China is set to launch a watered down version of its long-awaited international payments system, using it only for cross-border yuan trade deals rather than also including capital-related transactions, two people with direct knowledge of the matter told Reuters on Monday.
Hundsun Technologies Inc, the financial information technology company controlled by Alibaba Group Holding Ltd founder Jack Ma, on Monday rejected local media criticism that blamed its platform for China's stock market rout.
The business plans and overseas ambitions of Chinese brokerages are being shelved as Beijing pushes them to use their resources to arrest a dramatic plunge in domestic equity markets that is threatening China's economic stability.
Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash.
China is preparing to allow pension funds managed by local governments to invest in the stock market for the first time, potentially channeling hundreds of billions of yuan into the country's sagging equity market.
In this interview with The Gold Report, Sprott USA Holdings CEO Rick Rule and Stansberry & Associates Investment Research founder Porter Stansberry—the men behind the upcoming Sprott-Stansberry Vancouver Natural Resource Symposium—share their strategies for picking good companies no matter what happens on the political front.