China, former Vice President of China Development Bank arrested. Asian stock markets boosted, Citadel wants Credit Suisse assets – MilanoFinanza News

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Asia follows a good session on Wall Street on Thursday, January 11, and China believes in PBoC intervention to revive the business credit market. At 7:30 a.m. Italian time, the Nikkei was up 1.77%, still at a 33-year high, Hong Kong was up 1.56% after a disappointing start to 2024 and Shanghai was up 0.2%.

Gold (+0.5% to $2,037 an ounce) and U.S. WTI crude (+0.66% to $71.84 a barrel), while the yen edged above 145. Nasdaq futures trade up 0, 3%.

Hong Kong shares pared losses from the previous five sessions today as they struggled to recover from more than 14-month lows earlier in the week, boosted by gains in most sectors except fundamentals, materials and energy. Wall Street closed higher on Wednesday evening, ahead of today’s US inflation data that could weigh on the Fed’s views on rate cuts.

Market bets on the PBoC

In China, the PBoC met with several economists to discuss ways to make monetary easing more effective. In recent weeks, markets have been betting that the central bank could soon cut bank reserve requirements (RBR) and strengthen monetary policy tools to speed up the economic recovery. Meanwhile, the press agency Xinhua said on Wednesday that China’s small and medium business activity strengthened last year thanks to Beijing’s supportive policy measures and the gradual recovery of manufacturing after the pandemic.

Citadela bids for Credit Suisse’s Chinese securities division

Citadel Securities, writes Bloomberghas made an offer of about 2 billion renminbi ($280 million) for Credit Suisse’s Chinese securities business as the market maker founded by billionaire Ken Griffin pushes ahead with plans to expand in China.

If successful, the non-binding offer made last month would significantly expand the company’s presence. Citadel Securities is licensed as a foreign institutional investor in the Chinese markets, but is not yet licensed to operate a domestic securities business offering brokerage and underwriting services in Shanghai and Shenzhen.

Former Vice President of China State Bank Arrested

The former vice president was arrested on Thursday China Development Bankthe latest official to fall victim to an anti-corruption campaign that has rocked the country’s financial institutions.

Last summer, the Central Commission for Disciplinary Inspection announced a joint investigation with the National Day Inspection Commission Wang Yongsheng. The People’s Dailya spokesman for the Communist Party of China, announced Wang’s expulsion from the party on Saturday.

Wang’s case was handed over to the Jilin Provincial Judicial Authority, which arrested him “on suspicion of corruption”, according to the official state news agency. Xinhua. The China Development Bank is the main institution responsible for infrastructure lending and is under the direct supervision of the State Council. (All rights reserved)

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