President Hu Jintao offered US$900 million in preferential loans to Russia and four Central Asian republics to enhance economic cooperation and trade, state media said. Hu's offer came at the annual summit of the Shanghai Cooperation Organisation in Tashkent, where summit leaders from China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan inaugurated an anti-terror think tank. […]
Category: Banking & Finance
A Wenzhou-based consortium of nine private firms will seek regulatory approval to form a bank, according to a South China Morning Post report. The Sinorich Consortium has strategic partnerships with China Construction Bank, Agricultural Bank of China and the Shenzhen Development Bank. Consortium officials said that the proposed bank would have a registered capital of […]
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PBOC undertakes to work smarter
People's Bank of China Governor Zhou Xiaochuan said the central bank would intensify research to make better use of monetary and fiscal tools to enhance regulation of the financial sector. Speaking at the semiannual meeting of PBOC branch heads, he said branches should improve the management of foreign exchange to ensure the RMB exchange rate […]
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HKMA warns of big losses
Hong Kong Monetary Authority (HKMA) chief executive Joseph Yam hinted that the Special Administrative Region's Exchange Fund sustained big losses in volatile markets over April and May. He did not go into details. In May, Yam said the US$2.15 billion gained in 2004's first quarter had been wiped out in the April downturn.
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CSMC to cut cash dividends
CSMC Technologies said that it plans to use cash raised through its Hong Kong initial public offering for expansion purposes and will not issue cash dividends after the listing. In the 2003, CSMC paid US$13 million in dividends when its net profits totaled US$4.02 million. The firm also granted US$1.33 million worth of bonus shares […]