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Bank of China says China GDP may grow to 7.2% in Q2

April 1, 2015

BEIJING - The latest report by Bank of China predicts that China’s economy will stabilise in the second quarter of 2015, allowing GDP to rise from Q1’s approximate 7% to 7.2%. Senior economist with the bank’s Institute of International Finance, Zhou Jingtong, says in the report that despite a slowing Chinese economy in the “new normal” phase, “we are seeing a series of positive changes emerging from the recent economic moves, such as the rapid growth of private investment and strong profit growth in the equipment and high-tech manufacturing industries”.

China hints at a breakthrough in RMB full convertibility this year

March 24, 2015

HONG KONG – The Goveror of China’s central bank, the People’s Bank of China, Zhou Xiaochuan, has told delegates at the China Development Forum that Beijing will accelerate financial reforms and strive for full capital account convertibility within 2015. More measures will be taken to ease rules on two-way cross-border investment by individuals, and to open up capital markets more widely to make cross-border fund-raising easier, he said.

Did China’s growth fall below 7% in Q1 of 2015?

March 20, 2015

SINGAPORE – China’s growth may have fallen below 7% in the first quarter of 2015, according to ANZ Bank. It says weak economic activity data points to sub-7% growth, with fixed asset investment decreasing to the lowest level since 2001, gaining 13.9% y/y in January-February. Meanwhile, retail sales growth slowed to 10.7% y/y and industrial production growth eased to 6.8% y/y.    

Operation Fox Hunt: China tracks ‘fugitives’ with RMB3 billion in offshore assets

March 20, 2015

BEIJING - Over the past year, China’s Ministry of Public Security has carried out an extensive campaign known as “Operation Fox Hunt”, tracking down and returning more than 500 fugitives with over RMB 3 billion in offshore assets. Until earlier this week, however, the campaign was more or less shrouded in secrecy.

China's slowdown raises risks for Mainland and Hong Kong banks

March 18, 2015

HONG KONG - The economic slowdown in China will increase credit risks for domestic and Hong Kong-based banks, according to two new reports released by Standard & Poor's. S&P says signs of distress are spreading to more industries, which will accentuate credit losses. However, it suggests the ratio of nonperforming loans for China banks would stay below 3% this year, even under the downside risk that the Chinese economy grows just 6.1%.

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