Capital-Injected Agricultural Bank Faces Further Challenges
Beijing's decision to speed up rural development has finally gotten the share reform program of the Agricultural Bank of China (ABC) approved by the State Council. Now whether ABC will become a successful commercial bank will depend largely on how it services the government's investment in agriculture.
China Implements Basel II Ahead of schedule
While governments around the world fret about their banking sector's bad debts and banks here and there fall or are nationalized, the Chinese government has announced that it will further push banks into the market to compete. The China Banking Regulatory Commission (CBRC) last week issued the first batch of supervision regulations under Basel II (the Basel Capital Accord), including IBR (Internal Rating Based Approach), which is relative to calculation of CAR (Capital Adequacy Ratio), other calculation rules, technical standards, and regulatory requirements.
Amid Crisis, ICBC Ready to Compete with New Branch on Wall Street
As the Dow Jones Index experienced its biggest single day tumble in the recent 20 years, the Industrial and Commercial Bank of China (ICBC) finally got to open its New York branch. Now the feelings of US markets toward Chinese institutional investors, and vice versa, are quite different from what they were one year or even several months ago.
National Pension Fund to Take Stake in China Development Bank
The National Council for Social Security Fund (SSF) is planning to put 20 billion to 30 billion yuan into China Development Bank (CDB) as a strategic investor. SSF will become CDB's first strategic investor. Rumor has it that PetroChina and China National Offshore Oil Corporation may also take stakes.
BoA's Sweet Affair with CCB
BoA's holding accounts for 8.19% of CCB's total. As the stock closed yesterday at HK$4.45 per share, the total market value of these shares stands at HK$85.142 billion, around US$11 billion. BoA's book gain is nearly US$8 billion.
Top Chinese Bankers Show Support to US Bailout Plan
As the world turns to China for the confidence of economic growth, China is hoping the US congress to pass the $700 billion bailout plan decisively since it has been anxious on the security of its hundreds of billions of dollar-dominated assets.
Japanese Jumping Back into Wall Street as China Sits and Watches
The Japanese financial firms' decisive moves will discomfit their Chinese rivals. After all, China Investment Corporation (CIC), China's sovereign wealth fund, already bought a 9.9% stake in Morgan Stanley for $5 billion , but has not only not gained a seat on the board, its investment has lost much of its value. And the stake CIC acquired in Black Stone for $ 3 billion has also suffered, about a 50% book loss.
Wall Street Havoc Shocks Chinese Banks, Regulators
China's banking authorities have been rocked by Wall Street's financial crisis and are worried about the risks facing Chinese banks and financial institutions. Analysts repeat that the crisis has perhaps only begun and may worsen. The China Banking Regulatory Commission (CBRC) has issued risk indicators and has called for financial institutions to pay attention to changes in the macroeconomic situation at home and abroad.
Nervous PBoC Relieved,for Now, over Fannie-Freddie Takeover
The news that the US government has taken over leviathan mortgage guarantors Fannie Mae and Freddie Mac has greatly relieved a People's Bank of China (PBoC) hoping and praying its huge stash of Fannie and Freddie bonds haven't tanked. Chinese investors might take a bit of confidence over the news, also.
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