China
Asian countries plan tougher oversight on western credit rating agencies
Asian countries plan tougher oversight on western credit rating agencies
Meet in Tokyo to consider slashing reliance on raters. Asian countries discussed efforts to decrease their "mechanistic" reliance on western credit ratings and to strengthen oversight of rating agencies during a meeting of the Financial Stability Board (FSB) Regional Consultative Group for Asia. Since the Great Recession of 2008, there has been significant discussion on the key role of western credit rating agencies in triggering the crisis. Some countries strongly objected to the sovereign ratings assigned for them. Members of the Regional Consultative Group for Asia include Australia, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.
China will expand pilot consumer finance program
Ten more cities will be added to program.
PBOC again floods banking system with cash
This time to the tune of US$2.1 billion.
China Citic Bank reports 33% jump in net profits
This due to higher net interest income, fees and commissions.
Deutsche Bank receives inter-bank bond settlement license from China
Will enable inter-bank bond trading service in China.
CCB profit growth slows on mounting bad loans
Has had to pay more to attract deposits.
UBS now largest private bank in Asia-Pacific
Indicates UBS’ resurgence following recent scandals.
China launches new benchmark lending rate
Part of stepped-up market reforms.
HSBC China with new tax payment service
First of its kind among all foreign banks in Shanghai.
Wenzhou to pilot local privately owned banks
Trials need more policy support, however.
AgBank dumping bad assets
Has highest NPL ratio among all 17 publicly traded banks.
PBOC signs MoU with FDIC
Agreement covers technical assistance and other concerns.
China Guangfa Bank, China Mobile start mobile Internet banking service
Nationwide rollout to follow.
Chinese banks face fresh wave of massive defaults
Big Four triple debt write-offs as hedge. China’s largest banks have tripled the amount of bad loans written off in the first half. Industrial & Commercial Bank of China Ltd, China’s largest bank and the world’s most profitable, and its four largest rivals wrote-off US$3.65 billion in uncollectible debt compared to US$1.26 billion on-year. Analysts said erasing the worst of the bad debts could allow banks to withstand a coming surge in nonperforming loan ratios caused by rising defaults in China. The country has relaxed rules for writing off debt to small businesses since 2010. The China Banking Regulatory Commission in April asked banks to set aside more funds to cover defaults, write off some bad loans and curb dividend payments. China’s five biggest banks reported a US$3.68 billion increase in NPLs during H1 to reach a total of US$57 billion or 1% of total loans, said Bloomberg. They added US$13.6 billion to funds set aside as bad debt provisions compared to US$11.97 billion in the first half of 2012. ICBC abandoned efforts to reclaim payments on US$1.7 billion of bad loans in H1 or more than double the US$408 million on-year. The Big Four banks are ICBC, China Construction Bank Corporation, Agricultural Bank of China Ltd and Bank of China Ltd. Bank of Communications Company is the fifth largest bank. ABF NEWS
China’s banking system's net forex purchases rocket in September
Jumps 3,600% to US$20.7 billion from US$4.5 billion in August.
China may tighten cash supply
Fears rising home prices are fueling inflation.
RMB jumps to 8th spot as most traded currency in the world
Market share is now up to 1.49%.
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