China sets up office on trusted loans of forex reserves

China’s central bank and foreign exchange regulator announced Monday the setting up of an office in charge of handling trusted loans of the country’s foreign exchange reserves. The office, named SAFE Co-Financing, will be an important part of innovating the use of the foreign exchange reserves to avoid value contraction, according to the State Administration […]

Hong Kong to launch Financial Services Development Council

Hong Kong will launch the Financial Services Development Council on Thursday to further boost the city’s financial cooperation with Chinese mainland and cement its role as an international finance center, Chief Executive CY Leung said Monday. The council will focus on realizing many local and overseas development opportunities and serving as a common platform for […]

China’s 2012 growth at 7.7%: official

China’s 2012 growth at 7.7%: official

China’s economic growth may have outstripped the government target to hit 7.7 percent in 2012, an official from the National Development and Reform Commission (NDRC) said on Friday. In view of current situations, an upcoming release of key data for 2012 may show the economy’s gross domestic product (GDP) growth reached 7.7 percent last year, […]

China’s bankcard consumer confidence rises again

Chinese bankcard users continued to spend confidently in December on the back of a stabilizing economy, the Bankcard Consumer Confidence Index (BCCI) showed on Friday. The BCCI, compiled by Xinhua News Agency and China UnionPay, a national bank card association, increased 0.05 points to 86.68 in December from November, marking a third consecutive monthly rise. […]

China to keep moderate credit growth

China will maintain moderate growth in its credit supply and social financing scale this year in a bid to stabilize growth while keeping consumer prices in check, the central bank said on Friday. The government will continue to implement a prudent monetary approach in 2013, making the policy more forward looking, targeted and flexible, the […]

China’s 2012 new loans hit 8.2 trillion yuan

China’s new yuan-denominated lending reached 8.2 trillion yuan (1.3 trillion U.S. dollars) in 2012, up 732 billion yuan year on year, the country’s central bank announced Thursday. New loans denominated in foreign currencies amounted to 916.3 billion yuan in 2012, representing a year-on-year increase of 345.1 billion yuan, according to a People’s Bank of China […]

Shanghai Pudong Development Bank profits rise 25 pct

Shanghai Pudong Development Bank, a mid-sized Chinese lender, saw its profits reach 34.16 billion yuan (5.43 billion U.S. dollars) last year, a preliminary financial report showed. The figure marked a rise of 25.2 percent year on year, but slowed from the 42.02-percent rate recorded in 2011 due to economic headwinds, the lender’s data showed. The […]

China to slightly ease monetary policy in 2013

China may fine-tune its monetary policy in 2013 by reducing interest rates and the reserve requirement ratio (RRR) to support economic growth, according to research results published Friday. A small interest rate cut at the right time could substantially decrease financing costs and improve expectations for profitability, said researchers from the China Development Bank, the […]

China to provide more credit for underdeveloped rural areas

China’s banking regulator issued a special policy on Monday to encourage financial institutions to better serve economic development in rural areas. From Jan. 1, 2013, credit investment in underdeveloped rural areas should grow faster than in other areas in China, according to a notice issued by the China Banking Regulatory Commission (CBRC). The targeted areas […]

China’s 2013 GDP growth to exceed 8 pct: expert

China’s 2013 GDP growth to exceed 8 pct: expert

A state think tank expert has forecast China’s GDP growth next year will exceed 8 percent and he projected consumer inflation increase to be higher than this year. Lu Zhongyuan, deputy director of the Development Research Center under the State Council, or China’s Cabinet, said there is no doubt China’s economy will grow by more […]