Topic
The Bank of China is one of Hong Kong's biggest banks. It is also one of China's four state-owned commercial banks; the other three are the Industrial and Commercial Bank of China, China Construction Bank, and the Agricultural Bank of China. The Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in the country. Its headquarters are located in Hong Kong.
A derivatives trading platform set up by the Bank of China has resulted in huge losses for many small players
- Move comes a week after Fitch cut its projection for the country’s sovereign credit rating, reflecting pessimism in the world’s second largest economy
- ‘The large size of the banking sector … constrains the government’s ability to support the sector,’ the credit ratings agency says
China’s financial regulators could continue to lower financing costs as a means to shore up confidence, according to CCB chief financial officer Sheng Liurong.
Results came despite government calls to slash rates and inject liquidity into the country’s slumping property sector.
HSBC, Standard Chartered and BOCHK – the city’s three note-issuing banks – will keep their lending and deposit rates unchanged, meaning borrowers will have to keep waiting for interest relief.
China’s next big impending change in the financial market is letting more foreign institutional investors into its onshore repo market.
Many financial firms including UBS, Julius Baer, and KGI Asia have opted to use the dragon’s image on their lai see envelopes as opposed to a generic design, illustrating the mythical creature’s popularity with the public.
The banks’ decisions followed the Hong Kong Monetary Authority (HKMA), which left the city’s base rate at 5.75 per cent hours after the Fed kept its target range unchanged in its first policy move of the year.
China’s largest state-owned banks are lowering their deposit rates for the third time in 2023, in their latest effort to ease the pressure on their net interest margins and to improve profitability.
China has been expanding the use of its sovereign digital currency in cross-border businesses, with the Bank of China completing the first cross-border settlement for precious metals trading.
‘Significant damage’ inflicted through fraudulent loans, misappropriated repayments and the siphoning of bank funds to other accounts, court says.
Livi Bank, a virtual bank backed by the Bank of China (Hong Kong), will continue to expand lending to SMEs as it views the segment as a future growth engine after strong growth this year, CEO David Sun says.
Bank of China (BOC), one of China’s four biggest state-owned banks, opened its branch in Riyadh on Tuesday amid growing economic activity between China and Saudi Arabia.
Both lenders comfortably missed analysts’ estimates for net profit amid a stagnant economic recovery and an escalating property crisis that has dampened creditor confidence, though both reported a slight drop in their non-performing loans ratio.
ING, the largest lender in the Netherlands, plans to escalate its staff recruitment efforts to meet the growing green finance opportunities across the region, according to the Dutch bank’s head of wholesale banking.
HSBC’s pre-tax profit was US$8.77 billion, ahead of US$7.96 billion expected by analysts, as it benefited from a strong interest rate environment.
Standard Chartered’s pre-tax profit was US$1.52 billion in the second quarter as it beat a consensus estimate of US$1.37 billion.
Bank of China Hong Kong kicked off a new e-CNY trial with 200 merchants on Tuesday, its third in the city to test cross-border payments of China’s sovereign digital currency.
Investment bankers got busier arranging more bond deals in Hong Kong while the IPO market slumped to the lowest level since the severe acute respiratory syndrome or Sars struck the city in 2003.
Bank of China report says more than 90 per cent of domestic and foreign firms believe ‘strongly’ using the yuan could steady trade within the Asia-Pacific region as Beijing presses on to increase global use for the currency.
Investors have been snapping up Chinese banking stocks at a pace not seen since the 2015 market bubble in the hopes that lenders’ profit growth will accelerate and government-led drives to boost valuations and improve efficiency at SOEs will underpin sentiment.
Standard Chartered’s pre-tax profit was US$1.81 billion in the first quarter, beating a consensus estimate of US$1.43 billion.
HSBC and Bank of China (Hong Kong), two of the city’s major lenders, have expanded their digital payment services to support cross-border transactions as the reopening of China’s border is expected to boost e-commerce in the post-Covid era.
Bank of China (Hong Kong) has taken the lead among lenders in the city to promote the use of digital yuan, offering a 100 e-CNY laisee to customers who register to use the digital currency.
After the PBOC and the CBIRC officially confirmed a 16-point rescue plan for the real estate sector on Wednesday, banks have been rushing to offer financing support for several struggling companies.
Hong Kong’s biggest banks are expected to benefit from rising interest rates in the third quarter, but questions remain about how slowing growth, particularly in China, could affect bank bottom lines.
Victim receives call from someone saying he was involved in money laundering in mainland China, and later instructed to hand over details of Bank of China account to prove his innocence.
Hong Kong’s Financial Secretary Paul Chan Mo-po has warned the city to expect “negative growth” in the local economy this year.
ICBC, the world’s largest bank by assets, sees more challenges ahead in staving off the impact of China’s strict zero-Covid measures on its loan quality.
