Home Page
An experienced guide to the world of finance
providing tools and information that help make
best financial decisions
My FinanceGates.com Register
 
Home  | News   |  Banking 



Market News Insurance Billing
Banking Business News World News
Funds Brokerage

Wednesday March 30, 06:31
China’s 5-th biggest bankgets capital inflow
(by Mark Riley)

Bank of Communications, China’s fifth-largest lender, made public it received a capital inflow last year equal to three billion yuan ($362.5 million) from a shareholder who is under supervision of the country’s foreign-exchange regulator. China’s banking regulator publicized a blueprint for revamping two of the Big Four state-owned banks, according to the Dow Jones Newswires.

According to the statement released by Bank of Communications spokesman Song Feng, the inflow the bank received from Central Huijin Investment Co. was performed according to the model that was previously applied to the Bank of China and China Construction Bank, two of the Big Four, by the Chinese government.

China began its banking scrutiny with those two banks in late 2003, when each got $22.5 billion from the nation’s foreign-exchange reserves to support to their capital. Both have undergone restructuring and are getting ready to enter international markets.

The banking regulator said during the weekend that examination of the other two banks in the Big Four -- Agricultural Bank of China and Industrial & Commercial Bank of China -- will be more complicated but is important for their survival. ICBC is China’s dominant state commercial bank and Agricultural Bank has the largest number of networks nationwide, said Tang Shuangning, vice chairman of the China Banking Regulatory Commission in an interview with Dow Jones Neewswires.

All banking news
Read the related news and articles:
27 May 2005 07:08 AM US Senators call for tough action on China to press for yuan revaluation
20 May 2005 08:25 AM China’s export tariffs raised on US restrictions
19 May 2005 10:54 AM US puts more pressure on Chinese textile
19 May 2005 09:31 AM Hong Kong announces currency ceiling
19 May 2005 08:14 AM Snow: yuan must grow within few months
 


   KEYWORD SEARCH

KEYWORDS:

   SUBSCRIPTION
Join FinanceGates.com mailing list and get news and financial advices on home finance, auto finance, insurances, funds, online payments and much more.


Copyright © FinanceGates.com - independent financial advice and personal finance advice, an InternetGates.com company, 2003-2012. All rights reserved.
Finance Gates provides personal finance advice on banking, insurance, investing and billing.
Reading materials of this site you can be sure that you get independent financial advice.