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Friday, August 26, 2011, 8:48 AM Chinese banking shares may look cheap - especially in light of recently reported surging profits - but murky reporting, including a lack of information about exposure to massive local government debt are good reasons for such valuation. A strong stomach and patience is required (Buffett?) for those looking to buy. CHIX -17.6% YTD. Comment! [Global & FX, Financials]
Thursday, August 25, 2011, 8:34 AM Bank of China (BACHY.PK) is about to join the TBTF club as a Basel panel fixes to make the lender the 28th member of its list of "systemically important" global institutions. BOC would become the only member from China or any other emerging economy. Comment! [Global & FX, Financials]
Thursday, August 18, 2011, 7:42 AM Hot fund manager Rajiv Jain begs to differ with consensus forecasts for big gains in beaten down Chinese banking shares. "Non-performing loans are going to be shockingly high," he says, "if you look at the accounting, I don't see how anyone could put a penny there." China fin'l ETF: CHIX -11.6% YTD. Comment! [Global & FX, Financials]
Monday, July 25, 2011, 9:28 AM Bank of China (BACHY.PK), General Electric (GE) and private equity firm Terra Firma are reportedly among the leading bidders for Royal Bank of Scotland's (RBS) aircraft leasing business. This is the second time RBS has tried to sell its aircraft leasing unit. (also) Comment! [Financials]
Wednesday, July 6, 2011, 9:55 AM Temasek Holdings - Singapore's SWF - unloads 49% of its Bank of China (BACHY.PK) and 8% of its China Construction Bank (CICHY.PK) holdings, apparently getting as jittery as others over the scale of bad debt on (and often hidden off of) the banks' books. Already down sharply in past weeks, both lenders fell nearly another 4% in Hong Kong last night. 6 Comments [Global & FX, Financials]
Friday, June 17, 2011, 1:03 PM Contrarians may have interest in the increasing conviction of short-sellers of Chinese shares. One example: in Wednesday trade in Hong Kong, 1/5th of the turnover of Chinese bank stocks was shorted. "The divergence (between bulls and bears) has never been so huge," says an analyst. 1 Comment [Global & FX, Quick Ideas]
Wednesday, June 8, 2011, 8:50 AM Tighter Chinese monetary policy may cause the country's banks to rely less on asset growth and more on fees to generate income, says Ernst & Young. The report fails to note the extent to which these lenders are vassals of the State and will ultimately direct their focus to where they are told. Comment! [Global & FX, Financials]
Thursday, June 2, 2011, 12:27 PM "We're going to see some major recapitalization (of the banking system) coming at some point," says Fraser Howie, who predicts more financial shenanigans as China seeks to overlay a new wave of real estate-related credit on top of the existing one. Authorities hope to build 36M low-cost homes by 2015. 1 Comment [Global & FX, Financials, Commodities]
Tuesday, April 26, 2011, 8:22 AM Capital targets for China's 5 largest banks have been raised above the 11.5% minimum ratio by banking regulators. The higher level allows the banks a greater cushion in the event of losses and may also help stem the country's gusher of credit growth. CHIX +7.6% YTD. Comment! [Global & FX, Financials]
Monday, April 25, 2011, 8:05 AM China's banks have been ordered to conduct a new round of stress tests, this time assuming a 50% drop in property prices as a worst case scenario. Now that's a stress test. 1 Comment [Global & FX, Financials]
Wednesday, April 13, 2011, 9:19 AM Citing the "high likelihood of a significant deterioration" in bank asset quality within 3 years, Fitch lowers its outlook on China's credit to "negative." Fitch doesn't buy the banking system's reported NPL figure of 1.1%, arguing a truer number would eliminate the lenders' loss-cushioning capital. 3 Comments [Global & FX]
Tuesday, March 29, 2011, 9:39 AM "There are still some irrational factors in the property market," says China's banking regulator, vowing more measures to cool real estate speculation. The CBRC also promises to crack down on lending to local government entities, a major outlet for the post-GFC credit boom. Comment! [Global & FX]
Monday, March 28, 2011, 4:21 PM The head of ICBC (IDCBF.PK), dismisses talk that excessive lending to local governments poses a threat to the Chinese banking system. Not allowed to float bonds, localities set up "finance platforms," borrowing massive amounts in the recent credit boom, often funding dubious projects. Comment! [Global & FX]
Monday, March 28, 2011, 7:44 AM Though warning of the challenge of trying to restrain credit growth at a time of surging inflation and the government mission to maintain strong GDP expansion, Moody's reaffirms its stable rating on Chinese banks. While NPL's are likely to rise, strong earnings and capital raises are likely to offset. Comment! [Global & FX]
Friday, March 18, 2011, 7:20 AM In a continuing attempt to cool credit growth and curb inflation, China raises bank reserve requirements 50 basis points to 20%. The PBOC also raises the possibility of imposing a higher ratio on individual banks as it sees fit. China +0.3%. Hong Kong +0.1%. Comment! [Global & FX]
Thursday, March 10, 2011, 9:11 AM He didn't say as long as the music's playing, you've got to dance, but the CEO of Bank of China dismisses concerns the country could face a banking crisis. "Everybody knows Chinese people have a tradition of repaying debt and will only borrow what they can afford to pay back in the future." CHIX +1.2% YTD. 5 Comments [Global & FX]

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