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News from China
Prudent policy stays, alert to risks
3rd July 2015

 CHINA will continue to implement a prudent monetary policy and at the same time guard against financial risks, the central bank governor reiterated yesterday.

“We should continuously improve the monetary macro-control framework, carry out prudent monetary policy and promote sustained and healthy economic growth,” Zhou Xiaochuan, governor of the People’s Bank of China, said at a seminar.

Meanwhile, he urged the PBOC to “hold fast to the bottom line that no systemic or regional financial risks should occur.”

His remarks came as China’s economy showed signs of stabilizing while the country’s stock market spiraled downward.

The manufacturing Purchasing Managers’ Index, a key measure of factory activity in China, posted 50.2 in June, flat from May and in growth territory for a fourth straight month, according to official data published on Wednesday.

Meanwhile, HSBC’s version of manufacturing PMI, which is more focused on small and medium-sized firms, posted 49.4 in June, up from 49.2 in May.

The PBOC has cut interest rates four times since November to bolster the real economy, with the latest round announced over the weekend.

Despite liquidity-easing measures, China’s stock market has tumbled in the past few weeks, with the Shanghai Composite Index plunging 24.29 percent from June 15 to yesterday.

Source: Shanghai Daily, July 3, 2015
Servce PMI shows improvement in June
2nd July 2015

 CHINA’S service sector activity improved in June, an official monthly survey showed yesterday.

The purchasing managers’ index for the non-manufacturing sector expanded to 53.8 in June, up from 53.2 for May, and 53.4 for April, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

The rise ended three months of straight drops since March, when the non-manufacturing PMI began to fall as services that had boomed during the Chinese New Year holiday in February waned.

The non-manufacturing PMI tracks the activities of services and construction firms. A reading above 50 indicates expansion.

Zhao Qinghe, a senior analyst at the bureau, said the reading showed the non-manufacturing sector grew at a faster pace.

Source: Shanghai Daily, July 2, 2015
Apparent oil need up as demand grows
1st July 2015

 CHINA’S apparent oil demand in May rose 8.2 percent from a year earlier to 43.8 million tons on the back of growing market across all oil product categories, according to a latest Platts analysis of Chinese government data.

“This was the fastest pace of growth since June 2013, when demand grew by 11.53 percent,” said Mriganka Jaipuriyar, Platts analyst for Asia oil. “Demand for all key products showed year-on-year increase in the month.”

During the first five months of this year, China’s total apparent oil demand averaged 10.45 million barrels per day, up 5.2 percent from the same period of 2014. This marked the fastest pace of year-to-date growth since 2011 and defied a weak macro-economic outlook.

China’s refinery throughput in May averaged 10.38 million barrels per day, up 7.4 percent from 2014, data from the National Bureau of Statistics showed.

On the other hand, China was a net oil product exporter of 120,000 tons in May, according to latest data from the General Administration of Customs.

Demand for gasoil, the most widely consumed oil product in China, has been hit in the last three years because of declining economic growth. Yet apparent demand in May grew by a robust 7.4 percent annually to 15.39 million tons.

Source: Shanghai Daily, July 1, 2015
Chinese banks in top-4 profit spots globally
30th June 2015

 CHINA’S banks are strengthening their position as the best capitalized and biggest profit makers in the world, a study showed yesterday.

Chinese banks filled the top-four spots for profits across the industry in 2014 after making more than US$180 billion between them, according to The Banker magazine’s annual rankings of profits and capital strength. Chinese lenders collectively earned almost double the amount of their US rivals, the data showed.

The Industrial and Commercial Bank of China’s US$59.1 billion profit last year topped the rankings, ahead of China Construction Bank, the Agricultural Bank of China and the Bank of China.

US bank Wells Fargo ranked fifth with a US$33.8 billion profit, followed by JPMorgan and HSBC.

ICBC also topped The Bankers’ ranking of the strongest banks in the world for the third year, which is based on the amount of capital held, in amount rather than as a ratio of assets. The magazine says that method best reflects banks’ ability to lend on a large scale and endure shocks.

China had four names in the top-six strongest banks. There were four US banks in the top 10 — JPMorgan was third and Bank of America was fifth — and one British and one Japanese bank.

China’s big state-backed banks are growing in size and importance, fueled by their dominance of a huge domestic market. They are growing globally, but still have relatively modest overseas assets.

In contrast, some of the most international US and European banks are slipping down the rankings as they close businesses and shed assets to try to improve profitability.

HSBC slipped to ninth at the end of last year (from fifth in 2013) and Citigroup was seventh (from sixth). HSBC, Citi and Royal Bank of Scotland were the top-three banks in terms of capital just before the financial crisis in 2008.

The Banker said that in most regions banks increased their profits last year from 2013.

The best returns on capital were made by banks in South America at an average of 26 percent, followed by 24 percent for African banks, 19 percent in Asia and 15.5 percent in North America. Returns in Britain averaged 7.3 percent and lagged at 4.6 percent in the eurozone, The Banker said.

Source: Shanghai Daily, June 30, 3015

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