December 31, 2008 |
Federal regulators officially rejected a banking industry push to suspend accounting rules that force banks to value assets on their balance sheets at current market prices even if they plan to hold them for years. The Securities and Exchange Commission issued a report to Congress that recommended maintaining so-called mark-to-market rules but suggested improvements to current accounting practices.
January 9, 1987 |
Several independent financial centers set up in Shanghai during the past year may eventually overshadow official banks, according to the official New China News Agency (Xinhua). The financial centers, set up to supplement state-run banks and diversify the banking industry, pay a higher interest rate on deposits and provide low-interest loans. Because of this, experts believe they will eventually overshadow official banks, Xinhua said.