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☆ China's central bank encourages local businesses to accept foreign payment cards
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China is encouraging banks and local businesses to accept foreign bank cards and is considering other steps to make mobile pay for international visitors even easier, said Zhang Qingsong, deputy governor of the People's Bank of China. "Banks and vendors (such as hotels, restaurants, department stores and even coffee shops) are encouraged to accept foreign bankcards," Zhang said. Shopping malls have increasingly preferred not to accept foreign credit cards. Last summer, the two dominant mobile pay apps WeChat and AliPay started allowing verified users to connect their international credit cards — such as those from Visa . "Now, when using Alipay or WeChat Pay, foreign visitors do not need to provide ID information if their total annual transaction volume is under $500," he said.

Persons: Zhang Qingsong, Banks, Zhang, that's, AliPay, Tencent Organizations: Beijing Capital Airport, Visa, Mastercard, People's Bank of China, CNBC, Mobile, Alibaba, Ant Locations: BEIJING — China, Beijing, China

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Global asset managers bullish on China after policy shift
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Economic policy shift in China and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said on Wednesday. "China is the world's second-largest capital market" after the U.S., the head of BlackRock's (BLK.N) global client business, Mark Wiedman, said at the Global Financial Leaders Investment Summit in Hong Kong. "Long term, (China) has to be part of a global investment portfolio." At the Hong Kong event, hosted by the Hong Kong Monetary Authority, Fidelity International CEO Anne Richards said China was a key part of the global economy and that fact will not change soon. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown by 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Gitlin, Pan Gongsheng, Anne Richards, Andrew Schlossberg, Noel Quinn, Quinn, Zhang Qingsong, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Global Financial, Investment, Capital, People's Bank of China, Securities Times, Hong Kong Monetary Authority, Fidelity International, HSBC Group, Thomson Locations: HONG KONG, China, U.S, Hong Kong, Singapore

☆ Chinese leaders defend state of economy at global finance summit in Hong Kong
▼ + stars: | 2023-11-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Senior Chinese officials have defended the state of the world’s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market. “Since the beginning of the year, China’s economy has been picking up in general,” He said Tuesday at the Global Financial Leaders’ Investment Summit, which was organized by the Hong Kong Monetary Authority, the city’s de facto central bank. “Global investors have some concerns about China’s economy, including the pace of economic recovery, problems with property markets, and local government debt. “The potential of the Chinese economy remains promising,” he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley. A discussion on China at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday.

Persons: Lifeng, ”, Zhang Qingsong, ’ ”, “, Zhang, Goldman Sachs, Morgan Stanley, Peter Parks, ” Wang Jianjun, Wang Organizations: Hong Kong CNN — Senior, Global, ’ Investment, Hong Kong Monetary Authority, People’s Bank of China, “ Global, Citi, Monetary Fund, Global Financial, Investment, Getty, China Securities Regulatory Commission, Stock Connect Locations: China, Hong Kong, AFP

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