Mike Werner News
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China’s largest banks capped a sixth year of record profits by posting a 21 percent average return on equity, more than twice the rate earned by U.S. and European competitors led by JPMorgan Chase & Co.
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Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth.
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Lin Baozhen, a 61-year-old retired accountant in Shanghai, is a dream customer for Chinese banks. For a decade, she has kept her money at China Construction Bank Corp. in an account currently paying 3.5 percent interest.
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China’s largest publicly traded banks will be able to absorb credit losses even if 27 percent of their loans to local governments go bad, according to brokerage Sanford C. Bernstein & Co.
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The highest funding costs since 2008 may make it more expensive for China’s state banks to lend to commodity producing nations, as the world’s fastest-growing major economy tries to secure natural resources to fuel growth.
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China moved its securities regulator Shang Fulin to head the nation’s banking watchdog, overseeing a 106 trillion-yuan ($17 trillion) industry that includes four of the world’s 10 largest lenders by market value.
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Shanghai may cut its borrowing costs by almost two percentage points as China allows local governments to sell bonds for the first time, helping policy makers reorganize 10.7 trillion yuan ($1.7 trillion) of debt.
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Chinese banks may post slower profit growth in the fourth quarter as their lending margins narrow and provisions for bad debt rise, according to Sanford C. Bernstein & Co.
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Industrial & Commercial Bank of China Ltd. agreed to the first Chinese takeover of a U.S. retail bank, boosting financial ties between the two largest economies as President Hu Jintao concluded a four-day visit.
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Bank of East Asia Ltd., Hong Kong’s largest family-run bank, agreed to sell new stock to Sumitomo Mitsui Banking Corp., raising HK$3.3 billion ($426 million) to bolster its capital as it seeks to expand in mainland China.
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