Bank of China

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Bank of China to Invest $878 mln in Rail Project

The Bank of China will invest up to 6 billion yuan in a high-speed railway between Shanghai and Beijing. From Reuters: It said its Hong Kong-based unit, Bank of China Group Investment Ltd, has agreed to buy a 4.5 percent stake...

Bank of China to Sell up to $5.8 Billion in Bonds

Beijing is taking new measures to rein in inflation and overheating in the economy, Business Week reports: Bank of China plans to sell up to 40 billion yuan ($5.8 billion) in bonds to replenish its capital and meet government...

Exiting the Dragon

From the Financial Times: When Bank of America was negotiating to take a stake in China Construction Bank four years ago, advisers who worked on the investment gave it the code name “Project Solidgold”. Yet the landmark...

US Jails China Bankers for Fraud

Two former Bank of China managers, and their wives, have been sentenced to up to 25 years in prison in the U.S. for stealing $485 million. BBC reports: Xu Choafan, Xu Guojun, Kuang Wan Fang and Yu Ying Yi had also been convicted...

China to Maintain Relaxed Monetary Policy

From Reuters: China will continue to implement a relaxed monetary policy and keep sufficient liquidity in the banking system, the People’s Bank of China said on Sunday. The statement appeared to be the central bank’s...

Emerging Trouble for BRICs

In such a time of global financial instability, why might the People’s Bank of China, for the first time in six years, decreased its benchmark lending rate by 27 basis points to 7.2%? In addition to the more immediate steps the...

Ex-managers of Bank of China Found Guilty in US

Li Xiaokun reports in the China Daily: A federal jury in Las Vegas on Friday convicted two former principals of China’s largest bank, who have been resident in the United States for the past seven years, of embezzlement...

Bank of China Denies Aiding Terrorists

The Bank of China has denied that it transferred money to terrorist groups as alleged in a recent lawsuit. From AP: The lawsuit filed last Thursday by victims of terrorism in Israel accused the bank of putting through dozens of...

Israeli Terror Victims Sue Bank of China

From Israel News , reported by Aviad Glickman: Victims of terror attacks carried out by Hamas, Islamic Jihad claim China’s largest bank facilitated attacks by transferring funds to Gazan terror groups, demand $500 million...

Chinese Banks Report Leap in Profits

From the Financial Times: China’s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite....

Subprime Holdings Damp China Bank Profits

Chinese banks reported increased profits in 2007, but they’ve suffered in recent months as a result of the U.S.’s subprime-mortgage crisis. From Reuters Via Financial Times : Industrial & Commercial Bank of...

Inflation vs. Interest Rates: The Battle Continues

As the United States winces with each new release of data that suggests the world’s largest economy may be shrinking, the world’s fourth largest economy looks to be facing it’s own new set of anxiety-producing...

China Shares Blame for Crisis, Carney Says

The new Bank of Canada governor, Mark Carney, has blamed China for the subprime mortgage crisis that has rocked the U.S. economy and is being felt around the world. From The Globe and Mail: By insisting on fixed exchange rates,...

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