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☆ Moody's Ratings: We're positive on India's banking system
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMoody's Ratings: We're positive on India's banking systemSally Yim of Moody's Ratings explains its negative outlook on China's banking system.

Persons: Sally Yim

☆ Major companies in China are setting up their own volunteer armies
▼ + stars: | 2024-02-21 | by ( Laura He | ) edition.cnn.com time to read: +12 min

Hong Kong CNN —Chinese companies are doing something rarely seen since the 1970s: setting up their own volunteer armies. According to China’s Military Service Law, male militia members should be 18 to 35 years old. It was latest in a slew of militias established by major Chinese companies in the past year. After 1949, when the party took control of mainland China, the units were eventually embedded into governments, schools and companies. This can, in the long run, save the PLA resources by delegating some duties to militia forces to care for,” Heath said.

Persons: Xi, ”, Neil Thomas, Nuo Nuo, Huang Zhiqiang, Qilai Shen, Liu Jie, Mao Zedong, Mao, Timothy Heath, homebuyers, Heath, ” Heath, Willy Lam, Sam Yeh, ” Lam, China’s Organizations: Hong Kong CNN, CNN, People’s Armed Forces Departments, America’s National Guard, Communist, Asia Society, Center for, Communist Party, China Labour Bulletin, Foxconn, Yili, Armed Forces Department, China’s Military Service Law, People’s Liberation Army, PLA, government’s Communist Party, Inner Mongolia Autonomous, Bloomberg, Getty, Shanghai Municipal Investment Group, Construction Investment, Development, Defense Ministry, People’s Armed Police, Armed, Rand Corporation, Jamestown Foundation, Party, Taiwan Locations: China, Hong Kong, Center for China, Beijing, Zhengzhou, Henan, Hohhot, Inner Mongolia, Yili, Shanghai, Mengniu, Nantong city, Jiangsu, Huizhou city, Guangdong, Wuhan, Hubei province, People’s Republic, United States, Taiwan, Fangchenggang City, Guangxi, ”, PLA, Taiwan's, AFP

☆ Chinese banks are getting cold feet dealing with Russia
▼ + stars: | 2024-02-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

One key Chinese bank used by Russian importers for transactions has halted all transactions with Russian firms, per Vedomosti. AdvertisementChina's banks appear to be having cold feet about dealing with Russian firms. AdvertisementOther Chinese banks are also tightening compliance checks when dealing with Russian businesses, per the media outlet. However, with the West ramping up sanctions against Russia, even Chinese firms are trying to stay out of trouble. In June, at least one major Chinese bank — Bank of China — started restricting transfers from Russia.

Persons: —, Dmitry Peskov, Peskov, — Bank of China — Organizations: Service, Commercial, Bank, SWIFT, Russia, Bloomberg, — Bank of, Zhejiang Chouzhou Commercial Bank, Business Locations: Ukraine, Beijing, Zhejiang, Russian, AFP, Russia, — Bank of China, Zhejiang Chouzhou

The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

☆ China's bank reserve ratio cut is a 'very bold policy step,' portfolio manager says
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's bank reserve ratio cut is a 'very bold policy step,' portfolio manager saysStephen Chang, managing director and Asia portfolio manager at Pimco, says the People's Bank of China is "much more mindful about market signals."

Persons: Stephen Chang Organizations: People's Bank of Locations: Asia, People's Bank of China

☆ Jim Cramer: If I were running a hedge fund, I would make these short-term trades on China's bank stimulus
▼ + stars: | 2024-01-24 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer said Wednesday that China's big monetary policy easing overnight to boost its economy and stock market presents investors with a short-term trading opportunity. This type of monetary policy stimulus is about giving banks more incentives to lend to kickstart the economy. But he said Wednesday that China's monetary policy move to reduce what banks must hold in rainy day funds could be the thing that helps the economy turn the corner. While the Club waits for its China-tied stocks to bounce back, Cramer said during Wednesday's Club meeting that he felt compelled to share the China trades. Club members can watch a replay of January's Monthly Meeting below : (Jim Cramer's Charitable Trust is long EL, SBUX, WYNN.

Persons: CNBC's Jim Cramer, Cramer, Goldman Sachs, It's, Estee Lauder, Jim Cramer's, WYNN Organizations: Baidu, PDD Holdings, CNBC, Club, Goldman, Wynn Resorts, Wednesday's Locations: U.S, China's, 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

☆ China's money market shows signs of liquidity tightness towards month-end
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Nov 27 (Reuters) - Cash conditions in China's money market showed signs of tightness on Monday, as market participants grew cautious about month-end demand and a recent liquidity squeeze remained fresh in memory. The price of the benchmark seven-day repos traded in the interbank market, hit a high of 2.8% on Monday, the highest level since Oct. 31. Meanwhile, the borrowing cost of such repos for non-bank financial institutions was about 3.5%, according to traders. "Money that can help span the month-end has tightening bias, and it's expensive for non-banks," said a trader at a Chinese bank. NCDs has been a popular short-term debt instrument used by financial institutions in the interbank market for financing.

Persons: Tingshu Wang, repos, Liu Yu, NCDs, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, GF Securities, AAA, Reuters, Shanghai, Thomson Locations: Beijing, China

☆ Exclusive: China's clashing priorities behind rare money market distress
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +7 min

"Banks were grudging in lending, leaving non-banks asking each other for money in afternoon trade," he said. The reasons for the spike in interest rates and the ensuing market chaos are detailed here for the first time. They affect foreign exchange movements since the markets are the major avenue for the supply of money. The money market operator CFETS told traders to keep a 5% ceiling on repo transactions and said anyone involved in high-rate deals closed on Oct. 31 would need to explain themselves to regulators, according to sources who received the notice. "If the pattern of money supply and liquidity provision remains unchanged, the whole system remains fragile.

Persons: Xia Chun, Banks, outflows, CFETS, Tom Westbrook, Vidya Ranganathan, Raju Gopalakrishnan Organizations: People's Bank of China, China Foreign Exchange Trade, Yintech Investment Holdings, Reuters, China Everbright Bank, Co, China Central Depository, Shanghai Clearing House, Shanghai, Thomson Locations: SHANGHAI, SINGAPORE, Beijing, Shanghai, China

☆ CIMB, J Trust among suitors for Indonesia's Bank Commonwealth -sources
▼ + stars: | 2023-10-31 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

REUTERS/Bazuki Muhammad/File Photo Acquire Licensing RightsSINGAPORE, Oct 31 (Reuters) - Malaysian bank CIMB (CIMB.KL) and Japanese finance company J Trust (8508.T) are among firms vying to buy Indonesia's PT Bank Commonwealth, a deal that could value the lender at $400-$500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia (CBA) (CBA.AX), focuses on retail lending as well as corporate banking services for small and medium enterprises. 2 bank, and J Trust have expressed interest and are looking at submitting binding bids, the sources said. CIMB, J Trust, CBA and Morgan Stanley declined to comment. Bank Commonwealth did not respond to a Reuters request seeking comment.

Persons: Bazuki Muhammad, Morgan Stanley, Yantoultra Ngui, Anton Bridge, Kane Wu, Edwina Gibbs Organizations: CIMB, REUTERS, Rights, J Trust, Indonesia's PT Bank Commonwealth, Bank Commonwealth, Australia's, Commonwealth Bank of Australia, CBA, Bank International Indonesia, China's, China's Bank of, SS, Thomson Locations: Kuala Lumpur, Rights SINGAPORE, Malaysian, Indonesia, Southeast, Southeast Asia, China's Bank, China's Bank of Hangzhou, Hangzhou, Singapore, Tokyo

☆ Standard Chartered profit slumps on China real estate and banking losses
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +1 min

Pedestrians walk past the British multinational banking and financial services company Standard Chartered branch in Hong Kong. Standard Chartered on Friday reported first-half pre-tax profit rose 19%, above market expectations, as the emerging markets-focused lender benefited from rising interest rates. Standard Chartered on Thursday said pre-tax profit dropped 33% in the third quarter of the year, far beyond analyst estimates, after taking a nearly $1 billion hit from exposure to China's banking and troubled real estate sectors. The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. Its Chinese real estate exposure totaled $2.7 billion, down $200 million from the previous quarter.

Persons: StanChart Organizations: Chartered, Hong Kong ., HK, China Bohai Bank Locations: Hong Kong, Asia, China Bohai, China

[1/2] A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada, Dec. 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOct 18 (Reuters) - Bank of Nova Scotia (BNS.TO) on Wednesday announced plans to cut about 2,700 jobs globally - 3% of its workforce - and take a C$590 million ($430.94 million) charge in the fourth quarter, making it the latest Canadian bank to take cost-cutting steps in a challenging environment. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) similarly have cut hundreds of jobs in response to rising costs in a high interest rate environment. Scotiabank said the layoffs will result in a restructuring charge and severance provisions of about C$247 million. Analysts said the charge does not come as a surprise amid a review of is strategic direction.

Persons: Carlos Osorio, Scott Thomson, Darko Mihelic, Jaiveer Singh, Balu, Will Dunham, Shilpi Majumdar, Jonathan Oatis Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Wednesday, Royal Bank of Canada, Bank of Montreal, China's, China's Bank of Xi'an, Analysts, RBC Capital, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, China's Bank, Bengaluru, Toronto

☆ China leaves benchmark lending rates unchanged in September
▼ + stars: | 2023-09-20 | by ( Clement Tan | ) www.cnbc.com time to read: 1 min

Photo taken on Aug 17, 2023 shows US dollars and Chinese yuan in Fuyang city, East China's Anhui province. China's banks kept their benchmark loan rates unchanged for September, after the slowdown in the world's second-largest economy showed signs of stabilization following recent policy support. The People's Bank of China kept its one-year loan prime rate — the peg for most household and corporate loans in China — unchanged at 3.45%. The five-year benchmark loan rate — the peg for most mortgages — was held at 4.2%, according to a statement Wednesday from the People's Bank of China. Wednesday's announcement is aligned with economists' expectations for September after the PBOC kept its medium-term policy rate steady last Friday, following a second cut in the reserve requirement ratio requirements this year for all banks announced last Thursday.

Organizations: People's Bank of China Locations: Fuyang city, East China's Anhui, China

☆ US-Sino tensions help spawn China card game craze
▼ + stars: | 2023-08-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +4 min

[1/4] Amateur players take part in a competition of guandan, a poker-like card game, in Beijing, China August 13, 2023. Total U.S.-based venture-capital investment in China plummeted to $9.7 billion last year from $32.9 billion in 2021, PitchBook data shows. "In finance, information is currency," said Yang, for whom a game of guandan has become a standard gambit before wining and dining local officials. Yu Longze, a broker based in Beijing, said his boss this month ordered all staff to learn the game. In April, the ruling Communist Party's anti-graft watchdog censured one of its officials in the eastern province of Anhui for playing guandan during a training course, among other misdeeds.

Persons: Yang Yiming, Joe Biden, Xi Jinping, Yang, Yu Longze, Huang, Hua Min, Li Keshu, Yew Lun, John Geddie, Clarence Fernandez Organizations: REUTERS, Rights, China's, Total U.S, Reuters, Thomson Locations: Beijing, China, Rights BEIJING, United States, Texas, Anhui

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ China's banks have dialed back lending to the lowest level in 14 years as economic woes pile up
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

In July, the volume of loans doled out from Chinese banks hit their lowest amount since 2009. The People's Bank of China said new loans reached 345.9 billion yuan in July, less than half the amount expected by Bloomberg economists. Chinese banks doled out 345.9 billion yuan in new loans last month, well below the 780 billion yuan economists had expected, according to a Bloomberg report and survey. Additionally, the People's Bank of China said year-on-year growth of broad M2 money supply slowed to 10.7%. On Tuesday, the People's Bank of China cut several interest rates in a bid to boost the economy, following a similar move in June.

Persons: David Dollar Organizations: People's Bank of China, Bloomberg, Service, People's Bank of, Brookings Locations: Wall, Silicon, People's Bank of China, China

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. Investors in China's stock markets, however, were clearly underwhelmed, as Hong Kong's Hang Seng Index (.HSI) dropped roughly 2% over the week, while the mainland's benchmark CSI 300 index (.CSI) eked out a 0.7% gain. But investors are becoming frustrated by the time the NDRC is taking to flesh out stimulus policies, or order measures like a cut in stamp duty - that could help China's ailing property sector, and please investors in stocks and bonds. Even in a best-case scenario, growth over the second half of this year looks set to be modest." Reporting by Joe Cash and Albee Zhang in Beijing; Editing by Himani Sarkar & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, HSI, flexibly, Zou Lan, Xu Tianchen, Joe Cash, Albee Zhang, Himani Sarkar, Simon Cameron, Moore Organizations: People's Bank of China, REUTERS, National Development, Reform Commission, Communist Party's, UBS, Council, Economist Intelligence Unit, Weibo, Capital Economics, Thomson Locations: Beijing, China, BEIJING

Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. Credit Suisse and UBS declined to comment. The clock is ticking for UBS to close the deal with Credit Suisse. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. UBS currently runs a 67%-owned securities joint venture with a Beijing state-owned company.

Persons: Sergio Ermotti, Summer Zhen, Selena Li, Engen Tham, Sumeet Chatterjee, Muralikumar Organizations: Credit Suisse, UBS, Swiss, Credit, National Financial Regulatory Administration, Suisse's, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Beijing, Hong Kong, Shanghai

[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.

☆ China regulator to help lower financing costs of small businesses
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 27 (Reuters) - China's banking and insurance regulator said it would enhance credit support and lower the actual financing costs of small and micro enterprises this year to better support economic recovery. In a statement on Thursday, the China Banking and Insurance Regulatory Commission (CBIRC) said financial institutions should provide reasonable credits to small businesses, while preventing the risk of "over-lending". Financial institutions should price lending rates reasonably based on the benchmark loan prime rate and the characteristics of small and micro businesses, it said. The CBIRC added that it would optimise the credit structure for small businesses and meet reasonable financing needs of small businesses with a credit line above 10 million yuan ($1.44 million). The regulator also said financial institutions should not renew loans for non-business and production purposes, and thatfinancial institutions should not cover up credit risks with loan renewals.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ We hold a negative view on China's banking sector, says Moody's
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe hold a negative view on China's banking sector, says Moody'sNicholas Zhu of Moody's Investors Service cites "concerns about asset quality" as one factor.

REUTERS/Florence Lo/File PhotoSummarySummary Companies Five big lenders post over 3.5% annual net profit growthNet interest margin shrank at all fiveNPL ratios steady or down for all fiveBEIJING, March 30 (Reuters) - China's Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country's recovery were "not yet solid". China's Bank of Communications Co Ltd (BoCom) (601328.SS), and Bank of China (BoC) (601988.SS) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the Agricultural Bank of China Ltd (601288.SS) (AgBank) on Thursday and China Construction Bank Corp on Wednesday, which both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), , the world's largest listed lender by assets, came in at 3.5% annual net profit growth. NPLsWhile all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

☆ Chinese state media says US banking troubles are a result of poor regulation and domestic politics — but China's banks aren't having a great time either
▼ + stars: | 2023-03-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's state media says the banking crisis happened due to poor financial regulation and US domestic politics. But banks in China also have their own issues amid the country's property woes. China's heavy-handed criticism comes at a bleak time for its own banksBut this harsh criticism comes at a bleak time for China's own banks. Since its collapse, some of these start-ups have been looking for alternatives — such as bigger US banks or other Chinese lenders, Reuters reported. Despite these troubles, China touts its governance system as being superior to "Western democracy" and uses state media to push its messaging.

☆ Moody's retains 'negative' outlook on China's banks amid challenges of emerging from Covid-zero
▼ + stars: | 2023-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Ratings agency Moody's said Wednesday it maintained a "negative" outlook on China's banking sector as a result of a drawn out recovery after Beijing's Covid controls ended. While Beijing ended its stringent Covid controls in early December, the economic rebound so far has remained muted. "Our outlook on the banking sector remains negative," said Vice President Nicholas Zhu and Associate Managing Director Chen Huang, the authors of the report. Moody's had changed its outlook on China's banks to "negative" from "stable" in November due to "deteriorating operating environment, asset quality and profitability." The ratings agency affirmed its negative outlook earlier this month.

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