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☆ Chinese property stocks surge after central bank vows more support for private businesses
▼ + stars: | 2023-08-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Other attendees included diary giant Yili Group, aluminum products manufacturer China Hongqiao Group and electrical components manufacturer Chint Group . At the symposium, PBOC governor Pan Gongsheng said the central bank will promote the expansion of private business bond financing support instruments, and strengthen the financial market to support their development. This is the latest move by the central government to boost market confidence and vow support for private businesses and the real estate sector amid signs of slowing growth. watch nowAt the Politburo meeting on July 24, the top leadership promised to "adjust and optimize policies" to boost the beleaguered property sector, as well as introduce measures to promote private investment. Separately, China's state planner, the National Development and Reform Commission, also released a 17-point statement, and pledged to encourage more private capital into the construction of major national projects.

Persons: Qilai Shen, Pan Gongsheng Organizations: Bloomberg, Getty, China Hongqiao Group, Chint, National Development, Reform Commission, Communist Party Locations: Beijing, China

☆ China's central bank to guide more financial resources to support private sector
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jason Lee/File PhotoBEIJING, Aug 3 (Reuters) - China's central bank governor pledged on Thursday to guide more financial resources towards the private economy, suggesting refreshed urgency from Beijing to bolster the confidence among private firms as economic momentum weakens. During a meeting on Thursday with at least eight private firms from sectors including property, aluminium and agribusiness, the People's Bank of China (PBOC) Governor Pan Gongsheng said the bank would roll out guidelines to support private firms. Responding to some firms' requests of broadening bond financing channels, Pan said the central bank would expand debt financing tools for them. "Financial institutions should actively create a positive atmosphere to support the development and growth of private firms ... and increase willingness to lend." To revive confidence among private businesses, head of the economic planner also held several meetings with private firms last month to learn about their operation difficulties.

Persons: Pan, Jason Lee, Pan Gongsheng, Ellen Zhang, Ryan Woo, Ella Cao, Jon Boyle, Alison Williams Organizations: People's Bank of China, Congress, REUTERS, HK, China Hongqiao, Chint, Thomson Locations: Beijing China, BEIJING, Beijing, China, Hope

☆ Pan Gongsheng: China's new central bank governor faces daunting tasks
▼ + stars: | 2023-07-26 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.

Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, ”, Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing

☆ China’s New Central Banker Once Fixed a Crisis. He May Need to Again.
▼ + stars: | 2023-07-25 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

For nearly eight years Pan Gongsheng has overseen one of the world’s biggest pots of money: China’s $3 trillion in foreign currency reserves. Now he will run the country’s central bank, playing an even more powerful role in the Chinese economy. Mr. Pan, a prominent economist, was named on Tuesday as governor of the central bank, the People’s Bank of China. The appointment of Mr. Pan comes at a delicate time for China. Foreign currency reserves are effectively a country’s emergency fund to be used at times of financial stress.

Persons: Pan Gongsheng, Pan, Mr Organizations: People’s Bank of China, bank’s Communist Party, Administration of Foreign Exchange Locations: China, bank’s

☆ Yellen's China trip yields long meetings, 'cordial' tone, but no consensus
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +5 min

"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.

Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska

☆ U.S. calls Pan Gongsheng China's c.bank 'head', suggesting unannounced promotion
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

Treasury Secretary Janet Yellen referred to PBOC Deputy Governor Pan Gongsheng, whom she meet during a series of meetings with top Chinese officials, as the head of the central bank during a press conference ending her visit to Beijing on Sunday. The Treasury Department was already referring to Pan as central bank head after Yellen met him on Friday. Pan, 60, has been deputy governor since 2012 and is China's top foreign exchange regulator. Governor Yi has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. Reporting by Andrea Shalal in Beijing; Additional reporting by Reuters Beijing newsroom; Writing by John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Yi, Yellen, Premier Li Qiang, Pan, Andrea Shalal, John Geddie, William Mallard Organizations: United, People's Bank of China, Sunday, Communist Party, Pan, Treasury, Premier, Information Office, Cambridge, Harvard, Communist Party's, Reuters, Thomson Locations: BEIJING, United States, Chinese, Beijing, China's, China, Reuters Beijing

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, said the sources. PENALTY FOLLOWS MA'S RETURN TO CHINAThe final amount of the fine has been revised to at least 8 billion yuan, the sources said. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they had in mind initially. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations. ($1 = 7.2439 Chinese yuan renminbi)Reporting by Julie Zhu and Jane Xu; Additional reporting by Jason Xue; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Alibaba, Rukim Kuang, Jack Ma, Ant, China's, Pan Gongsheng, Didi Global, Julie Zhu, Jane Xu, Jason Xue, Muralikumar Organizations: Alibaba Honk, Ant Group, People's Bank of China, Reuters, Alibaba, HK, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: HONG KONG, Hong Kong, Ant's, Beijing, CHINA, China

☆ China's choice of PBOC party chief signals financial stability worries
▼ + stars: | 2023-07-04 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

The central bank did not immediately respond to Reuters' request for comment. Pan, central bank deputy governor since 2012 who turns 60 this month, is not expected to deviate from China's measured pace of policy easing to support the recovery, analysts said. "His professional ability will help safeguard the bottom line of systemic financial risks, especially as the property sector is slowing, and fend off a big systemic crisis." In an unexpected move, the ruling Communist Party appointed Pan as the central bank's party secretary on Saturday, taking over from Guo Shuqing. China has taken a series of steps this year to tighten party control over the country's vast, but largely closed, financial system, including plans to set up the Central Financial Commission to oversee the PBOC and other financial regulators.

Persons: Gongsheng, Jason Lee, Pan, Yi Gang, Gu Tianyong, Guo Shuqing, Yi, Yi's, Zhou Xiaochuan, Zhou, Xu Hongcai, Marius Zaharia, Jacqueline Wong Organizations: People's Bank of China, National People's Congress, REUTERS, outflows, Reuters, cryptocurrencies, prudential, Central University of Finance, Economics, Communist Party, Pan, Street, Cambridge University, Harvard University, Central Financial Commission, China Association of Policy, Thomson Locations: Beijing, China, BEIJING

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's central bank gets a new party secretary
▼ + stars: | 2023-07-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — The People's Bank of China announced Saturday that Pan Gongsheng, head of the country's foreign exchange regulator, would become the central bank's party secretary. In a country ruled by the Communist Party of China, the party secretary of an institution typically holds the most sway. That institution was absorbed into the National Financial Regulatory Administration in a financial regulatory overhaul announced in March and is set to take effect this year. The administration's party secretary and director is Li Yunze, a rare minister-level appointee of the younger 1970s generation.

Persons: Pan Gongsheng, Gongsheng, Xi Jinping, Guo Shuqing, Li Yunze Organizations: People's Bank of China, Communist Party of China, China Banking, Insurance, Commission, National Financial Regulatory Administration Locations: BEIJING, Beijing, China

☆ CNBC Daily Open: Markets overcame a tough first half
▼ + stars: | 2023-07-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Sublime first half for stocksPop the champagne: On Friday, U.S. stocks ended in the green for the day, week, quarter and first half of the year. Asia-Pacific markets rose Monday on the back of Wall Street's rally: Japan's Nikkei 225 popped 1.67%, Hong Kong's Hang Seng Index jumped 1.73% and South Korea's Kospi climbed 1.5%. Tesla zooms aheadTesla produced 479,700 vehicles and delivered 466,140 vehicles during the second quarter. The delivery figures are an 83% year-over-year increase that beat Wall Street's expectations. Movements around ChinaU.S. Treasury Secretary Janet Yellen will travel to Beijing this week to meet with senior Chinese officials.

Persons: Kospi, Tesla, Elon, Janet Yellen, Biden, doesn't, Pan Gongsheng, — Organizations: Nikkei, Elon Musk's, China U.S, Treasury, People's Bank of China, Big Tech, UBS Locations: U.S, Asia, Pacific, Wall, China, Beijing

☆ 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

☆ China foreign-exchange regulator Pan Gongsheng named central-bank party boss
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

July 1 (Reuters) - China's ruling Communist Party appointed central bank Deputy Governor Pan Gongsheng as the bank's party secretary on Saturday, a move the Wall Street Journal said would be a prelude to becoming governor. The party's Central Organization Department announced the decision at a meeting on Saturday afternoon, the People's Bank of China (PBOC) said in a statement on its website. The Journal reported hours earlier that Pan would be named to the party post before being appointed by the government to head the PBOC. The central bank said on Friday it would implement prudent monetary policy in a "precise and forceful manner" to support economic growth and employment. The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October.

Persons: Pan Gongsheng, Pan, Yi, Xi Jinping, Gokul Pisharody, Bharat Govind Gautam, Simon Cameron, Moore, William Mallard Organizations: Communist Party, Wall Street, party's Central Organization Department, People's Bank of China, The, Cambridge University, Harvard University, SAFE, Communist Party's, Thomson Locations: Bengaluru

☆ China's central bank says will adjust policy in a timely way as economy recovers
▼ + stars: | 2023-03-03 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

[1/4] 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. REUTERS/Tingshu WangBEIJING, March 3 (Reuters) - China's central bank will adjust monetary policy in a timely and appropriate manner, and cutting banks' reserve requirements to release long-term liquidity will still be an effective tool to support the economy, top bank officials said on Friday. "The PBOC will provide 'forceful' financial support for the stable and healthy development of the economy," People's Bank of China Governor Yi Gang told a news conference. Liu Guoqiang, a deputy PBOC governor, said China's economy is recovering but still faces some uncertainties and more policy support is needed. Since 2020, the central bank has expanded its arsenal of tools, including relending and rediscount facilities and other low-cost loans.

☆ China will use timely RRR cuts to keep liquidity ample -state media cites cabinet
▼ + stars: | 2022-11-23 | by ( Reuters Staff | ) www.reuters.com time to read: +4 min

BEIJING (Reuters) -China will use timely cuts in banks’ reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying. Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. The cabinet will send officials to provinces this month to check the implementation of policy measures that have been rolled out this year, state media said. The cabinet also called for speeding up investment and construction of major infrastructure projects, and called for stabilising and expanding consumption and vowed to support sound development of the platform economy, state media said. Deputy PBOC governor Pan Gongsheng said the bank would provide 200 billion yuan ($27.93 billion) in loans to six commercial banks for housing completions, state media Economic Daily said on Monday.

☆ China's key money rate hits near 2-year low, but softening seen fleeting
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 22 (Reuters) - Liquidity conditions in China's interbank money markets eased further on Tuesday, as cash supply far outpaced demand, despite a huge withdrawal of funds by the central bank. Traders said declines in interbank rates were largely due to looser cash conditions after financial institutions cut leverage this month. While most other major economies are raising interest rates to tame inflation, Beijing is focusing more on propping up a slowing economy by keeping money rates low. And many market participants had taken advantage of the low repo rates to fund leveraged trades in bonds, traders said. However, markets are divided whether the falls in the money rates would be sustainable.

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