Shanghai Bureau Chief
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Jul 15, 2010

Subdued AgBank debut casts doubt over fundraisings

SHANGHAI, July 15 (Reuters) – The lacklustre Shanghai debut
of Agricultural Bank of China’s (601288.SS: Quote, Profile, Research) $22 billion IPO
underscores the challenges ahead for China’s markets, as other
big banks look to tap investors for billions of dollars in
funds.

AgBank’s debut caps off years of planning and preparation,
completing its transformation from technical insolvency to a
sprawling giant with assets of around $1.2 trillion and a
customer base of 320 million — larger than the population of
the United States.

Jul 15, 2010

AgBank disappoints with lacklustre Shanghai debut

SHANGHAI (Reuters) – Agricultural Bank of China rose only marginally in the first minutes of its historic debut in Shanghai on Thursday, underscoring the difficult time that may lie ahead for a market that will be asked to absorb more big fundraisings by banks.

AgBank’s debut caps off years of planning and preparation, completing its transformation from technical insolvency to a sprawling giant with assets of around $1.2 trillion and a customer base of 320 million — larger than the population of the United States.

Jul 5, 2010

AgBank: Mkt can handle Shanghai IPO; narrows HK price

SHANGHAI, July 5 (Reuters) – Agricultural Bank of China
[ABC.UL] said on Monday the Shanghai portion of its mega
initial public offering will not disrupt local markets as it
has already attracted subscriptions from big insurers and other
major companies.

AgBank’s roughly $20 billion Hong Kong-Shanghai IPO has
hung over the Shanghai stock market in past weeks, as investors
worry that an influx of additional shares could keep the
overall market — one of the world’s worst performers this year
– from having a chance of reviving any time soon. [.SS]

Jul 5, 2010

AgBank: Shanghai IPO not too big for market

SHANGHAI (Reuters) – Agricultural Bank of China ABC.UL said on Monday that it had attracted subscriptions from big insurers and other major companies for the Shanghai portion of its initial public offering, helping to ensure that the issuance would not cause disruptions to local markets.

AgBank’s roughly $20 billion Hong Kong-Shanghai IPO has hung over the Shanghai stock market in past weeks, as investors worry that an influx of additional shares could keep the overall market — one of the world’s worst performers this year — from having a chance of reviving any time soon. .SS

Jun 23, 2010

China punctures yuan hopes, only glacial gains seen

SHANGHAI (Reuters) – China’s yuan inched higher on Wednesday, settling down after the biggest swings since 2005 and driving home the message that Beijing’s promise of currency flexibility will not produce the rapid gains its trading partners would like.

Whatever its daily gyrations, analysts suspect the yuan will be allowed to rise over time but likely at too slow a pace to narrow China’s huge trade surplus, or America’s deep deficit.

Jun 23, 2010

China punctures yuan hopes

SHANGHAI (Reuters) – China’s yuan inched higher on Wednesday, settling down after the biggest swings since 2005 and driving home the message that Beijing’s promise of currency flexibility will not produce the rapid gains its trading partners would like.

Whatever its daily gyrations, analysts suspect the yuan will be allowed to rise over time but likely at too slow a pace to narrow China’s huge trade surplus, or America’s deep deficit.

Jun 22, 2010

China makes good on flexibility vow, yuan falls

SHANGHAI (Reuters) – China pulled back the veil on its new currency regime a little further on Tuesday, appearing to engineer a fall in the yuan to make clear its vow of flexibility did not include one-way bets for appreciation.

Big Chinese state-owned banks kept the yuan in check, a day after its biggest rise since the currency was revalued in 2005, indicating Beijing will allow its currency to appreciate at a far slower pace than demanded by its critics in the West.

Jun 21, 2010

China eases controls on yuan ahead of G20 meeting

SHANGHAI, June 22 (Reuters) – China’s yuan hit a five-year
peak on Monday after Beijing suddenly relaxed controls ahead of
this weekend’s G20 summit, sparking stock gains around the
world and questions about just how far China’s new currency
flexibility would go.

China’s central bank has maintained a de facto peg since
the middle of 2008, a controversial policy aimed at steadying
the world’s fastest-growing major economy during the global
economic downturn.

Jun 21, 2010

China unshackles yuan ahead of G20, rises most in 5 yrs

SHANGHAI (Reuters) – China’s yuan surged on Monday the most since its revaluation in 2005, sending a clear signal ahead of this weekend’s G20 summit that Beijing is sticking to its word of allowing greater currency flexibility.

The central bank has maintained the peg since the middle of 2008, a controversial policy aimed at steadying the world’s fastest-growing major economy during the global economic downturn.

Jun 21, 2010

China’s yuan rises after flexibility pledge

SHANGHAI (Reuters) – China’s yuan bolted to a 21-month high on Monday, suggesting authorities are unshackling the currency from its de facto 23-month-old peg to the dollar after vowing greater flexibility at the weekend.

Asian currencies and stocks rose and U.S. Treasuries fell on expectations that China’s promise to give the currency new room to move would ease political tensions with the West and encourage investors to snap up riskier assets.

    • About Jason

      "Jason leads Reuters' coverage of China's financial markets from Shanghai. Prior to moving there at the start of 2010, he reported on the Chinese economy and policy from Beijing, where he lived for a decade."
      Joined Reuters:
      2005
      Languages:
      Mandarin, German
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