Commonwealth Bank of Australia breached pension rules, inquiry hears

By Paulina Duran SYDNEY, Aug 14 : Commonwealth Bank of Australia (CBA) “breached a legislative provision” when it failed to transfer 15,000 pension customers to a low-cost product, an inquiry into financial sector conduct heard on Tuesday. Documents read at the Royal Commission showed the bank failed to comply with a law introduced in 2014 […]

Former central bank governor: Yuan’s internationalization is progressing

By Alexandra Harney SHANGHAI, Aug 11 : The internationalization of the renminbi has made progress, Zhou Xiaochuan, former governor of China’s central bank, said on Saturday. “The internationalization of the renminbi is not a linear progress. It will move faster when there are opportunities to do so. Sometimes, it will move more slowly. But in […]

China banking and insurance regulator voices support for more lending

By Alexandra Harney SHANGHAI, Aug 11 : China’s banking and insurance regulator said it will facilitate the transmission of monetary policy by supporting more lending by financial institutions. The China Banking and Insurance Regulatory Commission said in a statement posted on its website that it would guide financial institutions to expand financing, including to qualified […]

Thai holds key rate, not at ‘trigger point’ to hike

By Orathai Sriring and Kitiphong Thaichareon BANGKOK, Aug 8 : Thailand’s central bank on Wednesday held its benchmark interest rate near record lows, as expected, saying Southeast Asia’s second-largest economy continues to face little inflationary pressure as the growth pace improves. All 20 analysts in a Reuters poll had predicted the Bank of Thailand’s Monetary […]

Turkey’s banks sell project finance loans as they look to free up cash

By Ebru Tuncay ANKARA, Aug 3 : Some Turkish banks have started to sell project finance loans to foreign lenders, three sources said, to free up cash as they face both higher funding costs and pressure to lend more cheaply from President Tayyip Erdogan. The deals, which could see U.S. and Chinese banks taking over […]

Sri Lanka central bank keeps key rates steady as expected

By Ranga Sirilal COLOMBO, Aug 3 : Sri Lanka’s central bank left its key policy rates unchanged as expected on Friday, saying the decision backed its goals for stabilising inflation and fostering sustainable economic growth. The move comes as some investors are worried about a slowing economy and increases in fiscal spending ahead of presidential […]