Regional bank in Xinjiang cuts dividend, bowing to China regulator’s pressure to preserve capital and prepare for slump

In a rare move, a regional bank based in China’s north-western Xinjiang region has slashed its dividend by 20 per cent, bowing to pressure by the banking regulator for the nation’s banks to sacrifice their earnings to prop up their customers.Xinjiang Kashi Rural Commercial Bank Company, the first rural commercial bank listed on an over-the-counter market, has trimmed its 2019 annual dividend to 0.8 yuan on June 18, from 1 yuan per 10 shares, according to the bank’s filing to the National…

Read the original article at South China Morning Post