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...State-backed brokerages dominate China’s vast financial markets, where western investment banks have made limited inroads in recent years and returns have disappointed at a time of weak economic momentum...
...The involvement of a prominent state-owned bank signals a new level of impatience among creditors as a cash crunch for property developers continues to worsen....
...IPO activity has also slumped in the domestic stock market, where state-backed brokerages such as Citic and CSC Financial dominate activity....
...Its bonds are “still too expensive”, said one offshore bond trader at a Chinese state bank in Hong Kong. “The risks are not commensurate with the rewards.”...
...Its larger customers want to keep holdings at independent banks....
...China’s five biggest state-run banks cut deposit rates on Friday as Beijing strengthened efforts to protect lenders’ profitability and provide a buffer against further economic headwinds amid flagging growth...
...Various investment banks and research houses supplement their approach with alternative gauges....
...But given it was developed by state-owned Overseas Chinese Town Enterprises, he is optimistic it will be completed next year and remains bullish on the Chinese market....
...The US delegation, he added, was there “to show our commitment to the overall relationship between the United States and China”....
...In a statement on Friday, Zhongrong acknowledged it had been unable to pay some of its products on time and said it had entered into an agreement with state-backed Citic Trust and China Construction Bank...
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...The former Barings team is based in the Tar Heel State hence the lawsuit’s venue....
...Beijing is also reforming state-owned enterprises to win back investors....
...There are signs that homebuyers have preferred instead to buy from state-backed developers, seen as less likely to go bust....
...Norges Bank Investment Management certainly seems to think so....
...International bondholders have yet to state a clear position on any liquidation, but earlier this month said it was “the base case” if no restructuring deal was reached....
...Worries about the profitability of China’s mostly state-owned banks have been seen as a central factor in a decision that raised questions about authorities’ willingness to take bold stimulus action....
...The central bank on Tuesday also trimmed the seven-day reverse repurchasing rate, which manages short-term banking liquidity, by 10bp to 1.8 per cent....
...The rest of the $166bn quota is held by banks, insurers and trust companies....
...Here to explain is the FT’s Shanghai correspondent Tom Hale. Hey, Tom. Thomas Hale Hi there. Marc FilippinoAll right, Tom, So what’s the latest on Evergrande?...
...The People’s Bank of China has announced a 10 basis point cut to its key policy rate, in a move that highlights growing concern over the state of the economy....
...Marc Filippino That’s Tom Hale, the FT’s Shanghai correspondent. Thomas Hale And the People’s Bank of China did warn over the need for banks to be making reasonable profits last week....
...Since the only asset of the Sorrento affiliate was a bank account created days before filing, that was enough. Why did Sorrento want to file in Houston?...
...“China never had a low inflation problem before,” said Dan Wang, chief economist for Hang Seng Bank in Shanghai, noting that the fast growth and credit expansion of the past have recently slowed alongside...
...Doubts over its health have added to mounting concerns about the state of China’s economy, which is struggling to recover after the Covid-19 pandemic....
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