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As artificial intelligence reshapes the finance industry, commercial bankers are facing a โmore miserableโ transition than their central banking counterparts, the head of the worldโs largest lender by assets said. Industrial and Commercial Bank of China president Liu Jun said that while central bankers focused on oversight and policy, commercial lenders bore direct financial and legal liability when deploying AI at scale. โIf [ICBC] deploys AI tools โฆ towards different business lines, and all...
We have put together stories from our coverage last weekend to help you stay informed about news across Asia and beyond. If you would like to see more of our reporting, please consider subscribing. 1. China cuts US Treasury holdings to 18-year low in August as debt fears mount 2. China warns EU not to โfantasiseโ on trade approach after โkill switchโ threat 3. Landmark China trial achieves 84% efficacy treating cancer with waste water tech 4. Police urge Apple to fix security after 110...
Chinaโs state-backed funds appear to be stepping back into the stock market, a sign that Beijing is seeking to put a floor under falling shares.
Chinaโs central bank governor Pan Gongsheng touted yuan assets to investors in Bangkok and outlined plans to expand their role in global markets, according to people who attended the closed-door event.
Goldman Sachs president John Waldron has called on China to loosen foreign exchange rules, ease cross-border data restrictions and improve regulatory transparency as the countryโs policymakers seek to strengthen Shanghaiโs role as an international financial centre. Waldron, also the investment bankโs chief operating officer and widely seen as a front runner to succeed its current CEO David Solomon, expressed confidence in the cityโs potential at an annual meeting of international business...
Chinese state funds are ramping up support for the countryโs second-largest contract chipmaker, pouring billions of yuan into the parent of Hua Hong Grace Semiconductor and a new manufacturing facility to fuel Beijingโs drive for self-reliance in mature-node chips. The capital blitz, spanning Hua Hongโs Shanghai-based parent company and a fabrication plant in Wuxi, highlights how government-coordinated financing is doubling down on domestic foundries, as Washington tightens technology...