|Bid||5.000 x 0|
|Ask||5.020 x 0|
|Day's Range||4.940 - 5.090|
|52 Week Range||3.020 - 6.370|
|Beta (5Y Monthly)||0.56|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2019|
|Forward Dividend & Yield||0.25 (4.97%)|
|Ex-Dividend Date||Jul 14, 2021|
|1y Target Est||5.60|
(Bloomberg) -- China summoned officials from its biggest banks to a meeting to reiterate a ban on cryptocurrency services.Representatives from Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday.The latest development is a sign that China will do whatever it takes to close any loopho
Chinese banks are accelerating the pace of bank branch closures this year as they seek to ramp up digital services and reduce costs. Mainland lenders have closed 430 bricks-and-mortar locations in the first three months of this year, mainland media reported citing the China Banking and Insurance Regulatory Commission, that's at a faster clip than 1,300 closures last year. The country already boasts one of the world's highest rates for transactions completed away from physical bank locations, known as "off-counter rates". These transactions, which include online and mobile banking, rose 12 per cent in 2020, topping 2,308 trillion yuan (US$352.5 trillion), according to mainland media reports citing data from the China Banking Association's 2020 annual report. Mobile banking transactions alone rose 31 per cent to 439.2 trillion yuan last year, according to the report. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. However, mainland banks are facing further pressure to reduce their costs. "I expect closure of banks' physical branches will continue throughout 2021. The pandemic has made commercial banks more cautious about controlling costs, particularly for mid-tier banks, which are more sensitive to cost pressure," said Jason Guo, banking and capital markets leader at Deloitte China based in Beijing. More digital capabilities, in turn, will empower inclusive financing in mainland China, also a government priority, he said. Even as they are culling physical locations, Chinese banks will need to maintain branches in counties away from major cities or rural areas to support the government's goal of promoting financial inclusion, Guo said. One example is China Construction Bank. The lender "closed and consolidated" some 237 branches last year, but also disclosed that it opened 63 new ones with half of those new locations in counties. Its branch network spans 14,000. "The positioning of our branches is skewed towards counties," the bank said in its 2020 annual report. Agricultural Bank of China, which boasted 22,000 branches at the end of last year, said about 17 per cent of its branches were located in poorer regions of the country. At the same time, it reconfigured 69 branches as flagship "smart banking" branches built on 5G mobile technology. A branch of Postal Savings Bank of China in Hangzhou, east China's Zhejiang province. Postal Savings Bank of China said bricks-and-mortar locations continue to have an irreplaceable role. Photo: AFP alt=A branch of Postal Savings Bank of China in Hangzhou, east China's Zhejiang province. Postal Savings Bank of China said bricks-and-mortar locations continue to have an irreplaceable role. Photo: AFP> But, Postal Savings Bank of China, which has the country's largest network with about 40,000 branches, emphasised that there is still an irreplaceable role for bricks-and-mortar locations, particularly in a digital world. "Our operational branches is where our traditional advantage lies. When banking services are increasingly going digital and delivered online, branches have the relative advantage in building customers' trust, providing complex financial services and in delivering 'warm' services," the bank said in its 2020 annual report. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Postal Savings Bank of China Co., Ltd.Global Credit Research - 09 Apr 2021Hong Kong, April 09, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Postal Savings Bank of China Co., Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 1 April 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.