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Dispatches: Chinese banks set up shop Down Under

UK insurer Prudential continued talks over the weekend to restructure its troubled purchase of American International Group Asian life-insurance unit, people familiar with the matter said, but the huge deal, crucial to both insurers’ future, still hangs in the balance. (Wall Street Journal)

China’s leviathan top-five banks have set up shop in Australia in a growing engagement with local lenders that contrasts with the aggressive Chinese ownership strategy they are funding in the resources sector. (The Australian)

China has postponed a plan to introduce credit default swaps to its domestic market after regulators objected and senior officials vetoed the proposal following discussion over the derivatives’ contribution to the global financial crisis. (Financial Times)

About 18 per cent of college graduates in the country said they will accept a job without pay for up to six months, a survey released by the Beijing Youth Stress Management Service Center on Sunday showed. (Asia One)

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