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Articles by Chen Junjun
Shareholder Disputes at Listed Chinese Banks Intensify Amid Slowing Profit Growth
(Yicai) June 5 -- Shareholder meetings at listed Chinese banks are transforming from "a formality" into important occasions where smaller investors are increasingly using their voting rights to express dissatisfaction with issues such as dividend payout ratios and executive compensation amid slowing profit growth. Annual dividend plans have become a focal point for small and medium-sized shareholders.
Shanghai Targets Asset Management Scale of USD8.1 Trillion by 2030
(Yicai) June 3 -- Shanghai has issued a policy document to deepen the construction of the city into a global asset management hub, aiming to achieve an asset management scale of CNY55 trillion (USD8.12 trillion) by 2030, equal to about one-third of China’s total. In 2024, Shanghai’s asset management scale was CNY44.19 trillion, accounting for about 30 percent of the national total, according to data from the local asset management association.
Chinese Banks Ease Curbs on Gold Investment As Precious Metal Prices Drop
(Yicai) May 28 -- Several Chinese lenders have eased restrictions on their gold accumulation plans, including lowering the product risk rating and extending trading hours, as prices of the precious metal decline. China Construction Bank updated its rights and interests notice and risk disclosure statement for the clients of its gold accumulation plans on May 25.
More Chinese Payment Platforms Go Global to Boost Profits
(Yicai) May 21 -- An increasing number of Chinese payment institutions are eying entering overseas markets as an important strategy for their development against the backdrop of continuous pressure on domestic payment rates and a nearly saturated incremental market. The main driving force behind Chinese payment platforms' accelerated pursuit of overseas licenses is to enhance their profit capabilities, several industry insiders told Yicai.
UBS, Morgan Stanley, Other Foreign Investors Are Upbeat on China's Stock Market Amid Rally
(Yicai) May 13 -- UBS Group, Morgan Stanley, and other foreign financial institutions have remained positive on Chinese stocks after the mainland market showed unexpected resilience since the start of the year, despite the Middle East war and the repeated disruptions to market sentiment caused by global trade and tariff games.
Shanghai Launches Bulk Commodity Trading Service Platform to Support Yangtze River Delta Area
(Yicai) May 8 -- Shanghai has launched a bulk commodity trading service platform, marking a significant step in accelerating the formation of digital trade infrastructure in the Yangtze River Delta region and providing support for further expansion of trade in the area.
Shanghai's Social Financing Speeds Up in First Quarter, Corporate Financing Costs Drop to Historic Low
(Yicai) April 29 -- Total social financing in Shanghai grew at a faster pace than a year earlier in the first quarter, while corporate financing costs plunged to a historic low in March, better meeting the financing needs of the real economy.
BOCOM to Serve as Pilot Bank for China-Brazil Bond Connect
(Yicai) April 23 -- China's Bank of Communications (BOCOM) was named the exclusive pilot bank for the two-way interconnection mechanism between the bond markets in China and Brazil.
BOCOM to Serve as Pilot Bank for China-Brazil Bond Market Connect
(Yicai) April 23 -- China's Bank of Communications was named the exclusive pilot bank for the two-way interconnection mechanism between the bond markets in China and Brazil. The People's Bank of China has approved BOCOM as the exclusive pilot bank for the China-Brazil Bond Connect scheme, the Shanghai-based lender announced yesterday.
Chinese Assets Are Becoming a 'Must-Have' in Global Portfolios, Chief Economists Say
(Yicai) April 21 -- Chinese assets are moving from an “optional” allocation in international portfolios to a “must-have,” chief economists from major foreign financial institutions such as Morgan Stanley and Standard Chartered said at a recent forum in Shanghai where key topics such as the institutional opening-up of the inter-bank market and global capital allocation were discussed.
Chinese Banks’ Precious Metal Business Thrived Last Year Due to Residents’ High Demand for Gold
(Yicai) April 17 -- Chinese residents’ demand for gold investment surged last year amid rising international gold prices, driving the rapid expansion of lenders’ precious metal businesses. Thirteen banks that have already released their financial data for last year have reported precious metal assets of over CNY1 trillion (USD146.5 billion), while six saw their assets double in value from 2024.
Chinese Household Funds Leave Banks but Skip Wealth Products Amid Yield Decline
(Yicai) April 16 -- Chinese household deposits effectively flowed out of banks in the first quarter, but unlike in the past, the wealth management market did not absorb the funds and instead shrank, reflecting mounting pressures from falling yields and market volatility.
Many of China’s Big Banks Stop Reporting Private Banking Figures as Focus Moves Beyond AUM
(Yicai) April 13 -- Several of China’s major state-owned banks have started to omit data on private banking, once regarded as the ‘crown jewel’ of their retail banking business, from their annual reports as they reshape their retail operations and shift their focus away from assets under management toward overall service capabilities and long-term client relationships.
China's Fixed-Income Wealth Management Market Cools Down Due to Low Interest Rates
(Yicai) April 3 -- The Chinese market for fixed-income wealth management products is shrinking, as the low interest rates make investing less appealing.
China’s Computer Network Watchdog Flags Security Risks Posed by Viral OpenClaw AI Agent
(Yicai) March 11 -- China’s computer network emergency response agency issued a risk alert yesterday about the safe use of the artificial intelligence agent OpenClaw, which has become highly popular since its release last year. The watchdog pointed out that the software can take control of a computer to perform tasks based on user instructions, but its weak default security settings mean that once attackers gain access, they can easily take full control of the system.
Chinese Banks to Charge for SMS Transaction Service to Cut Costs Amid Narrowing Net Interest Margins
(Yicai) Feb. 11 -- Against the backdrop of shrinking net interest margins, Chinese banks have made SMS notifications for transactions lower than certain amounts a paid service to control costs. China Merchants Bank will stop sending free SMS for transactions below CNY5,000 (USD725) from March 16, the lender recently announced. Clients who wish to keep the service will have to pay a monthly fee of CNY3 (43 US cents).
More Chinese Banks Close Credit Card Business Centers Amid Market Environment Changes
(Yicai) Jan. 21 -- More and more Chinese lenders have been downsizing their credit card operations in a pivot away from an aggressive decade-long expansion, mainly because of changes in the market environment. More than sixty credit card business centers have shut down in China since the beginning of last year, according to incomplete statistics compiled by Yicai. The latest one to close was Bank of Guangzhou’s center in Zhongshan, the lender’s second this year.
Chinese Commercial Banks Shift Focus to Business Loans Amid Measures to Spur Domestic Demand
(Yicai) Jan. 20 -- The credit structure of commercial banks in China is transforming amid the country's continuous intensification of coordinated fiscal and monetary policies to boost domestic demand, with business loans emerging as lenders' key focus, while consumer loan reviews have become more stringent.
Shanghai Taps Finance to Boost Consumption in 28-Point Action Plan
(Yicai) Jan. 14 -- Shanghai has unveiled a new blueprint to spur consumption by better aligning service supply with consumer demand with a particular focus on finance. The action plan sets out 28 policies with financial services clearly identified as a key driver of consumption upgrading and an important link between consumers and producers. The document, recently issued by the Shanghai Municipal Development and Reform Commission, positions finance as a core driving force for promoting consumption.
Gold-Linked Deposits Become Popular Option Among Chinese Investors Amid Rising Gold Prices
(Yicai) Jan. 9 -- With international gold prices continuing to surge, banks have accelerated the launch of gold-linked deposits, which have become very popular among Chinese investors. DBS Treasures, backed by Development Bank of Singapore, debuted a GLD with a 12-month term and annualized return on investment of 1.5 percent to 4 percent in China on Jan. 1. The minimum subscription amount is USD10,000.
Postal Savings Bank of China to Shut Down Credit Card App as Integration Becomes Major Trend
(Yicai) Dec. 24 -- Postal Savings Bank of China is the second major lender after Bank of China to announce it would gradually shut down its credit card app services. PSBC will stop updating the PSBC Credit Card App and migrate related functions to its general-purpose PSBC App, the lender announced on Dec. 22. This came three months after a similar statement by BOC.
China Offshore Financial Index Inches Up in 2024 as Growth Shifts to Stabilization
(Yicai) Dec. 22 -- The 2024 China Offshore Financial Index recorded a slight uptick last year, as the growth model driven by scale expansion shifted to a phase of structural optimization and functional improvement.
Bank Consumer Lending Accelerates Under China Interest Subsidy Policy as Data Lag Persists
(Yicai) Dec. 15 -- China’s central government consumer loan interest subsidy policy has reached its 100th day, prompting commercial banks to accelerate the issuance of personal consumer loans, though the impact has yet to show up in the People’s Bank of China’s latest aggregate lending data. Launched on Sept.
Shanghai to Allow Firms to Open Upgraded FT Accounts for Direct Cross-Border Funds Transfer
(Yicai) Dec. 4 -- The China Shanghai Pilot Free Trade Zone will launch a pilot program, allowing qualified companies to open an upgraded FT account, which will enable them to direct transfer funds offshore.
72% of Tech Startups Along Shanghai-Nanjing Corridor Can't Get Loans, Survey Says
(Yicai) Dec. 2 -- Technology startups along the Shanghai-Nanjing corridor, characterized by "funding in Shanghai and production in Jiangsu province," still primarily rely on self-financing despite the emergence of a division of labor, with 72 percent unable to secure loans yet, according to a new survey.
China's First Batch of AIC Under Joint-Stock Banks to Target Green, Tech Innovation Sectors, Analysts Say
(Yicai) Nov. 28 -- China has approved the first batch of financial asset investment companies in eight years. Analysts believe they will target small and medium enterprises in key sectors, such as technological innovation, green, and low-carbon, as well SMEs that has special innovative advantage in their own niche sectors.
Payment Licenses Become Key for Internet Platforms’ Transformation Into Super Apps
Payment Licenses Become Key for Internet Platforms’ Transformation Into Super Apps audio is not supported! Payment Licenses Become Key for Internet Platforms’ Transformation Into Super Apps (Yicai) Nov. 21 -- Acquiring payment licenses or expanding payment businesses have become two main trends among Chinese internet platforms that are trying to become super apps.
Chinese Banks Year-End Bond Sells to Have Limited Impact on Market, Analysts Say
(Yicai) Nov. 19 -- The impact of Chinese lenders' selling bonds to achieve floating profits at the end of the year will not be as significant as market participants worry, according to multiple analysts. Banks' need to sell bonds has significantly stabilized this year, so the actual impact on the market is limited, the analysts told Yicai.
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Bitcoin Price Drops to Below USD90,000, Erasing All Gains From Past Year
(Yicai) Nov. 18 -- The price of Bitcoin, the first decentralized cryptocurrency, has plunged to less than USD90,000, a level below that a year earlier, with other top crypto assets also tumbling. Bitcoin price has dropped 5.4 percent to USD89,942.60 over the past 24 hours as of 12.27 a.m. Beijing time, according to data from Investing.com. In comparison, the price was USD90,449.91 a year ago, while reaching as high as 124,310.60 and as low as 75,004.68 at various points this year.
Price Volatility Prompts Big Chinese Banks to Lift Gold Accumulation Plans' Minimum Investment Barriers
(Yicai) Nov. 17 -- Several major Chinese banks have raised the minimum investment requirements on their gold accumulation plans to address risks from the precious metal's rapid price fluctuations over the past month. China Citic Bank and China Construction Bank increased gold accumulation plans' monthly minimum investment amounts to CNY1,500 and CNY1,200 (USD211.30 and USD169), respectively, from CNY1,000 (USD140.90) on Nov. 15, the two lenders announced.
Price Volatility Prompts Big Chinese Banks to Lift Gold Accumulation Plans' Minimum Investment Barriers
(Yicai) Nov. 17 -- Several major Chinese banks have raised the minimum investment requirements on their gold accumulation plans to address risks from the precious metal's rapid price fluctuations over the past month. China Citic Bank and China Construction Bank increased gold accumulation plans' monthly minimum investment amounts to CNY1,500 and CNY1,200 (USD211.30 and USD169), respectively, from CNY1,000 (USD140.90) on Nov. 15, the two lenders announced.
Chinese Banks Hasten Non-Performing Asset Disposal as Year-End Nears
(Yicai) Nov. 14 -- Chinese banks have started accelerating the transfer of non-performing assets on their balance sheet as the end of the year approaches, while also selling collateral houses and goods from debtors in default on asset trading platforms.
Chinese Banks Log Double-Digit Growth in Private Client Numbers in First Nine Months
(Yicai) Nov. 10 -- Multiple listed banks in China have reported that their private banking businesses achieved double-digit growth in the number of clients over the first nine months of this year. China Merchants Bank's private banking clients, or retail customers with monthly average total assets of CNY10 million (USD1.4 million) or more, exceeded 190,000 as of Sept. 30, up 13 percent from the end of last year, it said in its third-quarter earnings report.
Chinese Payment Firms See Robust Growth in Cross-Border Services
(Yicai) Oct. 31 -- Cross-border payment services are emerging as a fast-growing segment for Chinese payment firms, sustaining double-digit growth in client merchant numbers and transaction volumes when the home market has slowed. Lakala Payment, the first major online payments platform to go public in the Chinese mainland, saw cross-border transactions surge 78 percent in the three months ended Sept.
AI Is Reshaping the Global Financial System, But Can't Make Monetary Policy Decisions, PBOC ex-Governor Says
(Yicai) Oct. 24 -- Artificial intelligence technology is changing the global financial system, and due to the potential magnitude of these changes, it will likely reshape the operational models of the banking and financial sectors, according to the former governor of China's central bank, who also warned that AI is not suitable to make monetary policy decisions.
Banks’ Hybrid WMP Gain Popularity Amid Deposits’ Low Interest Rates, Stock Rally
Banks’ Hybrid WMP Gain Popularity Amid Deposits’ Low Interest Rates, Stock Rally audio is not supported! Banks’ Hybrid WMP Gain Popularity Amid Deposits’ Low Interest Rates, Stock Rally (Yicai) Oct. 10 -- Hybrid wealth management products, which invest both in fixed-income and equity assets, have gained popularity in China because of the sustained growth of the stock market and the low interest rates of time deposits.
Financing, Subsidies Quietly Fuel Yangtze River Delta’s Robotics Boom
(Yicai) Sept. 30 -- Financing support, funding channels and government subsidies are some of the behind-the-scenes engines driving the rapid growth of the robotics industry in the Yangtze River Delta, one of China’s key manufacturing hubs that encompasses Shanghai as well as the provinces of Jiangsu, Anhui and Zhejiang. Shanghai announced plans this year to raise the core industry scale of its embodied artificial intelligence sector to over CNY50 billion (USD7 billion) by 2027.
Financing, Subsidies Quietly Fuel Yangtze River Delta’s Robotics Boom
(Yicai) Sept. 30 -- Financing support, funding channels and government subsidies are some of the behind-the-scenes engines driving the rapid growth of the robotics industry in the Yangtze River Delta, one of China’s key manufacturing hubs that encompasses Shanghai as well as the provinces of Jiangsu, Anhui and Zhejiang. Shanghai announced plans this year to raise the core industry scale of its embodied artificial intelligence sector to over CNY50 billion (USD7 billion) by 2027.
Singapore Exchange Is Launching Pad for Chinese Firms Exploring SE Asia
Singapore Exchange Is Launching Pad for Chinese Firms Exploring SE Asia audio is not supported! Singapore Exchange Is Launching Pad for Chinese Firms Exploring SE Asia (Yicai) Sept. 24 -- More and more Chinese companies have regarded Singapore as key to entering Southeast Asia, with the Singapore Exchange being a friendly and efficient capital window.
Chinese Int’l Cards Shift to Yuan Settlements Are Backed by Global Payment Networks, Analysts Say
Chinese Int’l Cards Shift to Yuan Settlements Are Backed by Global Payment Networks, Analysts Say audio is not supported! Chinese Int’l Cards Shift to Yuan Settlements Are Backed by Global Payment Networks, Analysts Say (Yicai) Sept. 22 -- Some banks have recently announced their international cards will shift to Chinese yuan from US dollar settlement for cross-border payments. Market analysts believe this move was ultimately promoted by global payment networks.
SPD Bank, Mastercard Investigate Overseas Fraudulent Transactions of World Series Card Holders
(Yicai) Sept. 15 -- Shanghai Pudong Development Bank and Mastercard are investigating a series of overseas fraudulent transactions by holders of their joint World series credit cards. SPDB and Mastercard NetsUnion Information Technology Beijing have promptly activated the emergency response mechanism, contained risks, and pledged to protect affected customers from financial losses, the pair announced in separate statements yesterday.
Ant's CEO Vows Chinese Fintech Giant Won't Issue Virtual Currency, Engage in Speculation
(Yicai) Sept. 12 -- The chief executive officer of Ant Group said at the 2025 Inclusion Conference on the Bund that the Chinese financial technology giant will never issue virtual coins nor participate in any form of speculation. Compliance is the lifeline of innovation, Han Xinyi said in his speech at the Inclusion Conference yesterday.
Shanghai's Int'l Reinsurance Trading Center Offers One-Stop Platform for Transactions
(Yicai) Sept. 10 -- The Shanghai International Reinsurance Registration and Trading Center provides Chinese and foreign reinsurance institutions with a one-stop trading venue covering the entire process from inquiry and negotiation to issuance and settlement.
City Commercial Lenders Top Chinese Banking Sector by Credit Growth in First Half
(Yicai) Sept. 4 -- The overall credit growth of the Chinese banking sector slowed down in the first half of the year, mainly because of the weak macroeconomic recovery momentum and insufficient demand. City commercial banks were the ones that added the most loans in the period. The average year-on-year credit growth rate at the 42 listed Chinese lenders was 7.98 percent in the six months ended June 30, slightly lower than a year earlier, according to data compiled by Yicai.
16 Academicians, Turing Award Laureates to Attend Shanghai’s Inclusion Conference
(Yicai) Sept. 3 -- The 2025 Inclusion Conference on the Bund in Shanghai will bring together 16 academicians and Turing Award winners, alongside over 550 industry leaders. Among the most anticipated names to appear at the Inclusion Conference are Richard Sutton, a pioneer of reinforcement learning, and Jack Dongarra, a US computer scientist and mathematician, who are both Fellows of the Royal Society, as well as Yuval Noah Harari, the author of Sapiens: A Brief History of Humankind.
Foreign Banks in China Speed Up Shift Toward Premium Retail Services
(Yicai) Aug. 11 -- Foreign lenders in China have accelerated their local retail banking adjustment since the start of this year, closing more than 10 traditional branches and redirecting more resources to wealth management centers, flagship sub-branches, and other high-end outlets. HSBC's China arm has closed nine ordinary branches this year, with more than half located in southern Guangdong province and others in Shanghai, Hangzhou, and Chengdu, Yicai found from regulatory documents.
Chinese Banks Shut Credit Card Business Centers, End Co-Branded Card Issuance in Downsizing Effort
(Yicai) Aug. 7 -- Chinese commercial lenders have been downsizing their credit card businesses by closing local business centers and slowing the issuance of co-branded cards to achieve transformation and end their decade-long aggressive expansion strategies. More than 40 regional credit card business centers of Chinese banks have been shut down since the beginning of the year, according to data from Wind Information.
Fintech Know-How Helps China’s Top Private Banks Pull Ahead of the Pack
(Yicai) July 30 -- Private banks in China have emerged as a rising force in the country’s inclusive finance sector, which refers to the provision of affordable and accessible financial products and services to all individuals and businesses, over the past 10 years. Now, a widening gap in fintech capabilities is giving the leading players a clear competitive edge, Yicai learned from industry insiders.
Foreign Investors Keep Increasing Their Chinese Yuan Asset Allocation in Shanghai in First Half
(Yicai) July 25 -- Overseas investors continued to expand their allocation of Chinese yuan assets in Shanghai in the first half of the year, with a particular interest in stocks, according to the Shanghai branch of China’s central bank.
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