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China ready to cut rates again on fears of deflation BEIJING: China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.Friday's surprise cut in rates, the first in more than two years, reflects a change of course by Beijing and the central bank, which had persisted with modest stimulus measures before finally deciding last week that a bold monetary policy step was required to stabilise the world's second-largest economy.Economic growth has slowed to 7.3 percent in the third quarter and policymakers feared it was on the verge of dipping below 7 percent - a rate not seen since the global financial crisis. Producer prices, charged at the factory gate, have been falling for almost three years, piling pressure on manufacturers, and consumer inflation is also weak."Top leaders have changed their views," said ...

China's rate-cut likely to hurt banks, curb new loans to small borrowers SHANGHAI: China's latest interest rate cut is set to dent the profitability of domestic lenders, especially mid-sized banks, which are already suffering from higher bad loans and a slowdown in profit growth.The central bank unexpectedly cut rates late on Friday, stepping up efforts to support small and medium-sized enterprises (SMEs) which are struggling to repay loans and access credit, as the economy slides to its slowest growth in nearly a quarter of a century.It slashed ...
Bank of England 'probes money-market rigging' LONDON: The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday.The months-old probe is being conducted by the lawyer who led the Bank's investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.The Bank said it ...
China's ICBC to set up offshore yuan centre in Los Angeles BEIJING: China's Industrial and Commercial Bank (ICBC) signed a pact with the Los Angeles city government to promote cross-border yuan trade and set up an offshore renminbi centre in California, the bank said on Saturday.The move to create an offshore RMB centre in the largest state in the United States would lay the foundations for greater yuan trade with China, ICBC said in a statement.The agreement comes at a time when many other countries are ...
SNB says it will keep cap on Swiss franc as long as necessary RUESCHLIKON: The Swiss National Bank's cap on the franc remains a key part of monetary policy and it will be maintained as long as required, a central bank board member said on Friday. "It's clear that the minimum exchange rate of 1.20 is absolutely central to prevent an unwanted tightening of monetary policy conditions," Fritz Zurbruegg said in a speech in Rueschlikon, near Zurich. The cap will remain in place for as long as necessary, ...
Draghi says ECB ready to act fast to tackle low inflation FRANKFURT: The European Central Bank is ready to act in a timely manner if low inflation persists, ECB President Mario Draghi said on Friday. "We will continue to meet our responsibility - we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us," Draghi said in a speech at an annual banking congress. "If on its current trajectory our policy is not ...
Turkish central bank injects 19 billion lira in repo auction ISTANBUL: Turkey's central bank injected 19 billion lira ($8.54 billion) into the market in a one-week repo auction on Friday at a fixed simple rate of 8.25 percent, bank data showed. Total bids for the repo, maturing on Nov. 28, amounted to 36.84 billion lira. Copyright Reuters, 2014 ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln