Latest Business and Financial News on China, U.S. Trade War and Negotiations, Breaking News, Headlines and Developments

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Nvidia chip controversy: Nvidia Corp. has denied accusations that its chips contain “backdoors” or remote “kill switches.” The U.S. chip juggernaut issued a Chinese version of the denial on Wednesday in the wake of allegations by China’s internet regulator that Nvidia’s H20 chip, tailored for the Chinese market, contained a vulnerability because of the tracking and remote shutdown technologies built into the chip. Nvidia said that such features would undermine trust and violate its commitment to security. The controversy comes as the U.S. has recently reauthorized sales of the H20 to China, a move that has spurred Chinese tech firms to form alliances to compete with Nvidia.

Big bank fined: China’s central bank has fined yet another bank for business violations. This time, it was Bank of Shanghai Co. Ltd., which was slapped with a penalty of more than 29 million yuan ($4 million) for breaches that included failing to report suspicious transactions and breaking rules designed to stop money laundering. Fifteen employees were also disciplined. The penalty highlights a broader trend of heightened regulatory scrutiny over China’s financial institutions. Agricultural Bank of China Ltd., Hengfeng Bank Co. Ltd., China Minsheng Banking Corp. Ltd. and China Everbright Bank Co. Ltd. have all been hit with significant penalties in recent years.

Buffer building bonds: Agricultural Bank of China has issued 50 billion yuan in bonds designed to meet international requirements for the capital buffers needed to absorb losses in a crisis. Including this issuance, the bank and two of its Chinese peers have issued a combined 200 billion yuan in Total Loss-Absorbing Capacity bonds this year. Bank of Communications Co. Ltd. has issued 70 billion yuan of the bonds in two tranches in 2025, while Bank of China Ltd. has issued one tranche of 50 billion yuan. With the bond sales, the three Chinese lenders are making progress toward meeting international requirements for banks deemed systematically important to the global financial system.

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