China Economic ReviewThe China Securities Regulatory Commission (CSRC) approved the Zhengzhou Commodity Exchange for trading in cotton futures beginning June 1, according to a Shanghai Securities News report citing exchange sources. The report said that the regulatory approval was granted in March. The exchange reportedly set the minimum size of each contract at five tons and the […]
Bank of China announced that its non-performing loan (NPL) ratio decreased to 16.3% by the end of 2003. The state bank said that massive debt write-offs caused a 51% decline in net profits for the year. Bank of China announced that international accountancy firm Pricewaterhouse Coopers was prepared to verify its reported NPL ratio, which […]
China's banking regulator said it would investigate loans for calcium carbide and ferroalloy projects amid concerns of over-investment and construction duplication in the industries. The China Banking Regulatory Commission's (CBRC) inspection follows an order from the State Council in Beijing calling for a consolidation of enterprises in the high polluting and high energy consumption sectors. […]
Malaysia's biggest bank, Maybank, announced plans to expand services in China after it recently won approval to offer renminbi loans to foreign customers. The bank said it was planning a major expansion of its services in the coming five years and was optimistic it would gain a resident bank license, enabling it to offer loans […]
Standard and Poor's credit ratings agency reduced its estimate of non-performing assets in China's banking sector to about 40% of total system loans at the end of 2003, down from 45% six months earlier. S&P officials said in a teleconference that the next round of non-performing loans (NPLs) was likely to come from overstretched small- […]