The Bank of Beijing, China’s biggest city lender, said the government’s easing of monetary policy would boost its earnings by US$3 million, the South China Morning Post reported. Bank of Beijing president Yan Xiaoyan said the government’s moves to cut 27 basis points in the benchmark lending rate and reduce the required reserve ratio for small- and medium-sized financial institutions would help his company hit its goal of 15% loan growth this year. The bank posted loan growth of 12.7% in the first half of 2008. Last month, three mid-sized banks – CITIC Bank, Shenzhen Development Bank and Bank of Nanjing – announced first-half growth figures of 162%, 91% and 126%, respectively.
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