Banking

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.

 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.

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.

 ICBC issues renminbi product in United States

Jiang Jianqing - Former CEO of ICBC

China's State-owned commercial lenders have made strong progress in promoting renminbi internationalization, with the currency falling 5.6 percent against the US dollar in the past year.

Industrial and Commercial Bank of China Ltd has issued its first renminbi-denominated certificate of deposit, allowing institutions to issue and clear financial products denominated in the Chinese currency in the US.

UBS (China) Ltd, UBS AG's locally incorporated and wholly foreign-owned bank, has announced the opening of its Shanghai branch, which will focus on wealth preservation and succession planning services.

The branch is located in the Xintiandi neighborhood, home to a community of high-net-worth and ultra-high-net-worth individuals.

Amy Lo, head of UBS wealth management for China, said there has been a shift in customer demand in the past few years, with more focus now on family needs.