|Bid||5.330 x 0|
|Ask||5.340 x 0|
|Day's Range||5.280 - 5.350|
|52 Week Range||4.980 - 7.060|
|Beta (3Y Monthly)||0.78|
|PE Ratio (TTM)||4.88|
|Forward Dividend & Yield||0.34 (6.37%)|
|1y Target Est||6.50|
(Bloomberg) -- China’s base rate for new corporate loans stayed unchanged in October, defying expectations of a reduction as the economy sees its slowest pace of growth since the early 1990s.The one-year loan prime rate was kept at 4.2%, according to a statement from the People’s Bank of China on Monday. That compares to the 4.15% median estimate compiled by Bloomberg. The five-year tenor was also kept unchanged at 4.85%.The LPR is a revamped market indicator of the price that lenders charge clients for new loans, and is linked to the rate at which the central bank will lend financial institutions cash for a year. It’s made up of submissions from a panel of 18 banks, though Beijing has a role in setting the level. The rate is released monthly.A static one-year rate shows China “may be trying to balance the shrinking margins of banks with support to the real economy,” said Zhou Hao, a senior emerging-markets economist at Commerzbank AG. “The PBOC remains restrained on policy easing.”Financial shares were among the biggest winners on the MSCI China Index on Monday as lenders including China Citic Bank Corp. and Bank of Communications Co. rose at least 1%.The nation’s government bonds dropped while money-market rates climbed, amid bets that the policy makers are not in a rush to loosen monetary policy. The yield on 10-year sovereign notes rose three basis points to 3.22%, the highest since July 1, as of 12:02 p.m. in Shanghai. The costs on 12-month interest-rate swaps advanced to the highest level since late May. October’s rate comes as China continues to offer credit support to the economy, including a surprising $28-billion injection of one-year cash into the financial system last week. Gross domestic product rose 6% in the July-September period from a year ago as investment slowed, missing a consensus forecast of 6.1%.The Chinese economy has been under pressure amid a prolonged trade dispute with the U.S., prompting the central bank to ease monetary policy by lowering corporate borrowing costs and cutting banks’ reserve ratios this year. Still, the PBOC hasn’t embarked on an aggressive stimulus program as some market watchers had hoped.“It’s not in line with market expectations,” said Zhaopeng Xing, markets economist at ANZ Bank China. “The PBOC intends to reserve room for future headwinds.”(Updates to add Monday trading in bonds and money-market rates in sixth paragraph)\--With assistance from Claire Che and Lucille Liu.To contact Bloomberg News staff for this story: Livia Yap in Shanghai at email@example.comTo contact the editors responsible for this story: Sofia Horta e Costa at firstname.lastname@example.org, Tian Chen, David WatkinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
HONG KONG, Aug. 28, 2019 /PRNewswire/ -- Bank of Communications Co., Ltd. Hong Kong Branch ("Bank of Communications Hong Kong Branch") is pleased to announce that the Asia Pacific syndicated loan business promotion and appreciation event was successfully held on July 23 in Hong Kong. Enhancing the global financial services capabilities of Bank of Communications Co., Ltd., Bank of Communications Hong Kong Branch has expanded its integrated syndicated loan platform, bringing together the resources of the Group to leverage Hong Kong's comprehensive financial sector and geographic advantages.
Mainland Chinese commercial banks China Merchants Bank, Bank of Communications (Bocom) and Shanghai Pudong Development Bank (SPDB) on Tuesday dismissed allegations they were in possible breach of US sanctions against North Korea.In statements issued after their stocks were hammered by a Washington Post report alleging misconduct, the lenders said they have been complying with international and Chinese laws, and were not involved in any investigations related to a possible breach of the sanctions.China's ministry of foreign affairs voiced its opposition to possible sanctions against the banks. It said Beijing was committed to upholding United Nations Security Council resolutions against North Korea, and that it not only required individuals and financial institutions to follow all sanction resolutions passed by the UN, but had also urged overseas branches of Chinese financial companies to comply with local rules."Meanwhile, we are also opposed to the so-called long arm enforcement imposed by the US authorities on Chinese companies," Geng Shuang, a ministry spokesman, said at a press briefing in Beijing.The Washington Post reported on Monday three large Chinese banks could lose access to the US financial system after a judge found them in contempt for refusing to comply with subpoenas in an investigation into breaches of North Korean sanctions.Shares in China Merchants Bank dropped by more than 8.2 per cent in Shanghai, but recovered after the bank's statement to close 4.8 per cent lower. Photo: Reuters alt=Shares in China Merchants Bank dropped by more than 8.2 per cent in Shanghai, but recovered after the bank's statement to close 4.8 per cent lower. Photo: ReutersThe banks were not identified, but details in the court ruling align with a 2017 civil forfeiture action against Bocom, China Merchants Bank and SPDB, according to the report.The three banks were identified by US authorities in official documents as early as 2016, according to earlier media reports, allegedly for handling bank accounts held by front companies used to enable North Korea to buy commodities, bypassing US sanctions.Other state-owned banks, including Agricultural Bank of China, China Construction Bank and the Industrial and Commercial Bank of China, were also named in earlier investigations by the US Department of Justice.Bocom stock fell by 3 per cent in Shanghai and 3.7 per cent in Hong Kong on Tuesday, following The Washington Post report. Photo: Reuters alt=Bocom stock fell by 3 per cent in Shanghai and 3.7 per cent in Hong Kong on Tuesday, following The Washington Post report. Photo: Reuters"China Merchants Bank has noticed The Washington Post report. It involves information about a US court asking for client information from a Chinese bank," the lender said in its statement.The US authorities should follow the agreement signed by China and the United States on mutual legal help in criminal matters for cross-border evidence collection, said the statement, quoted in mainland Chinese media The Paper.Bocom and SPDB issued statements with similar wording in the afternoon, also cited by The Paper.SPDB specifically acknowledged it had received a requirement from a US legal department to provide information about a client, in addition to other data and information. However, any individual or organisation shall not disclose related information to overseas parties without permission, it said.SPDB was also identified by The Washington Post as "at risk of losing access to US dollars", without any elaboration."I view it as likely to be a politically motivated attack by Trump administration officials looking for excuses to contain and curb China's growth ... It is doubtful that a large bank such as China Merchants Bank would break sanctions, as it has too much to lose," he said.China Merchants Bank dropped by more than 8.2 per cent on Tuesday in Shanghai, but recovered after the bank's statement to close at 36.1 yuan, 4.8 per cent lower. Its H shares dropped by 7.9 per cent to close at HK$38.4 in Hong Kong. Bocom fell by 3 per cent to close at 6.1 yuan in Shanghai. Its H shares eased 3.7 per cent to close at HK$5.95. SPDB fell 3.1 per cent to close at 11.7 yuan in Shanghai.The US excluded China's Bank of Dandong from its financial system in November, 2017, for reportedly helping North Korea evade financial sanctions to launder funds.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 © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
A U.S. judge has found three large Chinese banks in contempt for refusing to comply with subpoenas in a probe into North Korean sanctions violations, the Washington Post reported https://wapo.st/2X6ptOL, adding one of them could lose access to the U.S. financial system. The banks were not identified by the judge, but details in the ruling align with a 2017 civil forfeiture action against Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank, the newspaper reported.
Three large Chinese banks could lose their access to the U.S. financial system after a judge found them in contempt for refusing to comply with subpoenas in a probe into violation of North Korean sanctions, The Washington Post reported https://wapo.st/2X6ptOL on Monday. The three banks are not identified by the judge, but details in the court ruling align with a 2017 civil forfeiture action against Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank, according to the report. The U.S. Department of Justice back then accused the banks of working with a Hong Kong company, which allegedly laundered over $100 million for North Korea's sanctioned Foreign Trade Bank, according to the paper.
BEIJING/SINGAPORE (Reuters) - China's five biggest state-owned banks posted a modest growth in quarterly profit as policymakers pushed them to make more loans, but the results still missed expectations amid the lingering impact of an economic slowdown. Net profits at the country's so-called Big Five banks, led by Industrial and Commercial Bank of China Ltd (ICBC), grew by more than 4 percent in the January-March quarter from a year earlier. The gain comes on the heels of disappointing 2018 fourth quarter when four of the five turned in their weakest profit growth in more than two years as business activity slowed and they sharply increased provisions for bad loans.
On Monday, Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Bank of Communications Co. posted higher net income. Including Agricultural Bank of China Ltd., which reported last week, rises at the big five clustered in a range from 4.1 percent to 4.9 percent. At the same time as profit climbed, nonperforming loans as a ratio of total lending dropped – though overall levels of bad debt increased.
BEIJING/SINGAPORE(Reuters) - China's five largest state-owned banks posted modest first-quarter profit growth, though slightly below expectations, as policymakers pushed lenders to make more loans to support the slowing economy. Net profits at the country's so-called Big Five banks, led by Industrial and Commercial Bank of China Ltd (ICBC), grew by more than 4 percent in the January-March quarter from a year earlier. The gain comes on the heels of disappointing 2018 fourth-quarter results that saw four of the five lenders posting their weakest quarterly profit growth in more than two years as business activity slowed and they sharply increased provisions for bad loans.
BEIJING/SINGAPORE, April 30(Reuters) - China's five largest state-owned banks posted modest first-quarter profit growth, though slightly below expectations, as policymakers pushed lenders to make more loans to support the slowing economy. Net profits at the country's so-called Big Five banks, led by Industrial and Commercial Bank of China Ltd (ICBC) , grew by more than 4 percent in the January-March quarter from a year earlier. The gain comes on the heels of disappointing 2018 fourth-quarter results that saw four of the five lenders posting their weakest quarterly profit growth in more than two years as business activity slowed and they sharply increased provisions for bad loans.
BEIJING/SINGAPORE (Reuters) - China's Bank of Communications Co Ltd (BoCom) posted a 4.9 percent rise in its first-quarter net profit as bad loan ratio and interest margins improved. Profit at China's ...
April 26 (Reuters) - Diary of Hong Kong (.HSI) corporate earnings for the week ahead. HONG KONG EARNINGS Start Date Start Time RIC Company Event Name (GMT) 29-Apr-2019 AMC 601939.SS China Construction ...
April 9 (Reuters) - Bank Of Communications Co Ltd : * SAYS CHAIRMAN PENG CHUN RESIGNS DUE TO CHANGE IN JOB ROLE, EFFECTIVE FROM APRIL 9 Source text in Chinese: https://bit.ly/2CZbePJ Further company coverage: ...
It was supposed to be a vehicle that helped invest the country’s massive pile of foreign-exchange reserves abroad through big-ticket deals. At the height of the financial crisis, China Investment Corp. sank $5.6 billion into Morgan Stanley to steady the struggling bank, a stake that eventually rose to 10 percent. Now CIC — the world’s second-biggest sovereign wealth fund, with almost $1 trillion in assets — seems to have gone small-time. The fund hasn't received any new money for offshore investing since 2012, when it was given $50 billion on top of its initial $200 billion starter kit.
BEIJING/HONG KONG, March 29 (Reuters) - Bank of Communications Co Ltd (BoCom) , China's fifth-largest commercial bank by assets, reported a 3 percent rise in fourth-quarter net profit helped by improving ...
Dec 10 (Reuters) - Jilin Electric Power Co Ltd: * SAYS IT PLANS TO BRING IN TWO INVESTORS, BOC FINANCIAL ASSET INVESTMENT AND BOCOM FINANCIAL ASSET INVESTMENT, TO BOOST UNIT'S CAPITAL BY 876 MILLION YUAN ...