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Chinese banks try to calm fears about developer’s debts

By JOE McDONALD, AP News. BEIJING (AP) — Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt, saying they can cope with a potential default. The announcements came as Evergrande…
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Posted in Banking

Chinese banks brace for losses as Evergrande reckoning looms

HONG KONG — With $305 billion owed to banks, bondholders, trust companies, homebuyers, suppliers and contractors — plus an unknown amount in off-balance sheet liabilities largely owed to retail investors — who will collect first if China’s Evergrande defaults? This is the question in Beijing and the financial corridors of…
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Posted in Banking

Chinese banks may see slower earnings growth after strong first half

Chinese banks may see earnings growth slow in the second half as uncertainty affected the country’s economic outlook and tightened policy hammered some fast-growing sectors. The six largest Chinese commercial banks in terms of assets reported a total net profit of 602.4 billion yuan in the six months ended June…
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China bans cryptocurrency transactions in sweeping crackdown

China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. The price of bitcoin, Ethereum and other cryptocurrencies slumped after reports of the crackdown. In morning trade, bitcoin was valued at $42,620, down from…
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EXCLUSIVE China Evergrande’s lenders weigh up loan losses, rolling over credit – sources

BEIJING/HONG KONG, Sept 17 (Reuters) – One of China Evergrande Group’s (3333.HK) main lenders has made provisions for losses on a portion of its loans to the embattled property developer, while some creditors are planning to give it more time to repay, four bank executives told Reuters. The Chinese banks’…
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Posted in Banking

China Banks Downplay Risks After Evergrande Missed Payments – Bloomberg

China Banks Downplay Risks After Evergrande Missed Payments  Bloomberg Chinese banks brace for losses as Evergrande reckoning looms  Nikkei Asia Evergrande’s Problems Prompt China’s Banks, Insurers to Pull Back on New Credit  Insurance Journal China injects $71bn into banking system amid Evergrande crisis  The National China Detains Top HNA Group…
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Posted in Banking

China bans cryptocurrency transactions in sweeping crackdown

China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. The price of bitcoin, Ethereum and other cryptocurrencies slumped after reports of the crackdown. In morning trade, bitcoin was valued at $42,620, down from…
Continue Reading China bans cryptocurrency transactions in sweeping crackdown
Posted in Banking

Chinese banks try to calm fears about developer’s debts

By JOE McDONALD, AP News. BEIJING (AP) — Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt, saying they can cope with a potential default. The announcements came as Evergrande…
Continue Reading Chinese banks try to calm fears about developer’s debts
Posted in Banking

Chinese banks brace for losses as Evergrande reckoning looms

HONG KONG — With $305 billion owed to banks, bondholders, trust companies, homebuyers, suppliers and contractors — plus an unknown amount in off-balance sheet liabilities largely owed to retail investors — who will collect first if China’s Evergrande defaults? This is the question in Beijing and the financial corridors of…
Continue Reading Chinese banks brace for losses as Evergrande reckoning looms
Posted in Banking

Chinese Banks Set To Establish Operations In Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchin, has disclosed that his country is working towards the establishment of Chinese-owned bank operations in Nigeria. Mr Jianchin this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday. Jianchin who said…
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