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It looks like the CCP is again beating the bushes and shaking the trees to find more incriminating evidence of corruption and illegality - and other 'dirt' - involving Ant Group and its founder, Jack Ma. About a month ago, Ma and Ant Group were implicated in one of China's biggest corruption scandals in recent memory: it involved a former top CCP official in Hangzhou, the city where Ant got its start. Now, the CPP has ordered the country's banks and other firms to scour their records for any more 'evidence' of any potentially corrupt dealings involving Ant. Beijing has...

China’s central bank said on Sunday that it would offer liquidity to Inner Mongolia-based Baoshang Bank, which the country’s financial regulators have said they would take over due to the serious credit risks it poses. The People’s Bank of China (PBOC) also said in a statement that it and the China Banking and Insurance Regulatory Commission (CBIRC) would give more policy support to improve small- and mid-sized banks’ corporate governance. Baoshang Bank came to prominence after its key stakeholder Tomorrow Holdings was targeted in a government crackdown on systemic risks posed by financial conglomerates. The rare takeover, the first in...

As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms: -STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal. As Bloomberg reports, Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters. Tsipras said keen to discuss matter in St. Petersburg Economic Forum June...

For the people of China, thereÂ’s good news and bad news. The good news, as illustrated by the chart, is that economic freedom has increased dramatically since 1980. This liberalization has lifted hundreds of millions from abject poverty. The bad news is that China still has a long way to go if it wants to become a rich, market-oriented nation. Notwithstanding big gains since 1980, it still ranks in the lower-third of nations for economic freedom. Yes, thereÂ’s been impressive growth, but it started from a very low level. As a result, per-capita economic output is still just a fraction...

The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers. ---Clip--- In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency. The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers. A better explanation is that the country’s banking system is...

Today I was notified that our credit card had been frozen because of suspected identity theft. The companies only charged $1, $5, and $17. The companies were Islamic Relief Fund and CCB or China Construction Bank. We have cancelled the card and new ones are being issued. My question to you freepers is, isn't this some sort of terrorism? And why only the small amounts? I am mad that even $1 of my money could have went to support terrorism. Is this maybe a way that they fund their work, unsuspecting people in the US?