China Economic ReviewBoashan Iron & Steel Co will cut prices of its major steel products in the fourth quarter in a long-awaited move to catch up with similar reductions made by global and domestic rivals, the Wall Street Journal reported. Analysts saw the move as a sign that steel prices in China, which have fallen by a […]
Just weeks after fellow state-run oil company China National Offshore Oil Corp failed to acquire US oil producer Unocal, China National Petroleum Corp (CNPC) has agreed to buy PetroKazakhstan for US$4.18 million in what is poised to be the country's largest-ever overseas corporate takeover. The deal is set to give CNPC access to an additional […]
The People's Bank of China announced Monday it was lifting domestic US and Hong Kong dollar deposit rates by 0.375 percentage point, the second increase since the revaluation of the yuan on July 21. The benchmark one-year deposit rate for US dollars goes up to 2%, while the rate for Hong Kong dollars rises to […]
Baoshan Iron and Steel Co's warrants surged on their debut Monday as institutional investors moved to secure the first warrants traded in China since 1996. The company's warrants closed at US$0.16, 84 % higher than the reference price set by the Shanghai Stock Exchange. Analysts said this release could serve as a benchmark for what […]
DBS and Deutsche Bank will purchase 10 billion shares in Guangdong Development Bank (GDB) at a price of US$2.18 billion but will not take a controlling stake, state media reported. According to China Business News, the Guangdong government plans to inject US$2.47 billion into GDB to maintain its control, while People's Bank of China intends […]