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China Financial Weekly Report 2011.7.11

BritCham / CBBC
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Macro Economic Policy


Jul 7: China raises interest rates again to curb inflation
      The central bank announced on Wednesday that it will increase interest rates, for the third time this year, by 25 basis points. The new rates take effect on Thursday. The rate paid on one-year deposits will rise to 3.5 percent and the rate for one-year loans will rise by the same margin, to 6.56 percent.

Source: China Daily

Jul 6: China calls for attention to local debt
     The State Council, or the Cabinet, said Wednesday that local government debt is relatively heavy and has potential risks, which needs high attention. Local governments have amassed a relatively large amount of debt and the ability of certain regions and industries to repay the debt is weak, the State Council said in a statement released after an executive meeting presided over by Premier Wen Jiabao.

Source: Xinhua News


Banking


Jul 7: 2011 new lending around 6.7t yuan: Report
     Chinese banks are seen issuing 6.7 trillion yuan ($1.04 trillion) worth of new loans this year, a newspaper said on Wednesday, suggesting lending could slow markedly in 2011 as part of drive to tame inflation.

Source: Agencies

Jul 7: BoC plans global expansion
      Bank of China Ltd (BOC), the only Chinese bank to have operated continuously for nearly 100 years, will continue to expand its overseas network, despite becoming much more reliant on the domestic market in recent years.

Source: China Daily


M&A


Jul 7: Exchanges should forgo M&A activity
      A surge in mergers and acquisitions (M&As) of global financial exchanges will not happen in Asia during the next three to five years, despite a wave of worldwide cross-border cooperation, according to officials and analysts.

Source: China Daily
 
Securities


Jul 7: Regulator tightens rules for approval of IPOs
     China's securities regulator has tightened its approval requirements for initial public offerings by companies in industries seen as having a high risk of financial irregularities, including restaurants and chain stores.

Source: China Daily
 
Jul 5: Offshore RMB market helps strengthen HK’s financial status
       The offshore renminbi market will help strengthen the competitiveness and status of Hong Kong as an international financial center, according to the latest issue of monthly Economic Review released on Monday by Bank of China (Hong Kong).

Source: Xinhua News

Real Estate


Jul 6: Property market inventories set to soar
      The inventory in China's property market will surge in the second half of the year, thus prompting property developers to cut prices further as tightening measures continue, industry experts said on Tuesday.

Source: China Daily


Other Business News


Jul 6: Temasek in $3.7b sale in 2 Chinese banks
     Singapore state investor Temasek Holdings launched a $3.7 billion sale in China Construction Bank Corp (CCB) and Bank of China Ltd (BOC), two of Chinese State-owned banks late on Tuesday, according to a term sheet seen by IFR, in a move aimed at trimming its exposure to financial sector.

Source: Agencies
 
 
Jul 6: China tops world's renewable energy investment
      China is now the world leader in renewable energy investment, as developing countries overtook developed ones for the first time in the value of major "green" projects in 2010, according to a report released Tuesday in Frankfurt.

Source: Xinhua News
 
 
Jul 5: Tesco, Gome enter strategic cooperation

      Tesco Plc. The world’s third-largest grocery chain by sales, on Monday signed a strategic cooperative argreement with Gome Electrical Applicance Holdings Ltd. The move signals a further step in the UK retailer’s development of shopping malls and underlines its ambition in the Chinese marekt.

Source: China Daily

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