Du Ronghai received an urgent phone call from his private banker at Industrial & Commercial Bank of China Ltd. about an investment opportunity promising a 10 percent annual return. Only for the privileged few, he was told.
China will amend its fund law to start regulating private equity funds, Xinhua News Agency said, citing Wu Xiaoling, vice chairman of the Financial and Economic Committee of the National People’s Congress.
China’s central bank Governor Zhou Xiaochuan indicated that turbulence in the global economy is limiting the nation’s ability to raise interest rates to counter inflation, according to the China Daily newspaper.
China’s bonds are Asia’s worst performers for the second time in four years, reflecting concern the central bank will have to be more aggressive in raising interest rates as it seeks to rein in inflation.