The nation's securities regulator has loosened capital-reserve requirements for brokerages to help them expand their asset management business, in the latest effort to buoy a weak stock market. The China Securities Regulatory Commission (CSRC) said the minimum reserve ratios for asset management businesses of brokerages have been cut from 2 to 4 per cent to 1 to 2 per cent. The regulator also allowed brokerages to buy bonds on the interbank market. Daniel Ren
PetroChina, the country's largest listed oil firm by capacity, raised 20 billion yuan (HK$24.6 billion) through three tranches of fixed-rate bonds. Half the net proceeds will be used to repay outstanding loans while the rest is aimed to replenish liquidity. The bonds are all rated the highest AAA. Ray Chan