The Shanghai branch of the People's Bank of China reported that foreign banks invested US$240m in Shanghai during the first six months of this year, according to Reuters. "Foreign banks in Shanghai have an almost universally optimistic view of their China operations and of China's prospects for maintaining quick economic growth," said the bank. China […]
Category: Banking & Finance
The Industrial and Commercial Bank of China has said that it will give greater lending priority to small and medium-sized enterprises. The approval process will be simplified and lending requirements for small enterprises lowered. Secondary branches of the bank would also have the power to make lending decisions of up to Yn50m. About 90 per […]
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Reserves climb to US$243bn
China's foreign exchange reserves at the end of June totalled US$242.76bn, reflecting a year-on-year growth rate of 34 per cent, said central bank governor Dai Xianglong. The average monthly growth rate of US$5.1bn over the first six months of the year was just over twice as large as the US$2.54bn achieved in the same period […]
The Industrial and Commercial Bank of China's volume of trading via the internet reached Yn1,000bn in the year to June 18, more than five times that of the same period of last year, Xinhua reported. The bank said that it had invested heavily in electronic financial systems and had upgraded its internet banking system four […]
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Banks move to extend services
China's banking and securities regulators have approved the Industrial and Commercial Bank of China to sell closed-end mutual funds through its 28,300 outlets nationwide. ICBC and the Bank of Communications have already been given permission to sell open-end mutual funds. China's Commercial Bank Law of 1995 prohibits banks from running different kinds of services under […]