China is to set up a China Banking Regulatory Commission, South China Morning Post said. The responsibilities of the new body have not yet been officially announced, but it is expected to take over the function of monitoring banks from the People's Bank of China, leaving the central bank to focus on broader macro-economic issues […]
Category: Banking & Finance
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New head for central bank
Zhou Xiaochun, chairman of the China Securities Regulatory Commission (CSRC), is to take over the job of governor of the People's Bank of China. The former governor, Dai Xianglong, is stepping down to become mayor of Tianjin, according to South China Morning Post. The newspaper also said that Gao Xiqing had been removed from his […]
Domestic companies raised Yn64bn from share sales in the first 11 months of 2002, according to the China Securities Regulatory Commission. This amount was 10 per cent less than in the same period of 2001. Revenue from share transactions sank 62 per cent to Yn10.5bn. The decline was a result of a drop in share […]
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ICBC on target for listing
Jiang Jianqing, president of Industrial and Commercial Bank of China (ICBC), China's biggest commercial bank, told Caijing magazine that between June 1999 and the end of 2002, his bank had reduced its ratio of non-performing loans by 22 percentage points to 25.7 per cent or Yn700bn of its Yn2,900bn outstanding loans portfolio. The bank aimed […]
Non-performing loans at the big four stateowned commercial banks rose by 3 per cent to Yn2,374bn between December 2001 and June 2002, according to a report compiled by US investment bank Salomon Smith Barney. Over the same period, the banks reported a drop in the ratio of bad loans to assets from 29 to 28 […]