The Dalian and Tianjin branches of Korea Exchange Bank, Chohung Bank, Shinhan Bank and Industrial Bank of Korea have been permitted to offer yuan currency services to Korean clients in these cities, Korea Herald said. The decision was made during a meeting in Beijing between Korea’s Minister of Finance and Economy, Jeon Yun-churl, and Zeng […]
Category: Banking & Finance
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Bad loans getting worse
Chinese banks’ percentage of non-performing loans is twice the 25-30 per cent estimated by the central bank and the banks themselves are making the problem worse, according to a report issued in May by international ratings agency Standard & Poor’s. The agency said that domestic credit increased dramatically in the second half of the 1990s, […]
Over-the-counter retail debt trading is to be launched with a pilot scheme at some 400 outlets of the major state-owned banks in Beijing in June, China Securities Journal said. Debt trading for retail investors, a long expected move to shore up the debt market and reduce bank risks, is intended to create a liquid debt […]
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Banks told to disclose earnings
All banks and other lenders in China, both domestic and foreign-owned, must from now on issue annual financial statements, according to a directive issued by the People’s Bank of China. It did not specify whether the reports should be based on domestic or more stringent international accountancy standards. Bloomberg said the move was prompted […]
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Job market under pressure
A quarterly survey of employment conducted by the Ministry of Labour and Social Security showed that China’s 62 major cities had 1.45m registered unemployed in the last quarter of 2001 and 1.09m jobs available for them. Xinhua said that unemployment was highest in north-east China and that most of the unemployed who found jobs were […]