Exporters in Zhejiang and Guangdong provinces said payments from Russia can still be received in yuan through BOC, albeit delayed, after they were told to switch to the Chinese currency this year.“We were notified that we must change to the yuan, and now each and...
Regarding the adjustment for the banks’ outlook, Fitch said on Tuesday that the current size of China’s banking system is an important factor limiting the amount of support the central government could give to its biggest lenders.“The Chinese banking system has grown rapidly since 2008,...
China Construction Bank (CCB) expects Beijing to introduce more policy support to bolster the economy, even as the nation’s major state-owned lenders continue to face pressure to boost profits amid the prospect of benchmark rates decreasing further.“China’s economy is showing signs of recovery, but there...
Hong Kong’s revamped investment-migration programme is paying off for insurers such as Prudential Hong Kong, which is planning to expand its product line to appeal to the wealthy would-be Hongkongers taking advantage of the scheme, according to its top boss.Like peers Manulife and AIA, as...
“Everyone, from the top brass to people like us in middle ranks, earn less than before,” said a credit manager with Bank of China, one of the country’s “big four” state-owned banks, lamenting the loss of the staggering bonuses that she used to bag in...
“In 2024, we will adhere to the general principle of pursuing progress while maintaining stability, and will act as a major bank serving the real economy and as a cornerstone of financial stability.”ABC’s non-performing loan (NPL) ratio, a metric of potential bank losses, improved to...
Leading Chinese banks have injected billions of yuan into housing projects with the aim of financing the completion of pre-sold but yet-to-be-completed homes across the country, according to figures released by the lenders.The initiative, which falls under the so-called whitelist mechanism, is part of ...
Bank of China said it plans to sell up to 150 billion yuan (US$21 billion) of loss-absorbing bonds, becoming the nation’s first big state bank to plug a major funding shortfall before a 2025 deadline to meet global capital requirements.The lender said it plans to...