP forced them to make the necessary efforts to support an economy in recession. Zeng Gang, deputy director of ...

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