BEIJING, Aug 30 (Reuters) – An official at China’s central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, …
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Lego will cross 500-store mark in China this year despite sluggish economy, CEO says
“We are keeping our investments [in China] going,” Lego Group CEO Niels B. Christiansen told Yahoo Finance Live (video above). Christiansen said Lego Group — a private, family-owned company — will …
Bank of China, ICBC see profit growth drop sharply as slowing economy, property crisis take a toll
Chinese commercial banks’ NIM has dropped to a record low of 1.74 per cent as of June this year. Despite signals from Beijing to protect bank profit and prevent the property crisis from spilling over…
Chinese banks lean towards mortgage rate cuts, heeding Beijing’s call to make homes more affordable and arrest housing slump
Bank of Communications, China’s fifth-largest bank … before moving to prepay their mortgages to reduce their interest burden. Beijing had been keeping mortgage rates high to cool the market, until a …
Guangzhou eases mortgage rules, banks flag risks as China steps up efforts to revive property sector
Guangzhou on Wednesday became the first major Chinese city to announce an easing of mortgage curbs and the country’s top banks flagged mounting risks from property sector turmoil, as Beijing ramps up …
Top China bank ICBC posts 1.2% H1 profit rise
Industrial and Commercial Bank of China Ltd (ICBC), the country’s biggest lender, said on Wednesday net profit grew 1.2% year-on-year in the first half of this year.Profit was 173.74 billion yuan ($23 …
China’s Bank of Communications to ‘initiate’ a mortgage rate cut, hewing to the push to make first homes more affordable and lift housing slump
The mortgage rate cut by Bank of Communications or BoCom, as China’s fifth-biggest lender is called, could spur larger banks to follow, days after the Chinese central bank and housing ministry eased …
China eases mortgage rules in Guangzhou amid efforts to revive key property sector
Guangzhou on Wednesday became the first major Chinese city to announce an easing of mortgage curbs as the government ramps up efforts to revive the crisis-hit property sector and shore up a sputtering …
Chinese bank shares fall on existing mortgages rate cut concerns
Shares in China’s banking sector dropped on Wednesday on worries that a reduction in existing mortgage rates will dent the profitability of lenders already reeling from a worsening property sector …
Just as China faces a Japan-style ‘lost decade,’ Japan thinks it’s near a ‘turning point’ in decades-long deflation battle
China’s economic woes are starting to resemble the decades-long problems of Japan. In the 1970s and ’80s, Japan’s economy quickly developed into a powerhouse, just as China’s has over the past few …
China’s largest bank trading near record low valuation on margin woes
China’s biggest lender is likely to report slower earnings growth, dragged by weak margins and fee income, according to Bloomberg Intelligence analyst Francis Chan.
Exodus of capital from China signals ‘seismic’ change in global flows as investors grow wary of autocratic regimes
“Global markets look at China in a new light,” tweeted Robin Brooks, chief economist at the Institute of International Finance.
Is Beijing Losing Control Of Its Economy?
Weak consumer confidence also continues to contribute to lower domestic demand. Beijing acknowledges this and thus avoids direct stimulus measures like tax cuts or payments. This is because Chinese …
