The New York Times gives an update on the recently concluded U.S.-China economic talks in Annapolis, Maryland: Almost immediately, despite the bucolic setting, the talks produced a sharp disagreement over the lessons from the...
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...
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,...
From Reuters: Earnings at Chinese banks will probably be hit this year by the snowballing U.S. subprime mortgage crisis and Beijing’s moves to cool the economy, the president of the country’s sixth-biggest bank said on Monday. “We have to be very realistic: we are facing many challenges this year which are not only from home […]
From Reuters via The International Herald Tribune: Wu Qixin left a veterinary career for the money-spinning world of Chinese property in September only to find that a five-year market boom was on its last legs. Steps by the Chinese government to cool a frenzied residential market are finally biting and are likely to usher in […]
From The Financial Times: When Lou Jiwei, the head of the China Investment Corporation , appears on a panel at Davos next week, he will attract a flurry of interest from financiers. CIC is less than a year old, but the actions of this vast investment fund – and numerous others in China – are […]
From AFP via Business Report: Industrial and Commercial Bank of China , the nation’s top lender, said it was not worried by US subprime troubles, as mortgage-backed securities were a tiny percentage of its assets. Subprime-related mortgage-backed securities amount to $1.23 billion, or 4.32 percent of the bank’s total foreign currency fixed income investments, Bank […]
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