Daily Economic News updates for May 15, 2024
Edited by Zhang Yiming
Wednesday, May 15, 2024
1. The Recovery and Disposal Department of the State Administration of Financial Supervision is aiming to advertise monetary danger disposal laws that criminalizes critical monetary violations. This transfer is seen as an important step in the direction of making the monetary business extra standardized and legalized. By establishing clear requirements and frameworks for monetary danger decision, authorized safety could be offered for the steady operation of monetary markets.
2. The People’s Bank of China introduced administrative penalties for seven entities that refused to just accept RMB money, together with their accountable individuals. The penalties embrace warnings and fines, reflecting the significance of monetary establishments sustaining the authorized tender standing of the RMB and adhering to legal guidelines and laws.
3. Bank of Communications introduced the resignation of Vice Chairman, Executive Director, and President Liu Jun as a result of work changes. Liu Jun confirmed that his resignation was in alignment with the corporate’s board of administrators and there have been no points requiring notification to shareholders.
4. Minmetals Finance listed and transferred 60.41 million shares of China Guangfa Bank, decreasing the bottom value to 560 million yuan. This transfer highlights the liquidity of monetary property in market-oriented allocation and will replicate adjustments within the capital wants of shareholders.
5. China Merchants Bank will cease its clever discover deposit enterprise service ranging from May 15, 2024, in response to coverage adjustments and enterprise adjustment wants. The financial institution will deal with the curiosity settlement of this enterprise and switch the principal and curiosity of deposits to agreed accounts.
These updates showcase the continuing developments and changes within the monetary sector, reflecting the significance of regulatory compliance, market adaptation, and authorized safety in sustaining a steady and environment friendly monetary system.