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  • April 18, 2014
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  1. Business - Comment - MONITOR

    It's risk-off again as troika plays with fire in Cyprus

    Posted Mar 19th 2013, 12:00am by Tom Holland

    .... Alternatively, the authorities might hold deposit rates down, keeping the spread between deposit and lending rates artificially wide in order to recapitalise the banks at depositors' expense; ... As a result, savers in Greece, Spain, Portugal and Ireland will naturally be prompted to reassess the security of their bank deposits. To be on the safe side, many are likely to decide to shift ...

    http://www.scmp.com/business/article/1194011/its-risk-again-troika-plays-fire-cyprus
  2. Business - Comment - MONITOR

    Thank the Cypriot parliament for averting euro-catastrophe

    Posted Mar 21st 2013, 12:00am by Tom Holland

    ... Tom Holland Proposal forcing residents to accept a tax on insured deposits would have triggered a chain reaction of bank runs across southern Europe Thank the Cypriot parliament for averting euro-catastrophe It can have surprised no one that members of the Cypriot parliament voted unanimously against plans to slap a tax on the islanders' bank deposits. Members ...

    http://www.scmp.com/business/article/1195799/thank-cypriot-parliament-averting-euro-catastrophe
  3. Business - Comment - MONITOR

    Beijing's financial reforms will push up interest rates

    Posted Jan 16th 2014, 11:41pm by Tom Holland

    ... because the central bank still dictates the maximum interest rates that mainland households and companies can earn on their bank deposits. And the rates it decrees are low. At present, the highest ... savers by offering higher deposit rates. In turn, that will push up bank lending rates for most borrowers, and China's interest rates will rise across the board. There are few key reforms ...

    http://www.scmp.com/business/article/1407148/beijings-financial-reforms-will-push-interest-rates
  4. Business - Comment - MONITOR

    A nice idea Mr Yam, but it will be a long time before it can fly

    Posted Feb 19th 2014, 01:27am by Tom Holland

    ... commercial banks to set aside 20 per cent of deposits at the PBOC as required reserves is not only inefficient, argued Yam, it "is in effect a tax on the banking system" which has ... a sizeable proportion of their deposits at the central bank as required reserves- reserves on which it pays only a stingy 1.62 per cent interest rate. In a nutshell, as long as China maintains its ...

    http://www.scmp.com/business/article/1430637/nice-idea-mr-yam-it-will-be-long-time-it-can-fly
  5. Business - Economy - MONITOR

    The yuan is falling, but only because Beijing wants it to

    Posted Mar 03rd 2014, 02:59am by Tom Holland

    ... Tom Holland Despite talk of a greater role for market forces, the currency is still far from freely floating with constant interventions from the central bank The yuan is falling, but only ... and a greater role for market forces, the yuan remains neither fully convertible nor freely floating. The central bank continues to steer all the currency's movements. Each morning it dictates ...

    http://www.scmp.com/business/economy/article/1438811/yuan-falling-only-because-beijing-wants-it
  6. Business - China Business - MONITOR

    It's tough, but China must let trust company products fail

    Posted Jan 27th 2014, 04:23am by Tom Holland

    ... ceased production after its vice-chairman was arrested for taking deposits without a banking licence. Not surprisingly, the investors are angry. They say they were promised a 10 per cent annual return on their capital by the ICBC staff that sold them the product as a high-yield, low-risk alternative to their savings deposits. Now they are demanding that the bank make good their losses. ...

    http://www.scmp.com/business/china-business/article/1414377/its-tough-china-must-let-trust-company-products-fail
  7. Business - Economy - MONITOR

    Beijing's targets likely to play down growth for reform focus

    Posted Dec 09th 2013, 04:50am by Tom Holland

    ... with the leadership's reform programme by removing the regulatory ceiling on bank deposit rates. The process will be gradual. Officials are nervous of triggering a bidding war between rival banks competing ... the implosion of United States investment bank Lehman Brothers. In recent years, the objectives set by the annual meeting have been more modest. The official growth target for last year, for example, ...

    http://www.scmp.com/business/economy/article/1376286/beijings-targets-likely-play-down-growth-reform-focus
  8. Business - Comment - MONITOR

    A healthy China would set interest rates at 10 per cent

    Posted Jan 05th 2014, 11:49pm by Tom Holland

    ... to deposit ratio no higher than 75 per cent. To most observers, last month’s spike in interest rates was an aberration However, many of the mainland's smaller banks habitually exceed that level. ... into investors' deposit accounts, allowing the banks temporarily to meet their regulatory obligations, before they sell yet more wealth management products. Unfortunately, there's a problem ...

    http://www.scmp.com/business/article/1398419/healthy-china-would-set-interest-rates-10-cent
  9. Business - Comment - MONITOR

    Nothing new in Beijing's latest 'clampdown' on shadow loans

    Posted Jan 08th 2014, 03:33am by Tom Holland

    ... in Beijing's latest 'clampdown' on shadow loans Another year, another clampdown on China's shadow banking system. Last month, the State Council issued a policy directive aimed ... for banks to exceed lending quotas by shifting loans off their books. It also banned wealth managers from pooling the proceeds from their sales of structured notes to investors and prohibited ...

    http://www.scmp.com/business/article/1400132/nothing-new-beijings-latest-clampdown-shadow-loans
  10. Business - Comment - MONITOR

    Cypriot-style bank crisis could hit Hong Kong too

    Posted Apr 02nd 2013, 12:00am by Tom Holland

    ... to the European authorities' ill-conceived first attempt to tax Cypriot bank deposits. But contagion is only part of the reason we should watch events in Cyprus closely. As a smallish place ... at first glance, the chances of a Cyprus-style recurrence seem slim. Whereas Cypriot bank deposits ballooned to 700 per cent of the island's gross domestic product, in Hong Kong the figure ...

    http://www.scmp.com/business/article/1205045/cypriot-style-bank-crisis-could-hit-hong-kong-too

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