The H-shares index, initiated in August 1994 and readjusted on Sept. 7, 2009, tracks the overall performance of 44 major Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange.

The Hang Seng China H-Financials Index dropped 199.68 points, or 1.07 percent, to close at 18,510.51.

The H-Financials Index, initiated on Nov. 27, 2006, readjusted on Sept. 10, 2007, tracks the performance of nine major banks and insurers of the Chinese mainland.

The Hang Seng Mainland Composite Index went down 37.06 points, or 0.88 percent, to close at 4,159.36.

Introduced on Oct. 3, 2001 with the latest readjustment effective on March 9, 2009, the Hang Seng Mainland Composite Index gauges the performance of 132 Hong Kong-listed companies wi...]]> Finance Sat, 21 Nov 2009 02:13:15 +0800 /articles/09/1120/197902/MTk3OTAymGkgL8qJ.html BEIJING, Nov. 20 (Xinhua) -- Chinese equities ended the five consecutive gains on Friday, with the benchmark Shanghai Composite Index down 0.37 percent, or 12.27 points, to close at 3,308.35.

The Shenzhen Component Index fell 0.03 percent, or 4.4 points, to close at 13,695.15.

Combined turnover jumped to 325.66 billion yuan (47.89 billion U.S. dollars) from 320.20 billion yuan on the previous trading day.

Nine out of the total 28 shares in the ChiNext market for start-up stocks were up. Special Report:  Global Financial Crisis

The benchmark Shanghai Composite Index was up 0.53 percent, or 17.38 points, to close at 3,320.61. The Shenzhen Component Index increased 0.42 percent, or 57.20 points, to close at 13,699.55.

Combined turnover jumped to 320.20 billion yuan (47.09 billion U.S. dollars) from 233.04 billion yuan on the previous trading day.

All of the 28 shares in the ChiNext market for start-up stocks were up.

Four natural gas makes gained by their daily limits of 10 percent buoyed by expected price hike of natural gas.

Changchun Gas rose 10 percent to 9.63 yuan, and Shaanxi provincial natural gas co., Ltd ended at 24.02 yuan, up 9.98 percent.

Biopharmaceuticals companies advanced as the rising danger of flu pandemic was expected to raise vaccine demand. <...]]> Finance Thu, 19 Nov 2009 12:20:40 +0800 /articles/09/1119/197788/MTk3Nzg4QnQq3bCl.html BEIJING, Nov. 19 (Xinhua) -- China's National Development and Reform Commission (NDRC), the country's top economic planning agency, announced Thursday to raise the price of electricity for non-residential use by 2.8 cents (0.4 U.S. cents) per kilowatt hour on average nationwide, as of Friday.

Residential electricity prices would not be raised this time. However, they would be charged on a progressive basis in the future, which means prices increase with consumption, according to the NDRC.

China's power consumption in October rose 15.87 percent year on year to 313.42 billion kilowatt-hours, up for the 5th consecutive month since June.

Special Report:  Global Financial Crisis

The figures showed that total receipts of the gaming sector amounted to 111.17 billion patacas (14.7 billion U.S. dollars), of which receipts from gaming and related services amounted to 111.01billion patacas (14.5 billion U.S. dollars). Interest receipts dropped by 31.3 percent to 162 million patacas (20.5 million U.S. dollars).

Meanwhile, total expenditure of the gaming sector reached 57.99billion patacas (734 million U.S. dollars), up notably by 29.9 percent, with purchase of goods and commission paid soaring by 37.7 percent from 2007 to 32.95 billion patacas (4.17 billion U.S. dollars).

According to the figures, gaming sector's gross value added that measures the sectoral contribution to the economy also went up by 31...]]> Finance Thu, 19 Nov 2009 12:20:27 +0800 /articles/09/1116/197400/MTk3NDAwrPKn1qTc.html BEIJING, Nov. 16 (Xinhua) -- The ChiNext Index, China's start-up board for small and medium-sized enterprises to raise capital, closed flat on Monday as 14 out of 28 stocks were up and 14 were down.

The board, based in Shenzhen and started trading on Oct. 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential.

The benchmark Shanghai Composite Index, which covers both A and B shares, climbed 2.74 percent to 3,275.05 points. The Shenzhen Component Index added 3.28 percent to 13,699.68 points.

The amount of foreign direct investment China received climbed for the third consecutive month in October, up 5.7 percent year on year to 7.1 billion U.S. dollars, the Ministry of Commerce said here Monday.

The benchmark Shanghai Composite Index, which covers both A and B shares, climbed 2.22 percent to 3,258.43 points. The Shenzhen Component Index added 2.94 percent to 13,654.98 points.

U.S. dollar-denominated B shares at Shanghai Stock Exchange continued the bullish trend to rise 5.39 percent in the morning session, to close at 264.73 points.

The amount of foreign direct investment China received rose for the third consecutive month in October, up 5.7 percent year on year to 7.1 billion U.S. dollars, said Yao Jian, spokesman of the Ministry of Commerce here on Monday.

Protiviti, a U.S.-based business consulting and internal audit firm, is working with a number of companies that are preparing themselves to become public companies in helping them institute good risk management and corporate governance, and establish an internal audit function, according to Joseph Tarantino, CEO of Protiviti.

China reopened its IPO market in June after a 10-month halt due to the widespread global credit crunch. Although the market declined last year with the plunging stock markets, the country led the world in IPOs with 127 deals raising 17.9 billion U.S. dollars, according to the U.S. accounting firm Ernst & Young.

China has become the larges...]]> Finance Mon, 16 Nov 2009 07:20:54 +0800 /articles/09/1113/197150/MTk3MTUwSDVbYUY1.html BEIJING, Nov. 13 (Xinhua) -- Chinese equities rise slightly on Friday with the benchmark Shanghai Composite Index up 14.7 points, or 0.46 percent, to close at 3,187.65.

The Shenzhen Component Index rose 84.12 points, or 0.64 percent, to close at 13,264.4.

Combined turnover climbed to 274.8 (40.23 billion U.S. dollars) from 252.85 billion yuan on the previous trading day.

Of the ChiNext market for start-up stocks, 27 out of the total 28 went up.

Based on its latest survey of institutional investors, E&Y said China was the first IPO market to recover from the global recession. Over 75 percent of the respondents said they expected the market to recover in the third and fourth quarters this year.

China-based IPOs accounted for 65 percent of the funds raised globally during the third quarter this year. The trend was expected to be strong in China next year also, the survey said.

"The potential for continuing growth and higher safety in the market are the reasons for the funds flowing into the Chinese IPO market," the newspaper cited Ringo Choi, regional managing partner, China South at Ernst & Young, as saying.

BEIJING, Nov. 11 (Xinhua) -- Chinese shares opened slightly lower Wednesday, with the benchmark Shanghai Composite Index down 0.07 percent to open at 3,176.31 points.

The Shenzhen Component Index dropped 0.1 percent to open at 13,138.89 points. Special Report:  Global Financial Crisis

Yang Yi, spokesman with the State Council Taiwan Affairs Office,did not give the exact time and place for the signing of MOU.

Yang said in a press conference that "as for the location, time and form of signing, the Chinese mainland would have no problem," but he did not elaborate on the exact meaning of his words.

The signing of a cross-Strait MOU was a prerequisite for both sides to establish financial branches and buy shares in financial institutions, said Yang.

Wu Nengyuan, a scholar on Taiwan issues, said in March that details on financial cooperation could not be discussed until an MOU on establishing the cross-Strait financial supervisory mechanism was signed.

He believed the signing would "remove obstacles and lay a foundation for the signin...]]> Finance Wed, 11 Nov 2009 07:23:29 +0800 /articles/09/1106/196422/MTk2NDIyQ5Hku9MU.html BEIJING, Nov. 6 (Xinhua) -- Chinese shares opened higher Friday, with the benchmark Shanghai Composite Index up 0.67 percent to open at 3,176.14 points.

The Shenzhen Component Index added 0.72 percent to open at 12,994.51 points.

China would continue to adhere to the moderately easy monetary policy and endeavor to promote the stable development of the financial system, Guo Qingping, assistant governor of the People's Bank of China, the central Bank, said Thursday.

Liu Nenghua, vice chairman of the China Securities Regulatory Commission, said Thursday that the country would step up supervision efforts on the ChiNext exchange, a start-up board for small and medium-sized enterprises to go public.

Special Report:  Global Financial Crisis

Wang leapt 23 places to top the Forbes China Rich List after his fortune increased to 39.6 billion yuan (5.8 billion U.S. dollars). BYD, or Build Your Dream, soared after a unit of Warren Buffett's Berkshire Hathaway agreed to buy a 10-percent stake last year.

Liu Yongxing, president of the East Hope Group who topped the list last year, came in second with a fortune of 37.55 billion yuan. President of Zhejiang Wahaha Group Zong Qinghou came in third.

The total assets of China's 40 richest people doubled from 52 billion U.S. dollars to a record 106 billion U.S. dollars over the past year, Forbes said.

All the top 40 are billionaires, compared with just 24 billionaires last year.

The asset surge of China's super-rich was a sharp contr...]]> Finance Thu, 05 Nov 2009 12:21:56 +0800 /articles/09/1105/196334/MTk2MzM0CrWqWmRA.html BEIJING, Nov. 5 (Xinhua) -- Chinese equities closed mixed on Thursday.

The benchmark Shanghai Composite Index rose 26.52 points, or 0.85 percent, to close at 3,155.05.

The Shenzhen Component Index dipped 29.51 points, or 0.23 percent, to close at 12,901.70.

Combined turnover shrank slightly to 253.96 billion yuan (37.18 billion U.S. dollars) from 280.7 billion yuan on the previous trading day.

The ChiNext market for start-up stocks, which began trading on Oct. 30, rebounded with 26 stocks out of total 28 up following yesterday's rebounding. The board witnessed sharp losses on Tuesday and Monday.

The Shenzhen Component Index added 0.31 percent to open at 12,754.70.

The ChiNext exchange, the country's start-up board for small and medium-sized companies, continued to plunge at the opening with most stocks falling, after 20 of its 28 stocks down 10 percent, the daily limit, on Monday.

Special Report:  Global Financial Crisis

The benchmark Hang Seng Index opened down 2.57 percent at the day's low of 21,194.12, tracking losses on the Wall Street as investors worried about the hovering uncertainties over the economic recovery amid negative consumption news.

The blue chip index narrowed its losses to 1.72 percent by lunch break, and edged up further in the afternoon, partly helped by the strength of the Chinese mainland market. Turnover totaled 65.12 billion HK dollars (8.35 billion U.S. dollars), compared with last Friday's 76.35 billion HK dollars (7.79 billion U.S. dollars).

Analysts said they saw support for the Hang Seng Index at 21,000 and resistance at 22,000 or slightly lower positions, adding that the downside risks might be increasing.

Only six of the 42 blue chip stocks turned out gainer...]]> Finance Tue, 03 Nov 2009 02:22:42 +0800 BEIJING, Nov. 2 (Xinhua) -- Chinese equities closed higher on Monday, helped by the pharmaceutical sectors boosted by the flu epidemic, and Shanghai's ambitious plan for a Walt Disney park yet to be announced.

The benchmark Shanghai Composite Index gained 80.80 points, or 2.70 percent, to end at 3076.65. The Shenzhen Component Index added 418.49 points, or 3.40 percent, to close at 12715.65.

Combined turnover expanded to 254.17 billion yuan (37.22 billion U.S. dollars), from 217.03 billion yuan (31.78 billion U.S. dollars) on Friday. Special Report:  Global Financial Crisis

Local benchmark index once moved up 668.70 points, or 3.14 percent, challenging 22,000 points during the morning session.

Property shares became strong with Henderson Land and SHK Properties surging over 4 percent.

    As of the end of September, banks' average liquidity ratio, or cash held by these banks as a proportion of deposits, was 41.7 percent, well above the industry requirement of 25 percent, the China Banking Regulatory Commission (CBRC) stated on its website.

    But the statement underlined the necessity of enhancing liquidity risk management against the backdrop of the global financial crisis.

    In response to the nation's call to prop up the slowing economy amid the global financial crisis, Chinese banks advanced 8.67 trillion yuan (about 1.24 trillion U.S. dollars) in fresh loans in the first nine months of the year, more than doubling the amo...]]> Finance Fri, 30 Oct 2009 02:09:30 +0800 BEIJING, Oct. 23 (Xinhua) -- Chinese equities closed up 1.85 percent Friday as commodity producers rallied.

The benchmark Shanghai Composite Index increased 56.44 points, or 1.85 percent, to end at 3,107.85.

The Shenzhen Component Index rose 218.53 points, or 1.73 percent, to close at 12,843.21.

Combined turnover surged to 254.60 billion yuan (37.44 billion U.S. dollars) from 199.22 billion yuan on the previous trading day.Special Report:  Global Financial Crisis

The benchmark Hang Seng Index opened 0.36 percent lower at 22,237.37. It moved between 22,266.74 and 22,002.79 during the day's session and finished down 107.59 points at 22,210.52.

Analysts said they expect the benchmark index to consolidate near current levels and trade between 21,300 and 22,500 in the near term, after it hit a fresh 14-month high on Tuesday.

Turnover went up to 69.95 billion HK dollars (about 9.04 billion U.S. dollars) from Wednesday's 67.71 billion HK dollars (about 8.75 billion U.S. dollars).

China Enterprises Index went down 41.66 points, or 0.32 percent, to close at 12,959.93 points.

All four major stock categories lost. The properties sub-index became the biggest loser and dropped 1.61 percent. The utilities f...]]> Finance Fri, 23 Oct 2009 14:25:31 +0800 /articles/09/1022/194881/MTk0ODgxUvqvFK91.html BEIJING, Oct. 22 (Xinhua) -- Chinese shares opened slightly lower on Thursday morning, with the benchmark Shanghai Composite Index down 0.06 percent to open at 3,068.68.

The Shenzhen Component Index dropped 0.17 percent to open at 12,670.97.

The National Bureau of Statistics is set to announce some economic data for the third quarter on Thursday morning.Special Report:  Global Financial Crisis

BEIJING, Oct. 21 (Xinhua) -- Chinese exporters should brace themselves for a steady rise in the value of the yuan while the steep hiking of asset prices looks set to continue, say analysts studying the movements of "hot money."

Although the value of the yuan, China's currency, has hovered at around 6.83 to the U.S. dollar for the past several months, analysts say the rush of international short-term speculative funds has already begun with China's economy showing signs of improvement.

The country saw a massive exodus of hot money because of the global financial crisis in the fourth quarter of last year and the first quarter of this year, said Zhang Ming, an economist with the Institute of World Economics and Politics under the Chinese Academy of Social Sciences.

From the second quarter, the situation reversed with an influx of hot money, he said.

No official figures conc...]]> Finance Wed, 21 Oct 2009 07:19:52 +0800 /articles/09/1019/194533/MTk0NTMzOYEofF5v.html BEIJING, Oct. 19 (Xinhua) -- Chinese equities gained Monday, boosted by optimistic prospect in the country's economic growth, analysts said.

The benchmark Shanghai Composite Index gained 61.64 points, or 2.07 percent, to end at 3,038.27. The Shenzhen Component Index rose 449.9 points, or 3.74 percent, to close at 12,483.27.

Gainers outnumbered losers by 852 to 33 in Shanghai and 742 to 26 in Shenzhen.

Combined turnover increased to 226.76 billion yuan (33.2 billion U.S. dollars) from 166.45 billion yuan on the previous trading day.

China's economic growth exceeded 7 percent year on year in the first nine months this year, and it would not be a problem to reach the 8-percent target for the whole 2009, Xiong Bilin, official with the National Development and Reform Commission, said Monday.

An array of economic data, including gross domestic product growth for the third quarter, consumer price index and industrial outpu...]]> Finance Mon, 19 Oct 2009 12:23:05 +0800 /articles/09/1019/194519/MTk0NTE5kg9QmWXP.html BEIJING, Oct. 19 (Xinhua) -- Chinese shares opened slightly lower on Monday morning, with the benchmark Shanghai Composite Index down 0.07 percent to open at 2,974.64.

The Shenzhen Component Index rose 0.12 percent to open at 12,047.74. Special Report:  Global Financial Crisis

The benchmark Shanghai Composite Index dropped 3.16 points, or 0.11 percent, to end at 2,976.63.

The Shenzhen Component Index rose 23.19 points, or 0.19 percent, to close at 12,033.37.

Combined turnover shrank to 166.45 billion yuan (24.37 billion U.S. dollars) from 179.58 billion yuan on the previous trading day.

The benchmark Hang Seng Index tracked overnight gains on Wall Street to open above the 22,000 mark, but pared its gains in the afternoon to close slightly below the 22,000, with market heavyweight HSBC and the mainland banks leading the gains.

Turnover expanded to 79.95 billion HK dollars (10.25 billion U.S. dollars), compared with 64.56 billion HK dollars (8.28 billion U.S. dollars) on Thursday.

Three of the four major sub-indexes gained, with finance advancing 0.88 percent, utilities advancing 0.19 percent, and the commerce and industry, 0.29 percent. Properties shed 0.4 percent, making them the only losing category. Special Report:  Global Financial Crisis

Stockfly Securities, a mid-sized brokerage affiliated to China Aviation Industry Corp., planned to sell its 100 percent stake to "a major state-owned commercial lender with net assets not less than 300 billion yuan (about 43 billion U.S. dollars)", for 1.15 billion yuan, according to separate statements the firm's five shareholders posted at Tianjin Property Rights Exchange.

The move is a clear implication that CDB was eyeing to buy into the Beijing-based brokerage, as it is deemed to be the only prospective buyer possessing the requirement in the statement for sale, the newspaper said.

CDB, a policy bank that is seeking transformation into a commer...]]> Finance Thu, 15 Oct 2009 07:23:03 +0800 /articles/09/1014/193998/MTkzOTk4PAWBIAVQ.html

It is a long-awaited move to encourage VCs to bolster domestic companies' listings on the mainland, the newspaper said.

The China Securities Regulatory Commission (CSRC) said it would modify the regulations on measures for the administration of securities registration and clearing, which would enlarge the scope for investors. Under the new rule, companies under partnership could open trading accounts to sell shares on the openmarket.

The new measures could lift the legal barriers for VC firms under partnership to invest in companies that are to be listed. It was expected to boost the healthy development of private equity (PE) firms as well as the NASDAQ-style Growth Enterprise Board (GEB), the newspaper said, citing an official with the CSRC.

Previously, only individuals and spe...]]> Finance Wed, 14 Oct 2009 04:51:23 +0800 /articles/09/1013/193861/MTkzODYxYe0JQXuA.html BEIJING, Oct. 13 -- The operators of the main international airports in Shanghai and Hong Kong said yesterday they agreed to form a joint venture to manage Shanghai Hongqiao International Airport, which mostly handles domestic flights.

Shanghai Airport will pay 51 million yuan for a 51 percent stake in the joint venture, called Shanghai Hong Kong Airport Management Co. Airport Authority Hong Kong agreed to pay 49 million yuan for the remaining 49 percent stake, they said in a joint statement.

The stake structure would remain unchanged for 20 years from 2010.

During the signing ceremony, Han Zheng, mayor of the Shanghai municipal government, said Shanghai hoped the cooperation would allow the introduction of a sophisticated service and management experience at Hongqiao Airport, enabling it to develop into a highly competitive airport.

Tang Ying-yen, chief secretary for Administration of the Hong Kong Special Administrative Reg...]]> Finance Tue, 13 Oct 2009 07:15:51 +0800 /articles/09/1012/193776/MTkzNzc2GkEWN6Zq.html BEIJING, Oct. 12 (Xinhua) -- Chinese equities edged down 0.59 percent Monday after a near 5 percent rally on the previous trading day.

The benchmark Shanghai Composite Index fell 17.23 points, or 0.59 percent, to end at 2,894.48.

The Shenzhen Component Index lost 57.35 points, or 0.49 percent to close at 11,743.89.

Combined turnover rose to 155.64 billion yuan (22.89 billion U.S. dollars) from 145.52 billion yuan on the previous trading day.

Special Report:  Global Financial Crisis

The total amount of reserve saw an increase of more than 6.8 billion U.S. dollars over the previous month, it said.

Gains from reserve investment and appreciation of currencies such as Japanese yen and Euro against U.S. dollar contributed to the increase, local financial authorities said.

CECIC was supposed to offer short-term ECI covering at least 84 billion U.S. dollars in 2009, a target set by the State Council this May to provide more support to Chinese exporters amid the financial crisis.

The export volume with short-term ECI rose by 242.2 percent year on year this September. The ratio of exports with short-term ECI to the total exports had grown to 26.5 percent in this August from 2 percent in 2002, according to CECIC.

Founded in Beijing in December 2001, CECIC is China's only policy-oriented insurance company specializing in providing exporters with guarantees for payment risk in doing export or re-export from China by the w...]]> Finance Tue, 06 Oct 2009 02:19:53 +0800 BEIJING, Sept. 28 (Xinhua) -- The Ministry of Finance started selling Renminbi bonds worth 6 billion yuan (878.5 million U.S. dollars) in Hong Kong on Monday.

It is the first time the central government has issued yuan-denominated treasury bonds outside the Chinese mainland.

The sales period of the bonds will run from Sept. 28 to Oct. 20. Interest will be paid half a year based on its issuance date of Oct. 27, said the ministry.

An interest rate of 2.25 percent will be paid for the two-year bond, 2.7 percent for the three-year bond, and 3.3 percent for the five-year bond. Special Report:  Global Financial Crisis

The new company is set up with a registration capital of 30.6 billion yuan (4.5 billion U.S. dollars).

The benchmark Shanghai Composite Index lost 54.83 points, or 1.89 percent, to finish at 2,842.72.

The Shenzhen Component Index fell 2.97 percent, or 351.13 points, to close at 11,462.33.

Combined turnover also shrank, from Tuesday's 222.77 billion yuan to 191.61 billion yuan (28.18 billion U.S. dollars).

Losers outnumbered gainers by 760 to 107 in Shanghai and 662 to110 in Shenzhen.

Special Report:  Global Financial Crisis

The benchmark Shanghai Composite Index lost 1.12 percent, or 34.02 points to finish at 2,999.71.

The Shenzhen Component Index closed down 1.15 percent, or 143.37 points, to end at 12,294.88.

Aggregate turnover expanded to 262.21 billion yuan (38.39 billion U.S. dollars) from 253.84 billion yuan on the previous trading day.

Losers outnumbered gainers by 362 to 499 in Shanghai and 417 to 334 in Shenzhen.

Brokerage stocks dropped as investors opened fewer accounts for share trading for a sixth week. Data from China Securities Depository and Clearing Corp., showed China's investors opened a total of 324,856 accounts last week, down 11.21 percent from the first week in Sept, declining for the sixth week in a row from July. 31.

Citic Securities Co., the country's l...]]> Finance Wed, 16 Sep 2009 12:20:22 +0800 /articles/09/0915/191158/MTkxMTU4M65YIA7z.html HONG KONG, Sept. 15 (Xinhua) -- Hong Kong stocks reversed opening gains to close at 20,866.37 on Tuesday, down 65.83 points, or 0.31 percent, from Monday's closing.

Turnover for the half-day session totaled 30.99 billion HK dollars (3.97 billion U.S. dollars), compared with Monday's full- day 50.87 billion HK dollars (6.52 billion U.S. dollars).

The Shenzhen Component Index rose 0.17 percent to open at 12,406.06.

BEIJING, Sept. 15 -- Foreigners and locals who fail to pay off their business debts in Guangdong province after being ordered to do so in court may find their way out of China blocked at the border, thanks to a new regulation.

The rule, drafted by Guangdong High People's Court and Guangdong Provincial Department of Public Security, makes it possible to prevent heavy debtors from leaving the mainland.

It gives police officers the power to stop people at customs checkpoints if the deadbeat, or Laolai - a derogatory term in Chinese used for diehard debtors - tries to leave the country.

Guangdong was the first province in China to introduce such legislation. It came into effect on Monday and applies to both Chinese citizens and foreigners.

Any bad debtor from Guangdong who tries to leave China from other cities, such as Shanghai or Beijing, will find their way blocked there also because...]]> Finance Tue, 15 Sep 2009 02:19:24 +0800 /articles/09/0914/191025/MTkxMDI15d9nom9q.html  BEIJING, Sept. 14 (Xinhua) -- Chinese equities climbed to above3,000 point, approaching one month high after the benchmark index edged at 3,046.97 on Aug. 17.

The benchmark Shanghai Composite Index added 1.24 percent, or 36.95 points to finish at 3,026.74.

The Shenzhen Component Index rose 2.39 percent, or 288.8 points, to end at 12,385.06. Special Report:  Global Financial Crisis

    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...]]> Finance Sat, 12 Sep 2009 16:10:06 +0800 /articles/09/0910/190616/MTkwNjE2h7LMUPSC.html BEIJING, Sept. 10 (Xinhua) -- China Life Insurance Co, the country's largest life insurer, plans to acquire a stake in China Development Bank Corp (CDB) to match its long term liabilities and achieve a better synergy in resource allocation, China Daily reported Thursday.

The final deal is subject to regulators' approval and the final pricing terms, said the newspaper, citing China Life's chairman, Yang Chao.

Talks are "almost" complete, and terms are "very favorable" to China Life, Yang said, but he didn't give the size of the stake.

The insurer is also actively seeking equity investment opportunities in other big, unlisted corporations, according to Yang.

China Life's wooing of CDB is its latest attempt to make it a financial holding group with a strong core business and a diversified financial business, the newspaper said.

On Aug 26, Yang said the company was considering becoming the pre-IPO inv...]]> Finance Thu, 10 Sep 2009 07:40:30 +0800 /articles/09/0910/190568/MTkwNTY43dpRb5mS.html BEIJING, Sept. 9 (Xinhua) -- China's Ministry of Finance (MOF) said Wednesday it would issue 26.86 billion yuan (3.93 billion U.S. dollars) of three-year book-entry T-bonds Thursday, the 22nd batch of its kind this year.

The bonds have a fixed annual interest rate of 2.18 percent. The sales period will run from Sept. 10 to 14. The bonds will be tradable Sept. 16.

Interest will be paid on Sept. 10 every year, with the principal paid on maturity, namely Sept. 10, 2012.

The yuan's exchange rate stood at 6.8292 a U.S. dollar Wednesday, against 6.83 yuan the previous trading day.

The currency is allowed to float on the interbank market within a 0.5-percent band daily set by the People's Bank of China, the central bank.

The yuan so far has strengthened 17 basis points against the dollar over the past four trading days.

The dollar index, a gauge of the greenback's strength against a basket of key currencies, fell to 77.047 early Tuesday morning, its lowest point in a year.

On the market Wednesday, the yuan's exchange rate was 990.3 per 100 euros and it was also trading at 7.3913 for 100 yen. Special Report:  Global Financial Crisis

The move aims at expanding cooperation fields between China and foreign countries, innovating investment avenues and optimizing foreign investment structures, Chen said at the 13th China International Fair for Investment and Trade (CIFIT) in Xiamen, southeastern Fujian Province without saying when it will take effect.

China's used foreign direct investment (FDI) has declined consecutively for ten months since last October as a result of the global economic downturn. The country's FDI dropped by 20.4 percent year-on-year to 48.4 billion U.S. dollars in the first seven months this year, data from the Ministry of Commerce showed.

China will promote the opening-up of the ser...]]> Finance Wed, 09 Sep 2009 02:25:28 +0800 /articles/09/0909/190441/MTkwNDQx10OcPHNy.html HONG KONG, Sept. 8 (Xinhua) -- Hong Kong stocks went up on four consecutive days and finished over 21,000 points on Tuesday, tracking gains in Chinese mainland and U.S. markets and surge of mainland banks and heavyweight blue-chips.

The benchmark index surged 440.5 points, or 2.14 percent, to close at 21,069.81, after trading between 21,133.71 and 20,617.4 on Tuesday.

Turnover climbed up to 71.08 billion HK dollars (9.18 billion U. S. dollars) from Monday's 63.97 billion HK dollars (8.26 billion U. S. dollars).

The commerce and industry sub-index was the biggest gainers among the four major stock categories, closing 2.41 percent up. The finance rose 2.14 percent, properties gained 1.92 percent and utilities moved up 0.57 percent.

China Enterprises Index surged 296.51 points, or 2.48 percent, to close at 12,275.66 points.

Top gainers on Tuesday included Li & Fung which jumped 5.27 percent to end a...]]> Finance Wed, 09 Sep 2009 02:25:20 +0800 /articles/09/0908/190397/MTkwMzk3787GupD4.html HONG KONG, Sept. 8 (Xinhua) -- Hong Kong stocks surged 440.5 points, or 2.14 percent, to close at 21,069.81 on Tuesday.

Turnover climbed up to 71.08 billion HK dollars (9.18 billion U. S. dollars) from Monday's 63.97 billion HK dollars (8.26 billion U. S. dollars). Special Report:  Global Financial Crisis