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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 the one-year benchmark lending rate by 40 basis points to 5.6 percent while lowering the one-year benchmark deposit rate by 25 basis points to 2.75 percent.The narrowing of interest rate margins will eat into lenders' profitability, with Cinda Securities' chief strategist, Jiahe Chen, predicting it will cut profits by up to 5 percent.Interest margins generated from lending have already been shrinking for second-tier lenders, which have been squeezed by competition from online financiers and a ...

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 ...
Vietnam caps bank credit for stock investment at 5pc HANOI: Vietnam's central bank will cap bank loans to customers for investment in shares at a maximum 5 percent of the bank's registered capital, it said in a directive. The new rule, which had been widely expected by the market, replaces a previous regulation which allowed banks to lend up to 20 percent of their registered capital for investment in securities, including bonds and shares, based on State Bank of Vietnam's regulations. The new directive ...

 



 
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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