Banking

China's central bank has issued rules on overseas investment in the mainland interbank bond market via the mainland-Hong Kong bond connect program.

Qualified overseas investors can buy bonds in the interbank bond market either with Chinese yuan or foreign currencies, according to the rules released by the People's Bank of China (PBOC), which took effect on Wednesday.

Read more: China's new rules on overseas investment in mainland interbank bond market

The overall risk of China's government debt is under control and the momentum of steady economic growth is being maintained, according to the country's top auditor.

The National Audit Office said in a news release that mechanisms such as quota management, budget management, risk disposal and regular supervision are being improved, and the momentum of government debt growth has been effectively controlled.

The Chinese government has always attached great importance to the management of government debt, and has established a standardized borrowing and financing system for local governments, the news release said.

Read more: China's local government debt under control

Top economist sees robust Chinese currency - CNY

PBOC expert says sharp depreciation not on the cards

The yuan will not suffer a sharp depreciation in the coming one or two years and its internationalization remains an "irreversible trend", leading economist and former central bank advisor Li Daokui said on Tuesday.

Li said possible uncertainties caused in the United States by the Trump administration, in the worst case scenario, might cause large fluctuations in the US financial markets. These, he said, could push up the value of the dollar and cause a big-margin depreciation of the yuan against the greenback.

Read more: Top economist sees robust Chinese currency - CNY

 PBOC warns of bitcoin volatility

China's financial services authorities required major executives of the Shanghai-based bitcoin trading platform BTCC on Friday to rectify misbehavior in the trading of the virtual currency - and to raise awareness of risks as the value of bitcoins experienced wild fluctuations.

The value of each bitcoin jumped more than 14 percent on Friday, after hitting an all time high of $1,180 on Thursday. The currency's value fluctuated by more than 30 percent within the past two weeks.

Read more: PBOC warns of bitcoin volatility

Xiaomi runs into banking industry 2016

Xiaomi Max with 6.4-inch display

Chinese smartphone manufacture Xiaomi Corp is stepping into the banking industry, marked by its wholly-owned Sichuan subsidiary's application to start a bank receiving approval from the China Banking Regulatory Commission (CBRC), the company said today.

The subsidiary, Sichuan Yinmi Technology Co, along with New Hope Group, Chengdu HongQi Chain Store Co and other five Sichuan companies, will open Sichuan's first private bank - Sichuan Hope Bank, with 3 billion yuan in registered capital. The three main founding members subscribed 29.5 percent, 30 percent and 15 percent of the shares respectively, according to Securities Times.

Read more: Xiaomi runs into banking industry 2016