more ›

During a routine trip to Bank of China to send money back to the fatherland, we discovered that the former ceiling on funds that can be sent in one day - $500, without exhaustive documentation from one's employer - has been raised in conjunction with Expo. Customers can now send up to $1,500 per day to foreign bank accounts. As was the case before, an administrative commission of RMB 200 applies, though as much as $10,000 can be sent (over a period of several days, naturally) before a second fee is applied. At this time, it's unknown as to whether these changes will expire once the Expo ends, but we plan on transferring as much dough as possible prior to November 1, just in case. more ›

NTDTV speaks to Natan Galkovitch, one of 100 victims of terror in Israel who are now suing the Bank of China for not preventing money that was transferred to the Hamas, and Nitsana Darshan-Leitner, an attorney for the plaintiffs. Among the claims of the suit:

...beginning in July 2003, the Bank of China executed dozens of wire transfers for the terrorist groups totaling several million dollars. Many of the transfers were initiated in the Middle East, sent to branches in the U.S. then to an account at a bank branch in Guanzhou, China, the suit said. more ›

China's banking regulator has called on domestic banks to cooperate with foreign media and to set up a 24-hour "fast track" for responding to foreign media interview requests and inquiries during the period of the Beijing Olympics. One Chinese banker noted, "It is very interesting to see that China's banking and securities regulators chose two completely different media strategies for the same purpose: to protect the good image of these two very important industries." As we reported earlier, the securities regulatory body has warned fund managers not to speak to the press publicly in any way that would destabilize the stock market which has fallen 50% since its peak on October 2007. more ›