BEIJING (Reuters) – China’s ruling party pledged to let markets play a “decisive” role in allocating resources as it unveiled a reform agenda for the next decade on Tuesday, looking to overhaul the world’s second-largest economy to drive future growth.
China aims to achieve “decisive results” in its reform push by 2020, with economic changes a central focus of overall reforms, the ruling Communist Party said in a communiqué released by state media at the end of a four-day closed-door meeting of the party’s 205-member Central Committee.
BEIJING (Reuters) – China’s central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership’s determination to carry out market-oriented reforms.
The move gives commercial banks the freedom to compete for borrowers, a reform the People’s Bank of China said on Friday will help lower financial costs for companies. Previously, the lending floor was 70 percent of the benchmark lending rate.
BEIJING (Reuters) – China’s central bank announced long-awaited interest rate reforms on Friday, removing controls on the rates banks may charge clients for loans, in a step towards more market-driven pricing of credit.
The People’s Bank of China (PBOC) said in a statement on its website that it was removing its floor on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers.
BEIJING (Reuters) – China’s biggest bank was uncertain of how to respond to turmoil in money markets last week because there was no clear direction from policymakers on what they wanted to achieve, according to its top executive.
Jiang Jianqing, Chairman of Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS: Quote, Profile, Research, Stock Buzz) (1398.HK: Quote, Profile, Research, Stock Buzz), stopped short of directly criticizing regulators for their handling of the stand-off over money market liquidity, which saw overnight borrowing rates soar and caused panic at some smaller banks.
BEIJING, June 23 (Reuters) – China’s central bank rarely
explains its actions in public and keeps markets guessing on
policy, but the angst created by its stand off with banks in the
money markets is prompting calls for it to change tack.
The People’s Bank of China (PBOC) let short-term interest
rates spike to extraordinary levels this past week as it refused
to inject funds into money markets.
SHANGHAI/BEIJING (Reuters) – China’s central bank faced down the country’s cash-hungry banks on Friday, letting interest rates again spike to extraordinary levels as it increases the pressure on the banks to rein in rampant informal lending and speculative trading.
The banks have been using cheap official funds to finance the vast “shadow banking” market, which Beijing worries is siphoning credit from industry and creating asset-price bubbles.
SHANGHAI/BEIJING, June 21 (Reuters) – China’s central bank
faced down the country’s cash-hungry banks on Friday, letting
interest rates again spike to extraordinary levels as it
increases the pressure on the banks to rein in rampant informal
lending and speculative trading.
The banks have been using cheap official funds to finance
the vast “shadow banking” market, which Beijing worries is
siphoning credit from industry and creating asset-price bubbles.
BEIJING (Reuters) – ZTE Corp, China’s second-largest telecoms equipment maker, has essentially stopped doing business in Iran after a U.S. investigation into alleged sales of embargoed equipment, the company’s chairman told Reuters on Thursday.
ZTE said in March 2012 that it would curtail business in Iran following a report by Reuters that it sold Iran’s largest telecoms firm a powerful surveillance system capable of monitoring telephone and Internet communications. The company is now facing a U.S. criminal investigation over the issue.
BEIJING, March 6 (Reuters) – China’s plans to curb property
speculation are likely to be more bark than bite, and markets
have over-reacted because of the uncertainty over how local
governments will implement measures including a 20 percent
capital gains tax on house sales.
Investors took fright this week over the potential impact of
the tax – which has been in place for almost two decades but
never strictly enforced – hammering shares of big property
development firms such as China Vanke, Poly Real
Estate, China State Construction Engineering
and China Resources Land.
BEIJING (Reuters) – However ploddingly China’s new leaders might like to reform the world’s second-largest economy and the way they govern, pressures set to build over the next decade will likely force great change upon them.
President-in-waiting Xi Jinping and the next premier, Li Keqiang, were anointed on Thursday as the top leaders of the Communist Party, only the second time the party has managed a peaceful transition since it took power in 1949.