Last year, a connected cluster of village banks in the central province of Henan suffered one of China’s worst financial scandals in years. Beijing’s reaction: to create a new state bank that will take stakes in rural financial and credit institutions with the aim of spotting and weeding out corruption and improving financial governance.

The southern Chinese city has set out ambitious plans to become one of the world’s top wealth-management centres. With one of China’s largest onshore pools of private wealth, there is everything to play for.

Can the early volumes be sustained through the year?

It’s the time of year for feng shui market predictions.

The Greater China CEO represents a loss of seniority, experience and gravitas. And his is not the only exit from the Swiss bank’s Asia operations.

Beijing recently ordered its state banks, including ICBC and Bank of China, to plough $162 billion worth of fresh credit into the country’s troubled property sector. In doing so, they look not proactive but panicky. A negative hit on lenders’ profits is inevitable.

China is stuck. It has spent three years trying to keep Covid at bay, but now irate citizens have spilled onto the streets, questioning the competency of president Xi Jinping, and calling for an end to restrictions – just as transmission rates spike.

China Investment Corporation’s annual reviews are always out of date, but they provide clues to what is happening now.

HSBC’s outgoing CFO, Ewen Stevenson, has mounted a robust case for the bank’s cost performance in an intriguing call with analysts that also featured an appearance by his replacement, Georges Elhedery. As he prepares to leave the bank, Stevenson defended his legacy by taking on the firm’s arch-critic, Ping An.

Last week’s financial summit aimed to show investors Hong Kong is open for business. While well attended, it also served as a reminder of how closed off the financial hub has become and how much of its lustre has been lost.

Market experts fear that continued inflation and poor growth mean that many currencies are vulnerable to the pressure that the UK has seen recently.

China, the US, Australia and Japan are all conducting a curious courtship with Pacific nations, hoping to build trade relationships, climate resilience and security agreements.

In February, HSBC’s head of global private banking China, Jackie Mau, set out ambitious plans for the mainland. He’s proving as good as his word: the UK lender has opened two new, full-service wealth management offices in Hangzhou and Chengdu, with more to follow in 2023 and 2024.

Six seemingly random numbers, when threaded together, demonstrate that some kind of negative watershed event may not be too far off in China.

China’s property sector is in freefall and Covid lockdowns are throttling growth as bad loans pile up at the banks. As president Xi Jinping prepares for an unprecedented third term, a deluge of crises threatens to destroy the country's four-decade economic miracle.

As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.

China has in the past felt compelled to accept the terms of IMF programmes in struggling nations without due consideration of its own views.

China’s Belt and Road Initiative is as controversial now as it was a decade ago. Yet its legacy endures. Even as Beijing cuts funding to debt-saddled BRI states, the West is emulating Xi Jinping’s flagship development plan. The BRI is not dead but is quietly mutating into something much bigger and – whisper it quietly – perhaps better.

Chinese investors are buying bonds issued by local government financing vehicles as fast as they’re printed – due to a cratered property sector, a lack of other buying options and a perception it’s a safe asset class. But analysts warn LGFV defaults are imminent and could result in a wave of credit events.

China’s decision to let US regulators audit its New York-listed corporates is a shock. It’s a U-turn, a climbdown and a sign, more than anything, of China’s enduring financial frailty.

HSBC’s interim result shows that banks are drawing a line under pandemic-related provisions, while simultaneously setting aside new ones for the disease’s economic cure. All banks must make this transition, but HSBC has other things to worry about besides: a campaign from China’s Ping An to split the bank in half.

China’s support for Russia is part of its strategy to reduce the world’s dependence on the greenback – might it work?

At first glance, Temasek’s long-standing ardour for China seems to be fading. Its mainland holdings have had a shocker of a year, but the Singapore fund is buying.

Xi Jinping wants a smooth path to his re-appointment as president in November. But his zero-Covid policy, slowing growth and bank runs in central China mean that path is looking increasingly bumpy.

Hong Kong’s capital markets are moribund, its government erratic and directionless, and its economy in disarray. For a city that increasingly looks like anything but Asia’s ‘world city’ is there a route back to normality?

DBS’s purchase of Citi’s local consumer business in January was a timely reminder of Taiwan’s allure. Yes, the island lies on a geopolitical fault line and the banking sector is crowded. But it’s also profitable and now welcomes digital disruption.

China’s approach to ESG is a jumble of grandiose and contradictory state planning alongside often marvellously successful bottom-up plans by banks and fintechs to instil in consumers a more sustainable lifestyle.

China’s approach to central bank digital currency offers clues to how it may build a unique version of decentralized finance.

Despite China’s ambitious plans for its digital currency, the e-yuan will struggle to become a lead player in international trade finance without notable changes, most importantly to capital controls.

The prospect of China’s Cross-Border Interbank Payment System vying with or supplanting Swift grabbed attention in the wake of Russia’s invasion of Ukraine. But CIPS isn’t ready for the big time. It is too small and underdeveloped, and is a policy vehicle dominated by Beijing for the purpose of globalizing the yuan.