An effective cap on Initial Public Offering prices at the Shanghai Stock Exchange has concentrated value gains in the primary market, where investors such as mutual fund managers have rushed to take advantage of IPO subscriptions prior to listing firms’ debuts and raked in subsequent gains in the secondary market as the shares are spurred higher by a […]
Category: Banking & Finance
The slowing economy appears to have hit Agricultural Bank of China, the country’s fourth-largest bank by assets, as profits for last year undershot analysts’ forecasts by growing only 8% to RMB179.5 billion (US$28.94 billion), South China Morning Post reported, citing comments from the bank’s chief risk officer Song Xianping. The bank saw a jump in its non-performing loans, from 1.29% at […]
The Obama administration is proposing a partnership between the China-led Asian Infrastructure Investment Bank and Washington-backed outfits like the World Bank as key US allies including the UK, Germany and France have lined up to become founding members of the new infrastructure fund, The Wall Street Journal reported. The collaborative approach is designed to steer the […]
The People’s Bank of China said it had auctioned seven-day reverse-purchase agreements at 3.65%, down from 3.75% in addition to rolling over RMB350 billion (US$750 billion) of loans extended to banks in December in an attempt to boost liquidity, with the cost of one-year swaps falling Tuesday to 6.63%, Bloomberg reported, citing the bank and an […]
The cost of interbank borrowing in China hit its highest mark for the year so far as the seven-day repurchase rate averaged 4.41% to date despite two benchmark interest-rate reductions and a lowering of banks’ reserve requirement ratio in the past four months, Bloomberg reported. Premier Li Keqiang told reporters Sunday the government would act if […]