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Chinese banks are following their corporate and retail clients by expanding abroad, bucking a global banking industry trend of retrenching.
China’s biggest banks reported a surge in soured and castoff loans in the first half of the year, as China’s slowing growth has taken a toll on its lenders.
The Hong Kong Monetary Authority (HKMA) has intervened in the currency market eight times in just ten days due to recent unusual fluctuations of the Hong Kong dollar’s effective exchange rate index.
The official Chinese mouthpiece, CCTV, went after an official Chinese bank on July 9, accusing it of money laundering—while the bank sprang to the defense, in a rare public dispute.
Thousands of laid off bank employees protested in front of a major bank in Beijing on Monday.
Bank of China is being sued by 50 people in New York Supreme Court on charges the bank knowingly transferred funds to terrorist organizations, which led to deadly terrorist attacks in Israel between 2004 and 2007.
Dozens of Israeli terror victims are suing the Bank of China for helping fund Palestinian Islamic Jihad (PIJ) and Hamas, which are considered terrorist groups by the United States, Europe, and Israel.
Corrupt Chinese officials use many methods to transfer stolen funds; extent revealed for first time by bank.
Two former Bank of China branch managers were convicted on charges of racketeering and money laundering.
Israeli terror victims are suing the Bank of China claiming it knowingly funded Hamas and Islamic Jihad terrorists.
