Senior executives of listed firms in China have stepped up the pace at which they are selling shares in their own companies, suggesting they may have doubts about whether their stock prices can go much higher.
China's Industrial and Commercial Bank (ICBC) signed a pact with the Los Angeles city government to promote cross-border yuan trade and set up an offshore renminbi center in California, the bank said on Saturday.
The DealBook said in its report that banks in China are steadily making strategic acquisitions offshore and opening its businesses outside of the mainland, thanks to recent economic reforms.
Britain's Chancellor of the Exchequer George Osborne announced via a Twitter post that Industrial and Commercial Bank of China (ICBC) would be issuing a yuan-denominated bond on the London bourse next month.
The South African lender is in negotiations to sell its London unit to Industrial and Commercial Bank of China, its biggest shareholder.
Temasek Holdings has again purchased shares in ICBC.
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