China’s telecom giant Huawei on Friday confirmed that the ban by Australian government on Huawei from participating the National Broadband Network (NBN) project continues, saying it was “extremely disappointed” with the decision.
(Beijing) – Understanding the complexity of the Postal Savings Bank of China (PSBC) – a spin-off of the postal service operator and now the seventh-largest bank in the country – is difficult even though more than six years have passed since it was established.
The bank has never tapped the capital market for funds and thus has never been required to publish its financials. As a latecomer to banking, it is sitting on a huge stash of money that other big lenders have kept coming to for help whenever liquidity tightened.
Two gauges of China’s manufacturing activity picked up in October, showing that an economic rebound in the third quarter hasn’t run out of momentum yet. The official purchasing managers’ index rose to 51.4, from 51.1 in September, and the competing poll from HSBC and Markit Economics which gives more weight to small businesses climbed to 50.9 from 50.2. Any number above 50 indicates expansion, so that looks like good news for the world’s second-largest economy. But digging through the data behind those headline figures, some analysts are less optimisti
The month-old China (Shanghai) Pilot Free Trade Zone will propel domestic reforms, while restrictions on foreign investment in the FTZ will be shortened, a senior government adviser said on Wednesday.
The government will be “prudent” in introducing policies in the zone, said Long Guoqiang, director-general of the General Office of the Development Research Center of the State Council.
Long said that the approval of new zones elsewhere in the nation “will not be related to the progress” of the Shanghai FTZ.
“The Shanghai FTZ will be the pilot and explorer of China’s economic upgrading,” Long said. “In addition to liberalization of trade and tariffs, a very important part of the pilot is the opening of the service sector.
China Money Rate Falls to One-Week Low After PBOC Cash Injection – Bloomberg
The People’s Bank of China added a net 29.1 billion yuan ($4.8 billion) via money-market operations in the last four days, after draining 102.5 billion yuan in the two weeks ended Oct. 25, according to data compiled by Bloomberg. The central bank offered reverse-repurchase agreements on Oct. 29 for the first time in two weeks and again at an auction yesterday, helping bring money-market rates down from the highest levels since June.
Construction Bank Agrees to Buy Majority of Brazil Bank – Bloomberg
China Construction Bank Corp. (939), the nation’s second-biggest lender by assets, agreed to pay 1.62 billion reais ($723 million) for a majority of Brazil’s Banco Industrial & Comercial SA
The 72 percent stake will include 157.4 million voting shares and 24.7 million preferred shares, which Construction Bank plans to buy for 8.9017 reais each, BicBanco, as the Sao Paulo-based firm is known, said yesterday in a filing. The price values the entire Brazilian bank at 1.16 times its book value as of June 30, according to data compiled by Bloomberg.
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