Amid Crisis, Shanghai Eyes New Momentum on Global Financial Center
China is preparing for its rise that will follow the financial crisis. Besides Zhou Xiaochuan's proposal to replace the USD with SDR as the world's reserve currency, the Chinese government is determined to finish the construction of Shanghai into a global financial center rivaling New York and London by 2020.
ICBC at the Top and Sitting Pretty
The Industrial and Commercial Bank of China (ICBC) has seen another golden harvest, even during the global financial drought. In 2008 its performance consolidated the bank's status as the world's largest by market value and it also became the world's most profitable.
Looming Bad Loans May Spell Trouble for Banks
As Chinese banks disclose their 2008 annual reports, the economic slowing's influence on bank loan quality is emerging. The Bank of Communications (BOCOM) reported a 40% net profit growth in 2008, but in the fourth quarter bad loans increased and asset quality declined.
Rabobank Saw Net Profit up amid Global Recession
The collectively-owned Dutch bank Rabobank reported on Thursday that its 2008 net profit rose 2 percent, supported by one-off gain from selling non-core assets. The bank saw its private loan portfolio grew, domestic market shares expanded in mortgages, savings and lending to small and medium-sized enterprises (SME).
January Credit Explosion Unsustainable
According to People's Bank of China (PBoC) statistics revealed yesterday, in January RMB loans grew 1.62 trillion yuan, almost twice of the growth in January, 2008. Lending in December and January equaled almost a half of the lending in all of 2008.
ICBC 2009 Loan Growth Booming
January of 2009 has passed, and the Industrial and Commercial Bank of China's (ICBC) new-lending plan for the year has already been half completed, with more than half of the loans going to bill financing.
Credit Expansion Continues in the First Half of January
High credit growth in November and December continued in January. By last weekend (January 16, 2009), the total credit scale of the banking industry reached almost RMB 900 billion. New lending of Industrial and Commercial bank o f China (ICBC), China Construction Bank (CCB), Bank of China (BoA), and Agricultural Bank of China (ABC) reached about RMB 170 billion, RMB 140 billion, over RMB 70 billion and more than RMB 40 billion, respectively.
China Banks' Foreign Investors: Float and Go
This round of foreign strategic investors reducing their holdings in China's formerly state-owned banks may be far from over. And the China Banking Regulatory Commission is deeply worried about it. At present, the Bank of China (BOC), China Construction Bank, and ICBC have at least 29.9 billion, 13.5 billion, 24.1 billion H-shares, respectively, owned by foreign capital in circulation, excluding those shares which have already been redeemed, the foreign investors are considering their positions, and lock-up periods have expired.
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