The Financial Stability Board said an extended version of its guidance on the resolution of systemically important banks will apply to non-bank financial institutions, such as Allianz SE and other large insurers.
Chinese equities climbed to a 12- week high in New York as Phoenix New Media Ltd. rallied before posting second-quarter earnings, while signs of economic stabilization drove a rebound in Yanzhou Coal Mining Co.
Shang Fulin was appointed chairman and communist party secretary of China Banking Regulatory Commission, the state news agency Xinhua said, citing unnamed spokesperson from the government’s Orgnization Department. Guo Shuqing was named chairman and communist party secretary of China Securities Regulatory Commission. Xiang Junbo has been appointed chairman of China Insurance Regulatory Commission.
China moved its securities regulator Shang Fulin to head the nation’s banking watchdog, overseeing a 106 trillion-yuan ($17 trillion) industry that includes four of the world’s 10 largest lenders by market value.
Agricultural Bank of China Ltd. is raising at least $19.2 billion in what may become the world’s biggest initial public offering, according to two people with knowledge of the pricing and a company filing in Shanghai.
China’s likely search for a successor to Zhou Xiaochuan as central bank chief is spurring focus on the nation’s banking and securities regulators as the incoming Communist leadership overhauls top government positions.