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Macao's credit cards in circulation up 4.11% in Q2

Macao saw the total number of personal credit cards in circulation went up by 4.11 percent quarter-to-quarter to 383,246 in the second quarter of 2010, according to the figures released on Thursday by the Monetary Authority of Macao. Of the credit cards, the numbers of pataca ...

ICBC says first half profits up 27% on loan surge

Industrial and Commercial Bank of China (ICBC), the world's largest commercial lender by market value, Thursday reported first-half profits rose 27.3 percent year on year, boosted by increase of loans and fee revenues from financial services. Net profits totaled 85 billion yuan ...

China Development Bank launches securities unit

China Development Bank (CDB), one of China's main policy banks, launched its securities unit CDB Securities on Wednesday with registered capital of 2.37 billion yuan (350 million U.S. dollars). CDB recently received approval from the China Securities Regulatory Commission (CSRC) ...

Hang Seng China Enterprises Index down 0.52%

The Hang Seng China Enterprises Index on the Hong Kong Stock Exchange lost 59.57 points, or 0.52 percent, to close Thursday's trading at 11,436.22. The H-shares index, initiated in August 1994 and readjusted on Sept. 7, 2009, tracks the overall performance of 44 major Chinese ...

Insurance sector assets totaled US$672 bln at end of July

The assets of China's insurance sector totaled 4.57 trillion yuan (672 billion U.S. dollars) at the end of July 2010, the nation's insurance regulator said Monday. Premium revenue of the sector during the first seven months of the year totaled 903.91 billion yuan. Of that, 670.14 ...

Banks' outstanding syndicated loans up 12.4%

The Chinese Loan Syndications and Trading Association (LSTA) said Sunday its 49 members had 2.08 trillion yuan (306.3 billion U.S. dollars) in syndicated loans outstanding at the end of June, up 12.4 percent from the end of 2009. China Development Bank (CDB), Industrial and ...

China to continue moderately easy monetary policy

The People's Bank of China (PBOC), or the central bank, announced Friday it would continue the country's moderately easy monetary policy while making it better-targeted and more flexible in the coming months of this year. The PBOC made the announcement in its report on China's ...

Taiwan banks get nod to establish branches in Chinese mainland

The China Banking Regulatory Commission said on Thursday that it has given approval for the first four Taiwan-based banks to set up branches in the mainland. The four banks were the Land Bank of Taiwan, First Commercial Bank, Taiwan Cooperative Bank and Chang Hwa Bank.

China slightly increases U.S. debt holding in July

China, the largest holder of U. S. Treasury debt, slightly added its holdings in July, said the U. S. Department of Treasury on Thursday. China's holdings of Treasury securities rose to 846.7 billion U. S. dollars in July, an increase of 0.36 percent from June, according to the ...

Supervision on 'grass-root' financial firms urged

Economic experts suggested Thursday that Chinese state-owned banks should be authorized to supervise "grass-root" financial companies, the entities which provide small loans to grass-roots businesses. Liu Kegu, consultant for the China Development Bank and also a member of ...

China UnionPay appoints Kenyan bank agent in East Africa

Kenya's Equity Bank has signed up with the China UnionPay to allow its customers in Kenya and throughout East Africa to make transactions from Equity's ATMs and Points of Sale. China UnionPay cards will be accepted at Equity Bank's 700 ATMs, 5,000 Points of Sale and over 1,000 ...

China to float 28.26b yuan of ten-year book-entry T-bonds

China will float 28.26 billion yuan ($4.2 billion) of ten-year book-entry treasury bonds from Thursday in a two-day sale, the Chinese Ministry of Finance said Wednesday. The bonds will have an annual interest rate of 3.29 percent and become tradable Sept 21. Interest on the bonds ...

Regulators to set floor for brokerage fees

China's securities regulator plans to set rules that brokerage trading commissions should not fall short of business cost, the China Securities Journal reported on Thursday, citing unidentified sources. The Securities Association of China is now seeking opinions on the draft ...

China UnionPay, MasterCard sign cooperation deal

China UnionPay and MasterCard Worldwide announced Tuesday that they have signed a Memorandum of Understanding for future business development. The agreement seeks to set up a cooperation mechanism for both sides and the two companies plan to form working groups to discuss and ...

China Union Pay appoints Kenyan bank agent in E Africa

Kenya's Equity Bank has signed up with the China Union Pay to allow its customers in Kenya and throughout East Africa to make transactions from Equity's ATMs and Points of Sale. China Union Pay cards will be accepted at Equity Bank's 700 ATMs, 5,000 Points of Sale and over 1,000 ...

Central China city blacklists 10 companies for defaulting

Central China's Changsha city, capital of Hunan province, blacklisted 10 defaulting companies and their legal representatives Wednesday to prevent them from making additional purchases prior to paying off their existing debt, a spokesman with Changsha Intermediate People's Court ...

Chinese banks' forex surplus tops US$26.6 bln in July

The surplus of Chinese banks' foreign exchange purchases to sales in transactions with clients in July reached US$26.6 billion, revealed statistics of the State Administration of Foreign Exchange (SAFE) Tuesday. In July, China's institutional and individual clients sold 114.2 ...

China Tin group seeks public float in A-share market

China Tin Group, which has the largest tin reserves in the country, is seeking a public offering in the A-share market early next year, said a top company executive. Li Yangtong, chairman of Guangxi Nonferrous Metals Group, which owns China Tin, said the parent company would ...

Online banking fails to shine

Li Xin, a 35-year-old white-collar worker in Beijing likes the idea of accessing and managing multiple bank accounts through a single website. But he is not sure about opening a new account due to the higher bank charges. The central bank recently launched its second-generation ...

HSBC set to boost mainland presence

Sensing significant potential for business expansion thanks to China's fast growing trade ties with neighboring countries and accelerated efforts to internationalize the renminbi, HSBC Holdings is set to boost its presence in the country, a top company executive said. "In ...
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China slams Japan's NHK governor's denial of Nanjing massacre
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Super car club in commercial drive
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China's banks must evolve or perish
China's banks must evolve or perish
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Injured star short-track skater Wang Meng left out of China's squad for Sochi
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