A 20% stake in ICBC Credit Suisse Asset Management Co Ltd, the only finance deal, was acquired by a state-owned commercial lender for ¥258 billion from a central government-owned enterprise.

Those related to manufacturing were the most listed with 12 worth a combined ¥210 million offered over the week.

Source: http://www.china-cbn.com/s/n/000004/20091109/000000133544.shtml

The report said China's full year economic growth would reach 8.3 percent, compared with Asian Bank's forecast of 8.2 percent in September and HSBC's 8.1 percent this week.

As the economy rebounded, both investor and consumer confidence would rise in the fourth quarter, which would further strengthen the economic recovery.

The National Bureau of Statistic said last week China's purchase management index rose to 55.2 percent in October, an increase of 0.9 percentage points from the previous month, indicating the economy was on an upward trend.

As developed countries showed more signs of economic recovery, China's exports would pick up with trade surplus expected to reach250 billion U.S. dollars this year, said the report.

Automobile sales in t...]]> Business Tue, 03 Nov 2009 09:20:33 +0800 /articles/09/0929/192638/MTkyNjM467juSTz7.html

The People's Bank of China (PBC), the central bank, will try to keep both the sustainability and stability of the policy, the committee heard at its third-quarter meeting Tuesday.

The PBC would guide reasonable growth in money and credit and maintain sufficient liquidity in the banking system, committee members agreed.

The committee decided to optimize credit structure by supporting the development of rural areas, and small and medium-sized enterprises.

They also agreed to expand credit for consumption on the premise that domestic consumers could play a great role in pushing economic growth.

Meanwhile, credit to high energy-consuming and environment-polluting industries would be strictly controlled, they agreed. 

China would consider the purchase to diversify its reserves if the price was right and the potential return was relatively high, the report said, citing an unidentified government source.

There was no indication China was seeking to buy all of the gold on offer, the report said.

The IMF board approved the sales, valued at about $US13 billion ($15bn), pledging to avoid disrupting the market with the transactions and saying it would "stand ready to sell gold directly to central banks".

A People's Bank of China official declined to comment.

"It's very possible that China buys from the IMF and it's also possible the country buys all of it given its vast forex reserves and relatively low gold holdings," Qu Mingyi, a gold dealer at the Bank of China said. Buying by central ban...]]> Business Mon, 21 Sep 2009 17:14:14 +0800 /articles/09/0912/190880/MTkwODgwmEnCyJVo.html

New lending in August rose to 410.4 billion yuan, up more than 50 billion yuan from July, and about 139 billion yuan more than a year ago, according to the People's Bank of China, the central bank.

The August figure brought new yuan-denominated loans in the first eight months to 8.15 trillion yuan, 5.04 trillion yuan more than the same period last year.

Loans to resident sector, driven by the booming real estate market and the hike in auto sales at home, rose to 251.3 billion yuan in August, up about 201 billion yuan year on year, accounting for more than 60 percent of the new loans.

The BOCOM report forecast a monthly new loan volume of between 300 billion and 400 billion yuan for the rest of the year in Chi...]]> Business Sat, 12 Sep 2009 14:52:59 +0800 /articles/09/0903/189940/MTg5OTQwEP6iGBhb.html China's biggest four commercial as well as government-owned banks extended ¥165.8 billion in loans in August, more than the market had previously expected, unnamed internal sources have said. Bank of China (SHA: 601988, HKG: 3988) lent ¥72.2 billion, taking its total loans through the eight months to ¥1.1 trillion as the top lender. Industrial & Commercial Bank of China (SHA: 601398, HKG: 1398), the world's largest lender by market value, extended ¥38.1 billion in August, taking its total loans through the eight months to almost ¥900 billion. The central bank started tightening bank lending in July after it surged an astonishing 201% in the first half of 2009 fuelling a 7.1% economic expansion. The July figure was ¥355.9 billion, down sharply from over ¥1.5 trillion in June.

$1 = ¥6.8

Source: http://finance.sina.com.cn/roll/20090903/02213042796.shtml

The wholesale price index reflects changes in the prices of commodities traded among enterprises on wholesale markets.

The index was 0.8 percent up in July month on month, indicatingthe fifth straight month of increase since March.

In the first seven months, the wholesale price index dipped 6.8 percent year on year.

The price of capital goods in July dipped 9.5 percent from the same period last year, but rose 0.8 percent month on month. The price of consumer goods dipped 4.3 percent year on year, but climbed 0.6 percent month on month.

The price of iron ore dived 33 percent year on year, but rose 2.6 percent month on month. The price of steel went down 29.9 percent year on year, but up 3.7 percent month on month. Business Fri, 14 Aug 2009 14:51:51 +0800 /articles/09/0812/187521/MTg3NTIxS6JniWsh.html

China Construction Bank (Asia) will buy 100 percent of AIG Finance (Hong Kong) Ltd.. This is China Construction Bank's first overseas acquisition in three years.

China Construction Bank (Asia) is the wholly owned banking unit acquired from Bank of America Corp. in 2006.

AIG Finance is one of the largest credit card issuers in Hong Kong.

After the purchase of AIG Finance, China Construction Bank (Asia) would have nearly 200 billion HK dollars of business fixed assets in Hong Kong and Macao and about 2,000 staff, according to China Construction Bank.

Widely anticipated earnings reports from two banks at the epicenter of the financial crisis came in ahead of Wall Street expectations Friday, with Bank of America (BAC) outperforming Wall Street expectations modestly and Citigroup (C) suprising analysts by posting a big profit instead of an expected loss—albeit on a big gain from the sale of a piece of its its Smith Barney unit.

Citigroup shares were up 3% in early trading Friday. Bank of America's shares fell 0.7%. The overall stock market appeared headed for a pullback after a huge rally this week.

After paying preferred dividends, Citigroup earned $3 billion, or 49 cents per share. It lost $2.86 billion, or 55 cents per share, during the same quarter last year.

Analysts forecast a loss of 37 cents per share for the quarter.

The New York-based bank recorded an after-tax gain of $6.7 billion on the sale of a majority stake in its Smith...]]> Business Fri, 17 Jul 2009 18:27:30 +0800 /articles/09/0715/184210/MTg0MjEwC0OEe1aQ.html Business Wed, 15 Jul 2009 08:46:05 +0800 /articles/09/0702/182476/MTgyNDc2grcR5GBK.html China said Thursday it opposed part of a landmark U.S. bill to cut greenhouse gas emissions, saying tariffs should not be imposed on countries that do not cut emissions.

"We are firmly against such attempts to advance trade protectionism under the pretext of climate change," Vice Foreign Minister He Yafei told reporters in Beijing.

The U.S. House of Representatives narrowly passed sweeping legislation Friday that calls for the nation's first limits on pollution linked to global warming. One provision could impose tariffs on imports from countries that do not make similar cuts.

"It is not conducive to world economic recovery and it serves nobody's interest," He said of that proposal.

The U.S. bill must still pass the Senate, and President Barack Obama has expressed reservations about the tariff measure. The Obama administration wants the bill passed by the end of the year, when negotiations for a new international agreement to reduce...]]> Business Thu, 02 Jul 2009 08:03:07 +0800 /articles/09/0625/181491/MTgxNDkxpCKGGITI.html

There had been positive changes in the economic situation, but the foundation of a recovery was not stable and many uncertainties remained, the committee said in a statement on the PBOC website.

Gross domestic product grew 9 percent in the third quarter of 2008, but growth then slumped to 6.8 percent in the fourth quarter and further to 6.1 percent in the first quarter of 2009.

The National Bureau of Statistics posted an article on its website on Tuesday, in which it estimated the economy grew 8 percent in the second quarter this year.

The PBOC committee said it would maintain "continuity and stability" in monetary policy and guide "reasonable growth" in money supply and credit. 

This will give CMB a presence in nearly all advanced regions across the country. The bank was one of the first Chinese lenders to foray into the high-end wealth management sector by offering comprehensive banking and financial planning services to individual customers who have assets of at least 10 million yuan.

Other Chinese lenders plan to follow suit. Bank of Communications, which has opened five private banking branches in major Chinese cities including Beijing and Shanghai, announced it will expand into more provinces and cities this year with outlets in Jiangsu, Henan, Hubei, Shanxi and Qingdao.

The Agricultural Bank of China and Shanghai Pudong Development Bank are also considering entry into the new market in the near future.

Indus...]]> Business Wed, 24 Jun 2009 15:04:07 +0800 /articles/09/0624/181012/MTgxMDEyJ3FLdsAN.html April is Auto Crime Enforcement Month in British Columbia. Here are the top five reasons the Insurance Corporation of British Columbia says your vehicle could be targeted by auto thieves, and some simple tips to prevent this from happening:

The total asset value was 6.95 trillion yuan by the end of last year, up 16.03 percent from a year ago. The bank's liability rose 16.63 percent to 6.46 trillion yuan.

The bank attributed the profit rise to the increase in its business revenue, cost saving and the income tax reduction.

The bank issued 3.3 trillion yuan of loans in 2008, up 15.63 percent year on year, and the bank's deposit jumped 15.95 percent to 5.1 trillion yuan, BOC said.

Its core capital adequacy ratio was 10.81 percent, a high level among its peers, as a result of its continuous efforts in stepping up risk control, the bank said.

The bank also raised its provision coverage ratio to 121.72 percent last year to prevent risks from non-performing loans. That's 15.35 percentage points high...]]> Business Wed, 25 Mar 2009 08:41:08 +0800 /articles/09/0317/178431/MTc4NDMx76dLv0YL.html

The growth rate was 15.9 percentage points lower than that of 2007.

The number of new credit cards issued in 2008 reached 142.3 million, up 57.7 percent from the previous year.

The PBOC said point-of sales terminals and automatic teller machines increased 663,900 and 39,900, respectively, to 1.85 million and 167,500.

Bank card transactions reached 127.2 trillion yuan (18.6 trillion U.S. dollars) last year, up 14.1 percent year-on-year, the PBOC said.

Guo said cross-border trading activity would benefit from the move. He said the project was likely to be extended to other cities if the pilot project succeeds.

Zhou Xiaochuan, governor of the People's Bank of China or the central bank, had told reporters last week that details of the yuan-settlement process would be released soon without elaborating.

Settling trade deals using the yuan was positive news for Hong Kong-owned mainland factories and this would help control foreign exchange volatility risks, said Stanley Lau, vice-chairman of the Federation of Hong Kong Industries.

Overseas companies would now be able to settle their trade deals in Hong Kong, Lau said, adding the new arrangement would attract more foreign companies to set up shop in Hong Kong.

"They may not need to set up...]]> Business Wed, 11 Mar 2009 04:17:51 +0800 /articles/09/0311/177623/MTc3NjIznfU5BXqT.html Business Wed, 11 Mar 2009 01:48:09 +0800 /articles/09/0310/177512/MTc3NTEyWhKNXaTh.html
]]> Business Tue, 10 Mar 2009 05:23:42 +0800 /articles/09/0309/177316/MTc3MzE28udf7Emo.html Business Mon, 09 Mar 2009 01:44:01 +0800 /articles/09/0309/177313/MTc3MzEzNKik6xWZ.html Business Mon, 09 Mar 2009 01:20:55 +0800 /articles/09/0306/177090/MTc3MDkwFa14WE12.html Business Fri, 06 Mar 2009 09:19:20 +0800 /articles/09/0304/176777/MTc2Nzc35OBAoJrC.html

Liu Shiyu, vice-governor of the People's Bank of China (PBOC), said the country will "enhance support to the financial sectors for economic growth".

"We will enhance the 'window guidance' and inform financial institutions of the (right) meaning of the central government's macroeconomic regulation to guide reasonable loan extensions," the central bank said in a statement on its website.

The country is expected to face severe challenges as the global financial crisis is still worsening, the statement said.

The central bank has also urged local bank branches to strengthen "window guidance" to ensure ample liquidity to support the country's drive to stimulate economic growth.

Last year, the country's new yuan loans amounted to 4.9 trillion yuan, 1.3 trillion y...]]> Business Wed, 04 Mar 2009 03:58:55 +0800 /articles/09/0227/176273/MTc2MjczSIy0ao5d.html

The money will be used to expand the coverage of rural credit to support the country's agriculture. It will also ensure funds for loans for agriculture-supporting programs over the year, Dingsaid at a bank meeting here.

By the end of February, the ADBC had accumulatively issued more than 1 trillion yuan worth of bonds, making it the third largest bond issuer in China's interbank market, said Ding. It entered the interbank market in 2005.

The ADBC gained profits of 20.4 billion yuan in 2008, up 5.5 billion yuan, or 37 percent year on year.

The joint meeting will formulate policies to promote the development of loan guarantee services, set up a management and supervision system for such services and direct local governments to undertake supervision and risk management.

The government ordered local governments to take measures in line with local conditions to ease financing difficulties for small and medium-sized enterprises, the circular said.

Many borrowers in China use the services of guarantors, who charge fees for their participation.

The meeting will make regulations that cover how loan guarantors are established, how much they can lend and how they will be supervised. The regulations should be submitted to the State Council for approval.

The joint meeting is being organized by th...]]> Business Tue, 10 Feb 2009 04:26:21 +0800 /articles/09/0206/173488/MTczNDg4KCKve891.html

ICBC, the country's largest bank, said Thursday it extended 117.1 billion yuan (17 billion U.S. dollars) of new loans last month, 22 percent of the amount for the whole of 2008.

It noted that 69.3 billion yuan, or 59 percent of the total, was lent to infrastructure projects including railways, roads, power grid and nuclear power stations.

Late last year China urged local lenders to increase credit to support its 4 trillion yuan (586 billion U.S. dollars) stimulus package aimed at spurring economic growth.

China's economy grew 6.8 percent year-on-year in the fourth quarter of last year, down from 9 percent in the third quarter and10.4 percent in the first half. The sharp slowdown dragged down the growth for 2008 to a 7-year-low of 9 percent.

The bank also reported a big profit and decline...]]> Business Fri, 06 Feb 2009 10:29:07 +0800 /articles/09/0206/173411/MTczNDExrOcSoHcx.html
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The illegal banks were uncovered in a five-month joint operation between the MPS, the People's Bank of China and the State Administration of Foreign Exchange, in eastern Fujian and Jiangxi provinces and southern Guangdong Province.

The ministry did not give an exact number of cases, but said the illegal operations involved 100 billion yuan (14.6 billion U.S. dollars).

According to the MPS, underground banks served as an important channel for money laundering and illegal foreign exchange deals. Such operations had "seriously disturbed China's domestic finance and foreign exchange market order."

The Ministry vowed to step up efforts in cracking down on illegal banking operations in the future and warned the public to keep away from such operations.

In December last year, the cou...]]> Business Fri, 09 Jan 2009 14:17:24 +0800