Chinese Banks' Loss in CMS a "Black Swan" Event ?
China has long touted its commitment to the development of markets for financial derivatives, but has just as long shied away from actually opening anything serious. Regulators seem to see those critters as awfully slippery and prone to do as much damage as good. Unfortunately, their darker instincts have proven true, at least for one instrument going around China these days and helping domestic participants pile up big losses.
August 18th,2008
Agricultural Bank of China to Receive $20 Billion Injection
Lacking of a proper business model, the Agricultural Bank of China's (ABC) reform program has made little headway in the past several years. Now, however, to kick reform efforts into gear ABC is to receive a $20 billion capital injection from Central Huijin Investment Company, a subsidiary of China Investment Corporation, China's sovereign wealth fund.
August 15th,2008
PBoC Allows Banks 5% Lending Increase
China's monetary and supervisory authorities are loosening credit limits in the second half of the year. Commercial banks have received notice from the People's Bank of China (PBoC) saying that the credit limits for the second half of the year are to be raised by 5%. This number is lower than the expected 400 billion yuan, indicating PBoC's preference for monetary policy "tight with proper adjustment".
August 5th,2008
CDB Defies Regulators, Keeps New Barclays Stake
Snubbing rejection by the Chinese government, China Development Bank (CDB) has completed its new acquisition of shares in Barclays Bank, investing STP136 million to ensure its original stake of 3.1% in the UK bank would not be diluted. The move was greatly surprising, and revealed unsuspected gumption in the formerly state-owned bank's decision-making process.
July 27th,2008
Imprudent Loans Coming Back to Haunt Chinese Banks in Slowdown
While the shareholding reform for Chinese banks, launched in 2003, has been seen as successful, China's banking industry has not yet been tested by a complete economic cycle. In the present economic slowing, China's financial supervisory authorities are worrying about a rebound of the bad old day's bad loan ratio on the banks' books.
July 25th,2008
China Aims to Ease Small and Medium Enterprises' Credit Woes
While the policy makers in Beijing are still debating about whether to control inflation or to maintain the employment rate, they have at least reached consensus on one matter: since small and medium private enterprises have contributed 70% of China's new employment, these enterprises should enjoy favorable credit policies.
July 22nd,2008
Chinese Firms, Banks May Get Bitten Big by CMS
In what must rank as a classic, a textbook example of a lack of proper risk management, an unknown number of Chinese companies and banks have exposed themselves to the risks of a financial instrument new to China, and trouble is already on the loose. The total exposure could be as high as 300 billion yuan. The Chinese banking regulator has sent out an alert but refuses to give details on where the risk lies.
July 19th,2008
A New Chair of CICC May Handle Morgan Stanley's Exit
Li Jiange, vice director of the Development and Research Center of the State Council, and former vice chairman of the China Securities Regulatory Commission (CSRC), will be appointed as chairman of the China International Capital Corporation (CICC). It is rumored that he might help Levin Zhu Yunlai, CEO of CICC with their separation from Morgan Stanley.
July 15th,2008
Government Moves To Legitimize Underground Lending in Zhejiang
In Zhejiang Province, with the most developed private companies and private capital in China, the government is trying to legitimize private capital, and set up small-sum loan companies to connect private capital with capital-hungry private companies.
July 14th,2008
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