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PBOC slaps tailor-made reserve ratios on banks

Central bank has imposed differentiated reserve requirement measures on some small- and medium-sized domestic banks as part of its quest to tame inflation, the China Securities Journal reported on Friday. Citing sources it did not name, the newspaper said the People's Bank of ...

Internationalizing the RMB: Perceptions and Realities

In August, 2010, China began a pilot program in Hong Kong to offer channels for foreign investors to buy Renminbi (RMB) assets. The program, currently still limited to bonds, allows holders of offshore RMB deposits to invest in China's A-share stock market. Back in May 2008, the ...

Industrial Bank to buy 51.18% of Union Trust Limited

Industrial Bank Co., Ltd. announced Thursday to buy a 51.18-percent stake of Union Trust Limited for 852 million yuan (129.39 million U.S. dollars). The Fuzhou-based bank got approval for the deal from China Banking Regulatory Commission on Feb. 1, said the bank in an online ...

HKEx eyes possible global alliances

The Hong Kong stock exchange, the world's most valuable market operator, said it will consider international alliances after Deutsche Boerse and NYSE Euronext announced plans to form a global trading powerhouse. Deutsche and NYSE said they are in advanced talks to form a ...

China Unionpay card overseas transactions rise 44% during holiday

China Unionpay Co., the world's largest credit card company in terms of number of cards issued, said Thursday its overseas transactions grew robustly during this year's Spring Festival holiday, which lasted from Feb. 2 to 8. The value of overseas transactions using the China ...

Official: Increase global ties

Chinese futures exchanges should increase cooperation with overseas futures institutions and play a more significant role to influence international commodity prices in 2011, Liu Xingqiang, president of Dalian Commodity Exchange, told China Daily. Futures exchanges in the country ...

Macao's lending to private sector grows 4.9%

Macao's domestic loans to local private sector grew at a significantly faster pace last December, with its value increasing by 4.9 percent over the previous month to 130.5 billion patacas (16.31 billion U.S. dollars), according to the figures released on Wednesday by the Monetary ...

Marex opens office in Hong Kong

Marex, the international specialist derivatives and FX brokerage firm, today announces that it has opened an office in Hong Kong, following the receipt of a Type 2 licence from the Hong Kong Securities & Futures Commission. This development is an important step in further ...

Hong Kong to provide yuan IPOs this year

Yuan-denominated initial public offerings (IPO) are expected to be launched in Hong Kong this year for the first time as the city attempts to boost its role as the offshore yuan settlement center. Hong Kong's stock exchange and the securities regulator are preparing for the ...

China's banking industry expects growth during 12th Five-Year Plan

Despite profound changes in the global economy, China's banking industry expects steady growth during the 12th Five-Year Plan (2011-2015), a senior banker said Saturday. China's steady and relatively fast economic growth is expected to lay a solid basis for the development of the ...

Growth of SME loans outpaces credit to large firms

Lending to China's small and medium-sized enterprises (SMEs) rose faster than loans to large enterprises last year, according to the People's Bank of China (PBOC), the central bank. Outstanding loans to small enterprises by banks and financial institutions jumped 29.3 percent ...

Playing with sharks

Fang Liwen lent his friend 400,000 yuan ($59,523) in January at an interest rate of 11 percent a month or 30 percent over six months. His friend runs a small logistics company in Yancheng, a prefecture-level city in northeastern Jiangsu Province. "I grew up with my friend in that ...

CDB aims for German expansion

China Development Bank (CDB), the large State-owned lender, is among the four final bidders for a buyout of Germany's troubled WestLB AG bank, the Wall Street Journal reported over the weekend, citing an unnamed source. Under the direct supervision of the State Council, China ...

Central bank raises priority of price controls

China's central bank said late Sunday that it would raise the priority of keeping overall price levels under control in 2011 by adopting a prudent monetary policy. "Controlling overall price levels will be higher up the agenda in 2011, while the financial system should be kept ...

China to open currency swap businesses for bank customers

China will launch currency swap business for bank customers beginning March 1, in a move to help enterprises hedge against exchange rate risks, the country's foreign exchange regulator said Sunday. China began currency swap business in the interbank market in August 2007, and the ...

Some China banks stop lending as January quota hit

Some of China's major banks have stopped lending as they have already reached their January lending quotas, the China Securities Journal reported Friday citing banking sources. "Branches of a state-owned commercial bank were notified by their head office to stop making new loans ...

Yuan trade barriers coming down

Zhou Xiaochuan, China's central bank governor, pledged to remove domestic policy barriers to promote the yuan's use in cross-border trade settlements and outward investments by Chinese enterprises. However, Zhou said the government does not have any predetermined goal for the ...

Shanghai banks lax over rule

Most banks in Shanghai have yet to implement the new requirement of a 60 percent down payment on a second-home purchase. The State Council, China's Cabinet, on Wednesday said banks should increase the down payment ratio from the previous 50 percent to curb speculation in the ...

CBRC updates credit card rules

China's credit card turnover reached 5.1 trillion yuan in 2010. The China Banking Regulatory Commission (CBRC) has tightened the rules on the issuance and use of credit cards to limit misuse in the business. The CBRC ruled that minors under 18 may not have a bank credit card ...

Close eye on bank lending

China's central bank will closely monitor bank lending this year and assign different reserve requirement ratios for commercial lenders based on their capital strength, the Shanghai headquarters of the People's Bank of China said in a statement Wednesday. The statement confirmed ...
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