Shanghai Bureau Chief
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Dec 21, 2011

China warns on risks of buying Iranian iron ore

SHANGHAI, Dec 21 (Reuters) – China on Wednesday warned
about the risks of importing Iranian iron ore, the second major
commodity from the sanctions-hit Islamic Republic under scrutiny
as the two also tussle over oil payment terms.

The warning from the Commerce Ministry to domestic
companies, which focused on substandard quality and on delivery
problems, follows a crude imports spat that has seen China halve
its Iranian oil shipments for January.

Dec 20, 2011

Ping An taps market again, eyes $4 bln

SHANGHAI, Dec 20 (Reuters) – Ping An Insurance (Group)
Co of China , the world’s second-biggest
life insurer by market value, said on Tuesday it plans to raise
up to 26 billion yuan ($4.1 billion) by selling convertible
bonds to replenish capital amid economic uncertainty.

The move, which surprised many analysts, came just nine
months after the fast-expanding insurer raised $2.5 billion
through a private placement in Hong Kong, underlining the
urgency of capital-raising.

Nov 28, 2011

China kicks off yuan trading vs Aussie, Canadian dollar

SHANGHAI (Reuters) – China’s yuan started trading against the Australian dollar and Canadian dollar in the country’s onshore foreign exchange market on Monday, the latest currency pairs to be introduced as part of Beijing’s efforts to promote the use of its currency.

Beijing’s wants to expand the use of the yuan for trade and investment, as a way of reducing reliance on the dollar and thereby simplifying the settlement of trade in everything from energy to manufactured goods.

Nov 15, 2011

Shanghai issues China’s first local bonds

SHANGHAI, Nov 15 (Reuters) – Shanghai became the first
local government in China to sell bonds directly to investors on
Tuesday, in a step aimed at preventing a repeat of the $1.5
trillion in municipal debt that now poses a threat to the
economy.

The city issued 7.1 billion yuan ($1.1 billion) in bonds
under a pilot programme Beijing hopes will lead to a municipal
government debt market and prevent the frenzied borrowing in
recent years that set off alarm bells at ratings agencies.

Nov 15, 2011

Shanghai kicks off China local bond sales to strong demand

SHANGHAI (Reuters) – The city of Shanghai became China’s first local government to sell debt directly into the market on Tuesday, attracting very strong demand, in a hopeful sign for the budding municipal bond market.

City and provincial governments have been barred under China’s budget law from borrowing directly, leading them to set up so-called local government financing vehicles (LGFVs) to take out loans or sell bonds on their behalf, contributing to the chaotic accumulation of over $1.5 trillion in debt.

Nov 11, 2011

HSBC injects £277 million into China unit

SHANGHAI (Reuters) – HSBC Holdings Plc (0005.HK: Quote, Profile, Research) (HSBA.L: Quote, Profile, Research) has injected 2.8 billion yuan $441 million (277 million pounds) into its China unit, underscoring the growing importance of the Chinese market to the bank at a time when it is cutting jobs elsewhere.

The injection, which will bring the registered capital of locally incorporated unit HSBC Bank (China) Co Ltd to 10.8 billion yuan, marks the first time a foreign bank has been allowed to use yuan to inject new capital, HSBC’s local unit said in a statement.

Nov 11, 2011

HSBC injects 2.8 bln yuan into China unit

SHANGHAI, Nov 11 (Reuters) – HSBC Holdings Plc
has injected 2.8 billion yuan ($441 million)
into its China unit, underscoring the growing importance of the
Chinese market to the bank at a time when it is cutting jobs
elsewhere.

The injection, which will bring the registered capital of
locally incorporated unit HSBC Bank (China) Co Ltd to 10.8
billion yuan, marks the first time a foreign bank has been
allowed to use yuan to inject new capital, HSBC’s local unit
said in a statement.

Oct 31, 2011

China mutual funds raise bets on stocks on hope of easing: poll

SHANGHAI (Reuters) – Chinese fund managers are suggesting higher exposure to stocks and bonds, betting the government will start to loosen the screws on monetary policy as inflationary pressure eases, the latest monthly Reuters fund poll shows.

The average suggested equity weighting over the next three months rose to 83.6 percent from last month’s 82.8 percent, while the recommended bond exposure rose to 8.7 percent from 6.0 percent, according to the poll of nine China-based fund managers conducted last week.

Oct 29, 2011

New China bank watchdog a calm captain through storms

SHANGHAI (Reuters) – China’s new banking regulator Shang Fulin will bring experience in pressing reforms and a hallmark cool-headed approach as he takes oversight of a sector trying to digest the effects of a lending binge that has left banks with mounting piles of debt.

Shang, top securities regulator since late 2002, has proven adept at navigating choppy financial waters, managing to introduce a raft of much-needed reforms to stock and futures markets despite investor jitters over their potential impact.

Oct 27, 2011

China to set up database to combat insider trading

SHANGHAI, Oct 27 (Reuters) – China’s stock market regulator
will require listed companies to keep records on anyone who may
have access to price-sensitive information, in its latest effort
to crack down on widespread insider trading.

The China Securities Regulatory Commission (CSRC) has been
waging a campaign against rampant market manipulation, insider
trading and other stock market malpractice that have hurt
domestic capital markets and triggered public outcries.

    • 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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