Bank of China (HKG:3988)

QUOTE AND NEWS
MarketWatch  Apr 24  Comment 
The People’s Bank of China sets the daily reference rate at its strongest level in three months as growth in the world’s second-largest economy slows.
guardian.co.uk  Apr 20  Comment 
Beijing acts to tackle slowdown in world’s largest economy with biggest easing of policy by People’s Bank of China since 2008 The biggest easing of policy by the People’s Bank of China since the depths of the global financial crisis in late...
guardian.co.uk  Apr 19  Comment 
People’s Bank of China acts to boost bank lending and combat slowing economic growth in world’s second-biggest economy China’s central bank has cut the amount of cash that banks must hold as reserves on Sunday, the second industry-wide cut...
The Straits Times  Apr 18  Comment 
April 18, 2015 12:54 AM THE Bank of China (BOC) branch in Singapore was saved in the nick of time from closure by the city-state's separation from Malaysia some 50 years ago.
Mondo Visione  Apr 17  Comment 
Singapore Exchange (SGX), Bank of China (BOC) and BOC International Holdings Limited (BOCI)[1] are extending their collaboration on Renminbi (RMB) initiatives and embarking on joint activities that will contribute to the growth of both financial...
Yahoo  Mar 31  Comment 
Chinese and most European stocks have led the way with a stellar run, buoyed by stimulus from the People's Bank of China and the European Central Bank. Fund managers and strategists also warned that the prospect of an interest rate rise by the...
Wall Street Journal  Mar 26  Comment 
Bank of China reported its slowest annual profit growth as a publicly traded company, and more.
Wall Street Journal  Mar 25  Comment 
Bank of China became the second major Chinese state lender this week to post its slowest annual profit growth as a publicly traded company.
The Economic Times  Mar 24  Comment 
The People's Bank of China set the midpoint rate at 6.1398 per dollar prior to market open, firmer than the previous fix 6.1448.
Finance Asia  Mar 19  Comment 
Agricultural Bank of China completes the second part of a total Rmb80 billion capital-raising exercise; ICBC is expected to be next as banks beef up their balance sheets.




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Bank of China Limited (BOC) (SSE:601988, SEHK:3988) is one of the "Big Four" state-owned commercial banks (SOCBs) in China. Though heavily state-owned, the Bank of China should not be confused with the People's Bank of China, the country's central bank.

BOC is China's most international and diversified bank, offering financial services to clients in the Chinese mainland, Hong Kong, Macau, and 29 other countries. Through numerous subsidiaries, Bank of China offers a full range of financial services including commercial and investment banking, insurance, fund management and investment management.

While competitors were left reeling from the financial crisis of 2008, BOC was relatively unaffected, with operating profits falling only 3.3% in 2008 from a year earlier.[1] Operating profits rebounded sharply in 2009, up 27.94% as Bank of China's performance was buoyed by booming economic growth in the PRC (8.7%) and fiscal stimulus from Beijing.[2] Encouraged by the central government to inject capital into the economy, lending across the banking industry in China measured RMB9.6 trillion in 2009, up from RMB4.9 trillion in 2008.[3] Officially in 2009, the Nonperforming Loans (NPLs) of domestic commercial banks totalled RMB497.33 billion, a decrease of RMB62.98 billion compared with the prior year-end figure.[4] The official NPL ratio was 1.58%, down by 0.84 percentage point compared with the prior year-end.[5] Allowances for loan impairment losses to NPLs reached 155.02%, a significant increase of 38.57 percentage points from the prior year's end.[6] In 2010, the central government reversed course, establishing a ceiling on bank lending of RMB7.5 trillion.[7] Compounding the fears of an overheating economy is evidence that the official govenrment statistics understate both the amount of loans and the percentage of loans that are non-performing, suggesting that the Chinese financial system is not as stable as many believe.[8][9]


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References

  1. Bank of China 2009 Annual Report, p.2
  2. Bank of China 2009 Annual Report, pp.2,16
  3. Bank of China 2009 Annual Report, p.17
  4. Bank of China 2009 Annual Report, p.17
  5. Bank of China 2009 Annual Report, p.17
  6. Bank of China 2009 Annual Report, p.17
  7. "China Stocks Drop Most in Three Weeks Amid Bank Loan Restriction Concerns." Bloomberg News 09/16/2010
  8. "China Special Report: Informal Securitisation Increasingly Distorting Credit Data," Fitch Ratings July 14, 2010
  9. Barboza, David. "Report Warns of Risks to China’s Bank System." The New York Times. July 14, 2010
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