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Chinese Banks

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world5 months ago

China Condemns EU Sanctions on Chinese Banks and Firms

China has threatened to respond to recent EU sanctions targeting Chinese banks and companies, which were imposed due to their alleged involvement in circumventing sanctions related to Russia's invasion of Ukraine. Beijing protests these measures, asserting they harm trade and financial ties, and has vowed to take necessary steps to protect its firms. This marks the first time Chinese banks have been sanctioned by the EU since the Ukraine conflict escalated, prompting diplomatic tensions and potential retaliatory actions.

via Bloomberg.com|
#china#chinese-banks#eu-sanctions
economy2 years ago

China's Banking Measures to Boost Economy and Real Estate Sector

Chinese banks are planning to cut deposit rates in an effort to mitigate the impact of a faltering economy, as the country faces challenges such as slowing growth and rising debt levels. The move is aimed at boosting lending and stimulating economic activity, while also maintaining financial stability. This decision comes as part of China's broader monetary policy efforts to support the economy amidst ongoing challenges.

via The Wall Street Journal|
#chinese-banks#deposit-rate-cuts#economy
finance2 years ago

"Asia Markets Rally on Wall Street's Boost; Australia Inflation Softens"

Asia-Pacific markets mostly rise, following Wall Street's tech rally. Australia's inflation rate for July softens to 4.9%, lower than June's 5.4%. Chinese property firm Country Garden plans to issue new shares to repay loans. Nio's Hong Kong-listed shares plunge 8.3% after posting a wider net loss in Q2. Chinese state-owned banks may soon lower interest rates on existing mortgages. Morgan Stanley's Andrew Slimmon predicts S&P 500 will reach 5,000 by year-end. Costco in China sees higher foot traffic compared to the US. UBS warns of a potential "bear trap" in Chinese stocks. The US Dollar reaches its highest level against the Yen in 2023. S&P 500, Nasdaq, and Dow trade above their 50-day moving averages. US Treasury yields decline ahead of key economic data releases. Apple sends invites for September 12 launch event, expected to announce iPhone 15 and new Apple Watches.

via CNBC|
#asia-markets#australia-inflation#chinese-banks
economy2 years ago

Chinese Banks Slash Mortgage Rates Amid Deepening Property Crisis

Chinese state-owned banks are planning to lower interest rates on existing mortgages in an effort to revive the debt crisis-hit property sector and boost the economy. The rate cut will vary depending on clients and cities, with reductions of up to 20 basis points expected. This move comes as part of a series of measures announced by Beijing to support the property market and address concerns about the health of the economy. Lowering existing mortgage rates is expected to further impact the banking sector's profitability, which has already been squeezed by falling net interest margins. Chinese banks will also cut some deposit rates by 10-25 basis points to help maintain profitability.

via Reuters.com|
#chinese-banks#economic-stimulus#economy