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May 16 – China's four largest state-owned banks lent ¥263.3 billion in April, taking their combined outstanding loans to ¥24.19 trillion, central bank figures show. Their combined deposits decreased by ¥1.04 trillion to ¥39.82 trillion as of the end of the April.
May 15 – The average Chinese household possessed ¥63,800 in financial assets as of the end of August 2011, according to a report by Southwestern University of Finance and Economics in Chengdu. Urban households owned ¥112,000 in financial assets on average, well above the ¥31,000 for their rural counterparts. The makeup of financial assets included 57.8% in bank deposits, 17.9% in cash, 15.5% in stocks, 4.1% in funds and 2.4% in banking wealth management products.
May 14 – China's new Renminbi-denominated loans totaled ¥681.8 billion in April, ¥61.2 billion less than in a year earlier and well below the ¥1.01 trillion seen a month earlier, according to central bank figures. Renminbi-denominated deposits decreased ¥465.6 billion last month, compared to an addition of ¥342.4 billion a year earlier.
May 11 – Chinese banks profited from an average 2.8-percentage-point interest rate gap in 2011, the central bank said, adding that the level was close to the international average. The nation's commercial lenders reported a combined ¥1.04 trillion net profit last year, up 36.3% from 2010.
May 9 – China has eased assessment of qualified foreign institutional investors (QFII) for long-term commitment to the nation's capital market, pension funds and other investments, the China Securities Regulatory Commission said. Currently there are 33 new QFIIs applying for their first investment in China out of a $10.25 billion quota, and 37 existing QFIIs jockeying for an additional $12.5 billion quota.
May 9 – The amount of credit card transactions in China jumped 48% to ¥7.56 trillion in 2011, according to a report released by the China Banking Association. The report also found that the number of online billing service users in China grew 21.6% to 167 million last year.
May 4 – China's premium incomes grew 4.7% year on year to ¥483.5 billion in the first three months of 2012, including ¥320.3 billion from life and casualty insurance policies and ¥130 billion from property insurance policies, the China Insurance Regulatory Commission said.
May 2 – China has allowed foreign companies to compete in its market of compulsory insurance for traffic accident liabilities, the State Council said. Over 18 million vehicles were sold in China last year, the most in the world. The compulsory insurance made up 70% of Chinese property insurers' revenues in 2011.
April 26 – China's bank loans made to property developers totaled ¥242.7 billion in Q1 2012, ¥281.2 billion less from Q1 2011, the central bank said. Mortgage loans totaled ¥157.4 billion during the quarter, ¥175.7 billion less from Q1 2011.
April 25 – China's largest four state–owned banks extended a combined ¥294.62 billion in loans in March, ¥259.25 billion more than in February, preliminary data from the central bank have shown. Total bank lending was ¥1.01 trillion in March. The four lenders' total deposits increased ¥1.95 trillion last month to ¥40.87 trillion as of the end of March.
April 24 – Chinese banks had ¥113.3 trillion in total assets and ¥106.1 trillion in total liabilities as of the end of 2011, up 18.9% and 18.6% respectively from a year earlier, the nation's banking regulator said. The lenders had a total of ¥1.05 trillion in bad loans, down ¥190.4 billion from a year earlier. The nonperforming loan ratio shed 0.66 percentage points from 1.77% last year.
April 16 – China doubled the Renminbi's daily trading band to 1% in a move to strengthen its role as an international currency.
April 24 – China had $4.72 trillion in foreign financial assets and $2.94 trillion in foreign financial liabilities as of the end of 2011, the State Administration of Foreign Exchange said.
April 13 – China's new Renminbi–denominated loans totaled ¥1.01 trillion in March, the most in a year, according to central bank figures. Renminbi–denominated deposits added ¥2.95 trillion in the month, ¥271.2 billion more than a year earlier. In Q1 2012, Renminbi–denominated loans and Renminbi–denominated deposits totaled ¥2.46 trillion and ¥3.76 trillion respectively.
April 12 – China UnionPay, the nation's sole bankcard network operator, posted ¥6 billion in revenues and ¥1 billion in net profits for 2011, up from ¥4.3 billion in revenues and ¥600 million in net profits the year before, a person with knowledge of the matter said.
April 10 – China's banks will be severely published for charging excessive fees, the Wall Street Journal reported, citing a notice on the website of the nation's banking regulator. The notice, which did not elaborate on details, comes after premier Wen Jiabao last week blasted state–backed lenders for using their monopoly to fast track profiteering.
April 9 – China had ¥10.8 trillion in outstanding loans owed by small businesses as of the end of 2011, representing 20% of all debts, the China Banking Regulatory Commission said.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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