China Clamps Down on Insurers’ Overseas Financing
Chinese regulators are stepping up scrutiny of insurance companies’ overseas financing activities amid a broader campaign to reduce excessive corporate leverage and rein in financial risks.
The China Insurance Regulatory Commission (CIRC) said Monday that it is limiting how much offshore financing can be backed by domestic guarantees. The new cap is 20% of an insurer’s net assets as of the end of the previous year, according to a circular jointly issued by the insurance regulator and the State Administration of Foreign Exchange (SAFE).
- 1Apple Users Warned of Rising Chance of Account Theft
- 2Exclusive: Fallen Chief of Bad-Asset Manager Had Tons of Cash — Literally
- 3 Opinion: Trump’s China ‘Poison Pill’ May Hit Australia
- 4Shenzhen Has Billion-Dollar Bailout Plan For Local Companies
- 5Spy Camera Discovery Creates Outrage at Apartment Leasing Specialist
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas