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August 3 – China has reduced transaction fees on equities trading by 20% in a bid to stop the nation's stock market from diving. The reduction is set to take effect on September 1 and is expected to save traders ¥600 million in the last four months of the year, the China Securities Regulatory Commission said. Separately, the official Xinhua News Agency said that China is also considering a cut in stamp duties on share trading.
August 3 – Outstanding debts that China's small businesses owed to banks totaled ¥13.5 trillion as of the end of 1H 2012, up 18.5% from a year earlier, according to the banking regulator.
July 30 – China has enacted new rules for foreign investors in a move to ease restrictions and grant them broader market access, the Wall Street Journal reported. Under the new rules, the China Securities Regulatory Commission said it had lowered minimum qualification requirements and simplified the approval process for applicants under the Qualified Foreign Institutional Investors program and that it had allowed QFIIs to invest in China's quickly expanding interbank bond market and new high-yield bond market.
July 30 – China's premium incomes totaled ¥853.25 billion in 1H 2012, including ¥583.3 billion from life and casualty insurance and ¥266.9 billion from property insurance, up 5.9%, 2.4% and 13.5% respectively from 1H 2011, according to figures from the country's insurance regulator. The insurance industry's assets amounted to ¥6.78 trillion as of June 30 2012, up 17.9% from a year earlier. Insurance claims added up to ¥26.28 billion in 1H 2012, up 15.5% from 1H 2011.
July 27 – Chinese financial institutions had ¥124.56 trillion in assets and ¥116.64 trillion in liabilities as of the end of June, up 19.6% and 19.3% respectively from a year earlier, according to the nation's banking regulator.
July 23 – China will further lower transaction fees on stock trading by around 20%, the securities regulator said, adding that details were being mapped out and would be released in September. Yao Gang, deputy director of the China Securities Regulatory Commission, said the policies are meant to promote the sound development of the capital market in the long run, not to a short-term bullish market.
July 18 – Premium incomes in China grew 5.9% from a year earlier to ¥853.23 billion in 1H 2012, the insurance regulator said. Chinese insurers had ¥6.78 trillion in total assets and ¥674.66 billion in net assets as of the end of June, up 13.3% and 21.2% respectively from six months earlier.
July 18 – The 181 foreign-funded banks in China saw their gross profits more than double to ¥16.73 billion in 2011, according to a report by PricewaterhouseCoopers. The sharp increase in profits was fueled by strong demand for corporate credit from multinational, state-owned and privately-owned companies, by the Chinese currency's increasingly important global role and by more financial derivatives trading. Foreign banks' total Chinese assets gained 24% to ¥2.15 trillion last year. Most of them expected their revenue from China to grow 20% annually through 2015, the report added.
July 13 – China's new Renminbi-denominated loans totaled ¥919.8 billion in June, up from ¥793.2 billion a month earlier and ¥285.9 billion more than a year earlier, according to central bank figures. Renminbi-denominated deposits increased ¥2.86 trillion last month, ¥954.2 billion more than a year earlier. In 1H 2012, the nation’s Renminbi-denominated new loans added up to ¥4.86 trillion, ¥683.3 billion more than in 1H 2011; new Renminbi-denominated deposits totaled ¥7.38 trillion, ¥42.5 billion more than in 1H 2011.
June 29 – China will launch a pilot program where banks in Hong Kong will be allowed to make Renminbi-denominated loans directly to customers in Shenzhen, according to a Chinese official who arrived in Hong Kong for the 15th anniversary of the city being reverted to China. The move has been interpreted as an effort to open up the nation's capital account and increase the Chinese currency's international role. Qianhai Bay, which borders Hong Kong, is slated to host the program.
$1 = ¥6.34
@2011 China Economy @ The China Perspective.
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