Bloomberg news staff Bonnie Cao reports on the central government interest rate cut and the immediate effects on the real estate market:“All financial institutions must continue to strictly implement a differentiated housing...
Xinhua reports on changes in China’s monetary policy announced over the weekend, coinciding with news of bankruptcy filings by Lehman Brothers and the sale of Merrill Lynch, both New York based investment banks:...
From BBC News: Half-year profits at two of China’s biggest banks have surged on the back of higher lending and rising fees. Industrial & Commercial Bank of China (ICBC) , China’s biggest bank, said net profits for the six months to June rose 62% to 41.04bn yuan ($5.4bn; ¬£2.7bn) Meanwhile, Bank of China revealed net […]
From China Daily: China’s central bank raised the benchmark interest rates on Tuesday for the fourth time this year in an effort to prevent the economy from overheating and curb accelerating inflation. The one-year deposit rate will increase 27 basis points to 3.60 percent, while one-year lending rate will rise by 18 basis points to […]
From Financial Times: China on Friday responded to a surprise acceleration in growth during the second quarter and a jump in inflation by announcing it would slash its tax on bank deposit interest income and raise interest rates . The moves had been widely expected after Beijing on Thursday unveiled second-quarter growth in gross domestic […]
From Financial Times: China’s stock market dropped nearly 5 per cent on Thursday, the sharpest since February 27 when a Chinese correction was blamed for triggering a global sell-off, on concerns the government might act soon to slow soaring valuations. Analysts said the market was reacting in anticipation of strong GDP numbers that could lead […]
From Associated Press: China’s Central Bank Announces 0.27 Percentage Point Increase in Key Interest Rates China’s central bank said Saturday it will raise key interest rates by more than a quarter percentage point in a move to cool torrid economic growth.The 0.27 percentage point hike in one-year deposit and lending benchmark rates will go into […]
From Xinhua, via The People’s Daily: Economists believe China should continue to strengthen its macro control policies following the rise in interest rates announced on Friday. China raised its benchmark interest rate by 0.27 percent to prevent possible overheating in its economic boom – the second interest rate hike this year. It will take some […]
From Bloomberg: Copper futures in Shanghai fell by their daily limit after central banks in Asia and Europe raised interest rates to curb inflation , threatening to slow economic growth and demand for commodities. Aluminum also dropped. The European Central Bank , the Reserve Bank of India , the Bank of Korea and the Reserve […]
From Bloomberg News: People’s Bank of China Governor Zhou Xiaochuan said he has no “immediate” plan to raise borrowing costs and will study the effects of April’s surprise increase before deciding whether to tighten more. “We are still monitoring the results of the last interest rate increase, and there won’t be any further measures immediately,” […]
From the Financial Times (link) The International Monetary Fund on Tuesday warned China of the dangers of over-investment in sectors such as construction and property and recommended further monetary tightening following the small rise in interest rates imposed by the central bank last week. Wanda Tseng, deputy director of the IMF’s Asia and Pacific department, […]
From Bloomberg (link) Asian stocks dropped from 16-year highs this week, led by BHP Billiton and PetroChina Co., after China’s central bank unexpectedly raised its key lending rate to cool economic growth and crude oil tumbled. “We’re lightening up on resources shares because we’re not convinced that the hype about Chinese demand quite matches the […]
From the Bloomberg News (link): The yuan may decline after China unexpectedly raised benchmark interest rates yesterday to curb surging investment, stoking speculation the central bank won’t need to rely on faster currency gains to cool economic growth. China is under pressure from the U.S. and the Group of Seven nations to rely less on […]
New York Times had an article entitled Markets calm after China rate rise): “Mainland Chinese stock markets dropped less than 2 percent on Friday as most Asian financial markets reacted with surprising calm to the Chinese central bank’s announcement late on Thursday of its first increase in interest rates in nine years. ” On the […]
“China yesterday raised its benchmark interest rates for the first time in nine years, betraying its increasing concern about the future of its overheating economy. Oil and metal prices fell and mining stocks slumped on the London Stock Exchange after the central bank announced the 0.27pc point rise, which leaves the country’s one-year lending rate […]
From Bloomberg: “China’s central bank jolted global financial markets by raising its benchmark interest rates for the first time in nine years to cool the world’s fastest-growing major economy. The one-year lending and deposit rates will rise 0.27 percentage point to 5.58 percent and 2.25 percent respectively, effective tomorrow, the Beijing-based People’s Bank of China […]
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