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☆ China's property crisis is bleeding into its banking sector, which is being asked to prop up developers
▼ + stars: | 2024-03-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's property crisis has impacted the country's biggest banks, increasing non-performing loans. Beijing is urging banks to boost financing for "white list" property developers to help the sector. Despite the crisis, Chinese banks say they have sufficient buffers to manage risks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crisis has hit the books of its biggest lenders, which are reporting an uptick in non-performing loans.

Persons: —, Agricultural Bank of China — Organizations: Service, Industrial, Commercial Bank of China, Bank of, China Construction Bank, Agricultural Bank of China, Business Locations: Beijing, Bank of China, China

☆ Global bank ranking removes Unicredit and moves up UBS, China banks
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Nov 27 (Reuters) - The Financial Stability Board (FSB) on Monday removed Italy's UniCredit (CRDI.MI) from the list of global systemically important banks and moved three banks, including Switzerland's UBS (UBSG.S), up a bucket. UniCredit, which was the only lender in Italy among those deemed as being of global systemic importance by the FSB, had no comment. UBS moved up a bucket after earlier this year taking over Credit Suisse in the first merger of two systemically important banks. Agricultural Bank of China and China Construction Bank also moved up from bucket 1 to bucket 2.

Persons: Dado Ruvic, Italy's, Noele Illien, Giulio Piovaccari, Louise Heavens, Sharon Singleton Organizations: REUTERS, Rights, UBS, UniCredit, Credit Suisse, China's Bank of Communications, Agricultural Bank of, China Construction Bank, Thomson Locations: Italy, Agricultural Bank of China

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Chinese officials urge calm after Evergrande fears reportedly spark small bank run
▼ + stars: | 2023-10-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Depositors lined up at the bank in Cangzhou, in Hebei province, to withdraw their money, according to photos and videos circulated online this week, prompting an appeal for calm by officials. The bank has a statement from the city government posted at its entrance, assuring the public that their deposits are safe, Yicai said. It was unclear how many depositors took part in the bank run or how much they withdrew. Central Huijin Investment, an arm of China’s sovereign wealth fund, bought tens of millions of shares in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China, according to separate stock exchange filings made by the banks. The best performer has been China Construction Bank, which was up 5.6% in Hong Kong and 2.7% in Shanghai.

Persons: Hong Kong CNN —, ”, Evergrande, Xu Jiayin, Yicai, Weeks, ’, —, Martha Zhou Organizations: Hong Kong CNN, Police, CNN, Bank of Cangzhou, Bank, Huijin Investment, Bank of China, Agricultural Bank of, China Construction Bank, Industrial, Commercial Bank of China Locations: China, Hong Kong, Cangzhou, Hebei province, city’s, Beijing, Henan, Bank, Agricultural Bank of China, Shanghai

☆ China's 'Big Four' banks rally after state wealth fund boosts stake
▼ + stars: | 2023-10-12 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Bank of China is one of the major state-owned banks in China. China's sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country's biggest banks late Wednesday in what is seen as a move to renew confidence in its stock market. Bank Of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank shares rose between 2.43% and 4.73% in early trading on Thursday, while the broader CSI 300 index gained 0.69%. Central Huijin boosted its stake in each lender by 0.01 percentage point for the first time since 2015. Investor confidence in China's stock markets has been shaken by turmoil in its real estate sector as property giants such as Evergrande and Country Garden struggled to repay debt.

Persons: Hao Hong Organizations: of, Central Huijin Investment, Bank Of China, Agricultural Bank of China, Industrial, Commercial Bank of, China Construction Bank, Central Huijin, Grow Investment, Investor, Garden, CSI Locations: of China, China, Shanghai, Commercial Bank of China, Central

☆ China’s timid bank buying sends rescue signals
▼ + stars: | 2023-10-12 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The call was partly answered on Wednesday evening by Central Huijin Investment, though not quite in the way it was hoped. The state fund boosted its controlling stakes in the Big Four lenders by just a few basis points. It spent a 477 million yuan ($65 million) on Industrial and Commercial Bank of China (601398.SS), (1398.HK), China Construction Bank (601939.SS), (0939.HK) and Bank of China (601988.SS), (3988.HK), and Agricultural Bank of China (601288.SS), (1288.HK). It’s a tiny amount but Central Huijin said it plans to keep adding over to the next six months to its holdings already worth 2.5 trillion yuan. The state fund is the biggest shareholder in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China.

Persons: Huijin, Central Huijin, Xi Jinping’s, Una Galani, Thomas Shum Organizations: Reuters, Central Huijin Investment, Big, Industrial, Commercial Bank of China, HK, China Construction Bank, Bank of China, Agricultural Bank of China, outflows, of International Finance, Huijin Investment, Agricultural Bank of, Thomson Locations: HONG KONG, China, Beijing, Central, Hong Kong, China’s, Bank, Agricultural Bank of China

☆ Three major China banks to lower rates on existing first-home mortgages
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Three of China's major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans. Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), Agricultural Bank of China (601288.SS) and Bank of China Ltd (BOC) (601988.SS) said in statements. China's home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks' total loan books. ($1 = 7.3232 Chinese yuan)Reporting by Ziyi Tang and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Ryan Woo, Edwina Gibbs Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Agricultural Bank of China, Bank of China Ltd, BOC, Thomson Locations: Beijing, China, Rights BEIJING

☆ Russia says it will not let foreign banks exit the market easily — unless they unfreeze Russian assets
▼ + stars: | 2023-09-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's deputy finance minister said the country will not let foreign banks exit the market easily, per Reuters. Russia's decision to allow the banks to leave will "depend on the decision to unfreeze Russian assets," he said. It is not clear how many of these Russian assets were frozen by Western banks. AdvertisementAdvertisementMoiseev said at the Friday forum that there's one foreign bank applying to sell its assets in Russia, per Reuters. That jumped to nearly $10 billion at the end of March 2023, per the FT.AdvertisementAdvertisementRussia's finance ministry, Kyiv School of Economics, Bank of China, Industrial & Commercial Bank of China, China Construction Bank, and Agricultural Bank of China did not immediately respond to requests from Insider for comment.

Persons: Alexei Moiseev, Vladimir Putin's, it's, —, Moiseev, Raiffeisen Organizations: Reuters, Service, Yale University, Raiffeisen, Kyiv School of Economics, Bank of China, Industrial, Commercial Bank of, China Construction Bank, Agricultural Bank of, Financial Times, Agricultural Bank of China Locations: Russia, Wall, Silicon, Russian, Ukraine, Moscow, Commercial Bank of China, China, Agricultural Bank of China

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

☆ Chinese banks to cut existing mortgage rates as property crisis deepens
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +5 min

The reduction in existing mortgage rates will come amid several other property, economic and market support measures Beijing has announced over the past few weeks, as concerns mount about the health of the world's second-largest economy. Chinese lenders were widely expected to cut interest rates on existing mortgages after the PBOC earlier this month said that it would guide commercial banks to do so. The central bank's proposal to cut rates, which came after a wave of early repayments of mortgage debt, aims to reduce the interest rate costs for homebuyers and to boost consumption in a slowing economy. Adjusting existing mortgage rates is conducive to easing pressure on banks from mortgage prepayment, Lin Li, vice president of Agricultural Bank of China Ltd (601288.SS), the country's No.3 lender by assets, said earlier on Tuesday. Cutting deposit rates could help banks to maintain a proper level of NIM, one of the sources said.

Persons: Tingshu Wang, Zhu Qibing, Lin Li, Fu Wanjun, NIM, Xiangming Hou, Rong Ma, Tang, Ryan Woo, Selena Li, Sumeet Chatterjee, Alex Richardson, Sharon Singleton Organizations: Agricultural Bank of, REUTERS, Bank, BEIJING, People's Bank of China, Reuters, HK, BOC International China, Citigroup, Agricultural Bank of China Ltd, Agricultural Bank, China's, Thomson Locations: Agricultural Bank of China, Beijing, China, Hong Kong

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

July 13 (Reuters) - Qingdao city in China's debt-laden Shandong province has set up a company to bail out its cash-strapped local government financing vehicles (LGFVs), sources said, as regional governments rush to reduce debt risks in a wobbly economy. The government of Qingdao and the China Development Bank did not reply to Reuters' requests for comment. While no LGFV in China has defaulted in the public markets, cases of delinquencies in the private debt market are increasing, worrying Beijing. Tianjin LGFV bonds yield more than 514 bps over government bonds, compared with 200 bps for Shandong bonds, reflecting the elevated risks. Fund manager Zhou said although he is bullish on LGFV bonds, "the first priority is to be absolutely diversified in investment.

Persons: Qingdao's, Xi Jinping, LGFVs, Goldman Sachs, Zhai Jianye, Zhai, It's, Zhou Tingzuo, Ning Yong, Zhou, Samuel Shen, Jason Xue, Tom Westbrook, Vidya Ranganathan Organizations: Dongdin Industrial Group, China Development Bank, Southwest Securities, Agricultural Bank of China, China Construction Bank, Commercial Bank of China, SS, Shoupu Fund Management Co, Ning Yong Fu Fund Management, Thomson Locations: Qingdao, China's, Shandong, China, Shandong LGFVs, Beijing, Big, Jinan, Weifang, Liaoning, Hunan, Shanghai, Tianjin, Singapore

☆ China regulator asks banks to respond to bearish Goldman report -Bloomberg News
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - China's financial regulator has asked banks to respond to a Goldman Sachs report published last week that downgraded ratings on some Chinese banks and raised questions over the whole sector, Bloomberg News reported on Wednesday. Goldman said in a report last week it had downgraded Agricultural Bank of China (601288.SS), Industrial and Commercial Bank of China and Industrial Bank(601166.SS), sending Chinese banking stocks tumbling. The Wall Street bank said Chinese banks could not maintain a good balance of provisions, capital and dividends at the same time as their earnings have been squeezed. The National Administration of Financial Regulation communicated with several of the largest Chinese banks and told them to respond appropriately without giving specific guidance, Bloomberg News reported citing sources. Last Friday, China's state-backed Securities Times said in an editorial the Goldman Sachs downgrade of lenders to "Sell" ratings was based on "pessimistic assumptions".

Persons: Goldman Sachs, Goldman, Gursimran Kaur, Sonali Paul Organizations: Bloomberg, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, National Administration of Financial, Securities Times, Thomson Locations: China's, Bengaluru

☆ Goldman's China banks downgrade based on 'pessimistic assumptions' - state media
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 7 (Reuters) - Goldman Sachs' (GS.N) downgrade of some major Chinese lenders to "Sell" ratings is based on "pessimistic assumptions," state-backed Securities Times said in an editorial on Friday, as worries over the banking sector deepen amid a rocky economy. "It is not advisable to be bearish on the fundamentals of Chinese banks based on pessimistic assumptions, and to a large extent there is a misinterpretation," the newspaper said. Chinese bank shares listed in Hong Kong tumbled after the report was released. Investors are concerned about Chinese banks' exposure to local government debt, earnings risks stemming from such debt, and diverging fortunes among individual banks, Goldman said in the report. Chinese policymakers are stepping up efforts to boost infrastructure investment and are tackling hidden local government debts, the Securities Times said.

Persons: Goldman Sachs, Goldman, Ella Cao, Bernard Orr, Ziyi Tang, Jamie Freed Organizations: Securities Times, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, Investors, Thomson Locations: BEIJING, Hong Kong

☆ Hong Kong stocks slump on worries about Chinese banks, US interest rates
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. Financial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. Sentiment in Hong Kong markets was also affected by the Fed’s hawkish rate outlook.

Persons: Goldman Sachs, Xi Jinping’s, ” “, ”, Stephen Innes, Janet Yellen, Biden, Korea’s Kospi Organizations: Hong Kong CNN, US Federal Reserve, Asia Pacific . Financial, Mainland Banks Index, Commerical Bank of China, Industrial Bank, Bank of China, Bank of Communications, Huaxia Bank, US, Nikkei Locations: Hong Kong, Asia, Mainland, “, China, Beijing, Shanghai

☆ China bank shares slump in Hong Kong after Goldman downgrades
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 5 (Reuters) - Chinese banking shares listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded top lenders including Agricultural Bank of China (AgBank) in a report that raised questions over the sector's financial health. Meanwhile, Industrial and Commercial Bank of China (ICBC) and Industrial Bank (601166.SS) were both downgraded from "Buy" to "Sell". Agbank shares fell roughly 3% in Hong Kong, on track for their biggest one-day loss in nearly two months. In its report, Goldman said it expects Chinese banks' dividend yields would come in at 4-6% this year, two percentage points lower than before the adjustment. The bank also revised down pre-provision operating profit estimates for large Chinese banks by 5-6% this year and next.

Persons: Goldman Sachs, Goldman, Agbank, Himani Sarkar, Kim Coghill Organizations: Agricultural Bank of China, Mainland Banks Index, Industrial, Commercial Bank of China, Industrial Bank, Shanghai, Thomson Locations: SHANGHAI, Hong Kong, Mainland, ICBC's Hong Kong, China

The People's Bank of China, which typically issues guidance on dollar deposit rates to state banks, did not immediately comment on the matter. The lenders - Industrial and Commercial Bank of China (601398.SS), , Bank of China (601988.SS), , Agricultural Bank of China (601288.SS), , China Construction Bank (601939.SS), and Bank of Communications (601328.SS), - did not immediately respond to requests for comment. The lower rates could both discourage households from putting savings into higher-yielding dollar deposits and nudge Chinese firms, especially exporters, to settle foreign exchange receipts in yuan. The latest cut in dollar deposit rates was the second in barely a month. Some currency traders also said the cuts in dollar deposit rates would ease pressure on commercial lenders' net interest margin, as banks' dollar deposit rates had risen above lending rates before the recent adjustments.

Persons: Ken Cheung, Banks, PBOC, Winni Zhou, Samuel Shen, Jindong Zhang, Rong Ma, Ryan Woo, John Geddie, Edmund Klamann Organizations: People's Bank of China, Industrial, Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Traders, U.S, Mizuho Bank, Reuters, Thomson Locations: SHANGHAI, BEIJING, China, United States, China's, Shanghai, Beijing, Tokyo

☆ China plays it safe with new central bank chief
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters Breakingviews) - The new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources. The appointment of Pan, who has since 2015 also run the State Administration of Foreign Exchange (SAFE), is a surprise. It’s unlikely Pan will deviate much from the current monetary policy trajectories, even if he helms both the party secretary and governor roles.

Persons: Pan Gongsheng, –, Pan, Yi Gang, helms, Yawen Chen, ’, George Hay, Pranav Kiran Organizations: Reuters, People’s Bank of China, Communist Party, Saturday, Street Journal, State Administration of Foreign Exchange, Committee, Cambridge, Harvard, Agricultural Bank of China, U.S ., Twitter, KKR, Thomson Locations: United States, Hong Kong, Shanghai, China

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China IPOs are uncoupling from Wall Street too
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Increasingly it is detaching from Wall Street too. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. The landmark IPO coincides with signs that Wall Street’s small position in the market is shrinking further. Syngenta’s blockbuster IPO will be an awkward new milestone for Wall Street already facing life in China’s second tier.

Persons: Beijing’s, It’s, Dealogic, Xavier Niel, Pete Sweeney, Thomas Shum Organizations: Reuters, Agricultural Bank of, Shanghai Stock Exchange, HK, BOC, Citic Securities, Twitter, Brookfield, Thomson Locations: MUMBAI, Agricultural Bank of China’s, Hong Kong, China’s, Una

☆ China's state-run banks cut deposit rates to stimulate sluggish economic growth
▼ + stars: | 2023-06-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Six Chinese state-run banks cut their deposit rates, Bloomberg reported. On Thursday, institutions such as Industrial & Commercial Bank, Agricultural Bank of China, and Bank of China lowered rates by 15 basis points for three-year and five-year deposits and by 10 basis points for two-year rates, Bloomberg reported. Additionally, on-demand deposit rates dropped by 5 basis points, falling to their lowest level since 1996, The Financial Times said. By lowering deposit rates, banks can expect reduced costs, leading towards diminished lending rates. But according to Bloomberg, expectations are rising of further policy changes that may incite economic growth.

Persons: — Organizations: Bloomberg, Service, Commercial Bank, Agricultural Bank of China, Bank of, Financial Times, FT Locations: China, Bank of China

☆ China's biggest state banks cut deposit rates
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 8 (Reuters) - China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd (601398.SS), Agricultural Bank of China Ltd (601288.SS), Bank of China Ltd (601988.SS) and China Construction Bank Corp (601939.SS) all cut their rates from Thursday, websites from each bank showed. The state-backed banks cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by 15 basis points. China cut the RRR in March but has kept its benchmark lending rate unchanged this year, as widening yield differentials with the United States limited the scope for substantial monetary easing. Major state banks' net interest margins have shrunk following pressure to lower borrowing cost for individuals and businesses to stimulate the economy, and as credit demand remains subdued.

Persons: Gary Ng, Ng, Christopher Cushing, Sam Holmes Organizations: Industrial, Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp, Asia Pacific, United, People's Bank of China, CSI Banks, Beijing, Thomson Locations: BEIJING, China, Asia, United States

☆ China’s New Hot Stocks Are State-Owned Banks and Brokers
▼ + stars: | 2023-05-09 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Bank of China’s shares are up more than 44% since the start of the year. Photo: Lam Yik/Bloomberg NewsWhile investors in the U.S. are fretting about bank stocks, over in China banks and brokers are among the market’s hottest trades. China Citic Bank ’s shares jumped 10% on Monday in Shanghai, the maximum daily rise permitted in mainland China’s market. Further gains on Tuesday took their increase to 15% this week, leading a rally in the sector that has also included sizable gains in Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China—all state-owned lenders.

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

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