Bank of China (HKG:3988)

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The Straits Times  Nov 25  Comment 
November 26, 2014 1:16 AM THE High Court has ordered a businessman to pay up the US$66 million (S$86 million) guarantee he made to the Bank of China (Singapore) which helped fund his company's purchase of a bulk carrier.
The Economic Times  Nov 25  Comment 
The People's Bank of China (PBOC) fixed the yuan's daily midpoint at 6.1390 per dollar, up 0.05 per cent from previous day's fix.
The Economic Times  Nov 24  Comment 
European shares, which had their best day in a month on Friday after the People's Bank of China cut interest rates.
The Economic Times  Nov 24  Comment 
Some central banks are raising rates, some lowering theirs but overall the fact is that the Fed is no longer going to do its quantitative easing.
Wall Street Journal  Nov 22  Comment 
The People’s Bank of China and European Central Bank moved to pump up flagging global growth, boosting stock markets but raising questions about the limitations of central-bank intervention.
MarketWatch  Nov 21  Comment 
The People’s Bank of China reduces rates in a move seen as an acknowledgment that its piecemeal efforts to bolster its flagging growth have failed.
BBC News  Nov 21  Comment 
The People's Bank of China is cutting its one year deposit rate by 0.25% to try to revive the flagging economy
Mondo Visione  Nov 21  Comment 
NZX has today signed a Memorandum of Understanding (MOU) with the Bank of China Limited, one of the largest state-owned commercial banks in the People’s Republic of China. NZX and the Bank of China will work together to explore opportunities...
The Australian  Nov 19  Comment 
INVESTORS and companies could soon be listing and trading shares on the Australian bourse in the Chinese currency.




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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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