Banking

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

Mid-sized commercial lender Ping An Bank Co Ltd will deepen reforms by developing a system of business units based on different sectors, products and client segments in the next three years.

Headquartered in Shenzhen, Guangdong province, the bank will push forward transformation at branches to provide differentiated services.

The transformation will put the management ability of the bank's head office under great challenges, its President Shao Ping told a news conference on Thursday.

CNY EUR Direct trade

China's central bank said on 29th Sep 2014 the Chinese currency - CNY - can be traded directly against the euro in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and the European Union.

The move, which starts on Monday, will help to lower foreign exchange conversion costs while promoting the usage of both the Yuan (CNY) and euro in bilateral trade and investment, the People's Bank of China (PBOC) said in a statement on its website.