China

China bad debt seen to soar to 60% of bank equity

China bad debt seen to soar to 60% of bank equity

Analyst say intervention of Central Huijin to shore up the banks shows that banks’ financial health is deteriorating.

Liquidity risk management for Chinese banks to be enhanced

China's banking regulator has begun soliciting public opinions on a new draft in a bid to improve banks' liquidity risk management and safeguard the safety and stability of China's banking system, reports Xinhua News.

Banks Urged To Rethink Traditional IT Security Practices

Banks and financial institutions should rethink their traditional network security practices as mobile devices proliferate, bandwidth demand expands and new cyber threats emerge, according to Fortinet, a leading network security provider.

Banks to bail out Wenzhou firms

Eleven work groups have been sent to oversee a bank bailout of private firms suffering from a liquidity crunch in a coordinated move to tackle the Wenzhou debt crisis.

Shares of Chinese banks rally after Huijin purchase

Shares of China's banks rallied Central Huijin Investment Ltd started buying shares in the four major State-owned banks. But analysts said that the small increase in the benchmark Shanghai exchange index will not extend into a long-term rally. They said that it was only a short-term rebound in the A-share market, which fell to a 30-month low of 2,344.79 on Monday. Industrial and Commercial Bank of China Ltd gained 1.5 percent in Shanghai, the most in six weeks. China Construction Bank Corp, Agricultural Bank of China Ltd and Bank of China Ltd all climbed more than 2 percent The four banks did better in Hong Kong, where they are also listed, with ABC jumping 12 percent and the other three rising at least 5.8 percent. Central Huijin Investment Ltd, set up to hold government stakes in the banks, raised its holdings in the big four banks in the secondary market on Monday after the banks' valuations dropped below the level hit during the financial crisis in 2008. Central Huijin said it will continue with "related market operations" over the next 12 months. But it didn't say how much it will invest and whether it will buy the shares in Hong Kong or Shanghai. "The move by Central Huijin is a signal that the government has decided to take measures to prop up the stock market," said Wang Jianhui, chief economist with Southwest Securities Co Ltd. "But the effect will be limited because what investors worry most about are the fundamentals of the Chinese and global economies, which have not shown signs of improving." Xu Guangfu, an analyst with Xiangcai Securities Co Ltd, was more optimistic. He estimated that the rally would continue for as long as two months, with the index increasing 200 to 300 points. An analyst with a major foreign investment bank in Shanghai, who declined to be identified, interpreted Central Huijin's purchase as a move to raise its ownership, motivated by concern that the banks' repeated offerings will dilute its holdings.

Central Huijin buys China’s Big 4 stocks

The sovereign wealth fund’s support for state-owned banks spurred HKSE rally.

ABC's cross border RMB settlement reaches 121B by end of August

The Agricultural Bank of China recorded cross-border RMB settlement volume of RMB121 billion by end of August, including an increase of RMB89.15 billion or increase rate of 1156% in 2011.

ICBC's aggregate assets overseas surpass US$100B

ICBC's aggregate assets in overseas subsidiaries rose 37.2% over the end of 2010 to USD 103.869 billion at the end of June. In the January-June period of 2011, overseas subsidiaries of ICBC posted a USD 735 million pre-tax gain, rising 43.0% year-on-year and chalking another historic high. As related by an executive with ICBC, up to end of June, the Bank has 220 overseas subsidiaries in 29 countries/regions and a global network of 1,516 correspondent banks in 134 countries/regions spreading over five continents of Asia, Africa, Europe, America and Australia for the better delivery of services to customers in different markets across the world.

Agribank allays fears of additional capital raising

The lender sticks to its promise not to seek a rights offer to raise additional capital within two years from its IPO.

ICBC electronic banking reach turnover of over RMB100T in 1st half

ICBC electronic banking posted a turnover of over RMB 100 trillion during the first six months of this year, up 21.8% year-on-year. Of which, turnover of Personal Internet Banking and Mobile Banking rose 37.1% and 387%. ICBC keeps on top of the domestic league table.

ICBC rolling out a variety of services during first week of October

ICBC, with an aim to provide a variety of financial services to all customers, has formulated a range of special service solutions and taken various measures to improve the quality of services this year's Golden Week of "October First".

ABC launches full fund centralization reform scheme

The new-generation asset and liability management system developed independently by Agricultural Bank of China Limited has been formally rolled out.

ICBC Registers Over RMB 400 Billion in Turnover from Cross-Border Renminbi Business in H1 2011

ICBC saw a strong growth trajectory in its RMB business, with a turnover in the first half of 2011 trebled last year's to RMB 406 billion, RMB 280.4 billion in cross-border RMB settlement, RMB 120.6 billion in trade finance.

ABC Strives to Build the Largest Financial Service Network in Tibet

The 209 outlets of Tibet Branch of Agricultural Bank of China Limited has been interconnected.

ABC firms up support for Xinjang development

Chinese banks and neighbor banks should enhance cooperation between Asia and Europe amd the rapid development of Xinjang, said Mr. Che Yingxin, Chairman of the Agricultural Bank of China.

Hua Nan inks deal with China Merchants Bank

The Taiwanese bank seeks to benefit from MOU with the Chinese bank to expand its operations in the Mainland.

Chinese banks' profits surged 34.5% to RMB 899.09b in 2010

Total assets also increased by 19.9% to a whopping RMB 95.3 trillion as of end-2010.