17 March, Wednesday
- PBOC Q1 survey: 70% of consumers find property prices too high — Chineseconsumers' future inflation expectations are moderating: price expectation index fell to 65.6%, from 4Q09’s 73.4, according to PBOC’s 1Q10 consumer survey. While expectations on future inflation are easing, the central bank said consumers are less satisfied with current prices, with 51.0% of participants believing current prices are "too high to accept", and over 70% of consumers think that property prices are “too high to accept”.
- MOC: trade surplus not the reason for RMB appreciation call — Ministry of Commerce spokesperson Yao Jian says that China’s trade surplus is the result of globalization instead of its currency, and shouldn’t be the reason for RMB appreciation.
- Some banks have to suspend new lending — Because of strong loan growth in January and February, some Chinese banks in cities like Shanghai and Beijing have used up their new lending quota for 1Q10, and have to suspend extending new credits. According to unnamed industry sources, loans have to be extended with a rate that’s not lower than the benchmark lending rate.
- Regulator asks banks to better manage their loan, credit risks — City banks may introduce more strategic investors or raise funds from the capital markets through IPOs to better manage their loan concentration and credit risks, according to sources. The move follows a recent directive by CBRC on the need for more stringent risk management by lenders, according to sources. Bank of Chongqing is the only lender that may launch an IPO on the mainland this year as ABC does not have a fixed timetable yet.
China Daily News
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