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China Financial Weekly Report - 12th-18th August 2011

BritCham / CBBC
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Macro-economy& Policy

Aug 18: Package unveiled to boost HK economy

Vice Premier Li Keqiang unveiled a package of measures on Wednesday to invigorate Hong Kong’s economy, boost its role as a global financial center and help it develop as a leading offshore trading hub for the renminbi.

Source: China Daily

Aug 17: SAFE on guard

China’s foreign-exchange regulator yesterday pledged it will continue to guard against speculative money inflows in the second half of this year as illegal foreign exchange dealings rose in the first half.

Source: Shanghai Daily

Aug 12: Policies may be eased to ride out turmoil

As China’s top officials called for “flexibility” in macroeconomic regulation, the country could resort to “targeted easing” to help it through the fallout of the current global financial turmoil, analysts said.

Source: China Daily



Aug 12: CIC to buy 7% stake in Bank of Shanghai

China Investment Corp, the country’s sovereign wealth fund, is buying a 7 percent stake in the Bank of Shanghai from International Finance Corp.

Source: Shanghai Daily

Aug 12: BofA eyes stake sale in CCB

Bank of America Corp has held exploratory talks with the principal investment funds of Kuwait and Qatar about selling part of its US$17 billion stake in China Construction Bank, three sources with direct knowledge of the talks have said.

Source: Shanghai Daily

Aug 16: Stricter rules on bank ratios

China’s commercial banks need to maintain their capital adequacy ratio at least 8 percent and their core adequacy ratio must not drop below 4 percent or they will face punishment, according to draft rules by the top banking regulator.

Source: Shanghai Daily

Aug 18: CBRC is confident debt risks controlled

China’s banking regulator said local government debt risks are “under control” and efforts to ease them are “going smoothly”.

Source: Shanghai Daily   



Aug 17: Broker buys broker

China’s Southwest Securities Co has agree to buy closely held Guodu Securities Co for as much as 13.1 billion yuan (US$2.1 billion) in stock to expand its equity brokerage and underwriting operations.

Source: Shanghai Daily



Aug 18: Ping An first-half profits rise 33%

Ping An Insurance (Group) Co of China said Wednesday its first-half net profits rose 32.7 percent year-on-year, boosted by fast growth in industrial insurance premiums and higher income from its banking businesses.

Source: China Daily  



Aug 18: China Life gets PE license

China Life has identified its first investment after obtaining the license, the 21st Century Business Herald reported, citing sources it described as authoritative.  

Source: China Daily

Aug 18: Xiu.com gets funds from VCs to expand

Chinese e-commerce site Xiu.com has secured US$100 million investment from two private-equity firms and the website will use the funds to enhance its distribution in anticipation of business expansion.

Source: Shanghai Daily


Other Business News

Aug 18: SOEs’ profits post 24% increase

Combined net profits of China’s state-woned enterprises rose in the first seven months from a year ago. But they dropped in July from June.  

Source: Shanghai Daily

Aug 17: Foreign investment in China quickens

Foreign direct investment in China grew at the fastest pace in four months in July, increasing 19.83 percent from a year earlier to US$8.29 billion, the Ministry of Commerce reported yesterday.

Source: Shanghai Daily


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