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China UnionPay, one of the world's leading bank card associations, said it has signed a framework agreement with Huaxia Bank to cooperate in the field of cell-phone payment.
Stocks on the Chinese mainland rose, with the benchmark index climbing the most in a week, as property and cement companies rallied on an improving profit outlook and on speculation the market's slide has been excessive.
China's National Social Security Fund, which has invested 10 billion yuan ($1.55 billion) to buy an 11 percent stake in the People's Insurance Co (Group) of China (PICC), will be PICC's sole investor before the insurer's planned listing.
China Banking Regulatory Commission (CBRC) Tuesday said it has no plan to suspend approving domestic lenders' establishment of new branches.
The Dutch bancassurer ING Group NV plans to pin the growth of its Chinese banking business on servicing the accelerating expansion of Chinese companies overseas and European companies in China.
Chinese shares posted a rally Tuesday after falling to the lowest level in almost nine months the previous trading day. The benchmark Shanghai Composite Index rose 1.01 percent, or 26.43 points, to close at 2,647.68.
Tibet 5100 Water Resources Holdings Ltd, the Chinese provider of premium bottled mineral water, began looking to raise up to HK$1.6 billion ($205.3 million) in an initial public offering on Monday.
The People's Bank of China on Tuesday auctioned 1 billion yuan of one-year bills at a yield of 3.4019 percent, heightening speculation of an approaching interest rate hike.
Lu Zhengwei, an economist at Industrial Bank Ltd who has successfully predicted the central bank's tightening moves on 13 consecutive occasions, said on Monday that China is likely to raise interest rates again in July.
Stocks on the Chinese mainland fell to the lowest level in almost nine months on Monday. That's after Nomura Holdings Inc forecast the Chinese central bank will raise interest rates and Credit Suisse Group AG said the country is heading for a "sluggish landing".
China's one-day Shanghai interbank offered rate, or Shibor, surged the most in five months on speculation cash supplies will become tighter as redemptions of central bank bills decline this week.
China will soon loosen restrictions on domestic securities brokerages engaging in private equity (PE) investment despite investors' concerns that they may manipulate the market by pushing up initial public offering prices to reap exorbitant profits as prefloat investors.
