of a perceived risk to its $12.7tn economy. The US Treasury said it was "closely monitoring" the situation in China and would take further action if necessary. The news comes amid a $10bn funding round and potential stock market listing for Alibaba-affiliate Ant Financial, which is also dealing with growing competition from Tencent.
of a perceived risk to its $12.7tn economy. Proposed regulation will compel companies, with a presence in at least two financial industries, to obtain licenses from China's central bank, The People's Bank of China, and to meet minimum capital requirement levels, said unnamed sources. The news comes amid a $10bn funding round and potential stock market listing for Alibaba-affiliate Ant Financial, which is also dealing with growing competition from Tencent.