- Joined
- Mar 12, 2009
- Messages
- 13,160
- Points
- 0
Chinese Bank Jumps To Calm Investors
Vincent Fernando | Jan. 27, 2010, 4:05 AM | 102 |
Tags: Markets, China, Emerging Markets, Banks, Economy
After markets were shocked by Chinese loan-tightening announcements, the Industrial and Commercial Bank of China (ICBC) has come out to clarify the situation.
Just because they're planning to slow down their loan growth doesn't mean they intend to do it in a drastic manner.
WSJ: Industrial & Commercial Bank of China Ltd. said Wednesday it "won't rush to lend, or stop lending," in comments apparently aimed at soothing concerns it may sharply curtail credit growth due to policy tightening.
The comments follow repeated warnings from the central bank about the financial risks posed by overly fast lending growth. The central bank has also raised the amount of funds some banks must hold in reserve against deposits.
ICBC, China's largest lender by assets, said in a statement it would maintain a reasonable and balanced pace of lending based on real demand. However, it also acknowledged its lending had grown "a bit too fast" in early- and mid-January, but added the pace has slowed recently.
In other news, ICBC just reported that their 2009 profit rose 15%.
Vincent Fernando | Jan. 27, 2010, 4:05 AM | 102 |
Tags: Markets, China, Emerging Markets, Banks, Economy
After markets were shocked by Chinese loan-tightening announcements, the Industrial and Commercial Bank of China (ICBC) has come out to clarify the situation.
Just because they're planning to slow down their loan growth doesn't mean they intend to do it in a drastic manner.
WSJ: Industrial & Commercial Bank of China Ltd. said Wednesday it "won't rush to lend, or stop lending," in comments apparently aimed at soothing concerns it may sharply curtail credit growth due to policy tightening.
The comments follow repeated warnings from the central bank about the financial risks posed by overly fast lending growth. The central bank has also raised the amount of funds some banks must hold in reserve against deposits.
ICBC, China's largest lender by assets, said in a statement it would maintain a reasonable and balanced pace of lending based on real demand. However, it also acknowledged its lending had grown "a bit too fast" in early- and mid-January, but added the pace has slowed recently.
In other news, ICBC just reported that their 2009 profit rose 15%.
