China's listed banks are very important to China's entire stock market and banking industry,and even to China's GDP,and the study of their competitiveness is of great significance. The ranking of competiti...China's listed banks are very important to China's entire stock market and banking industry,and even to China's GDP,and the study of their competitiveness is of great significance. The ranking of competitiveness and how to improve the competitiveness are important topics of in-depth studies. Among listed banks,Agricultural Bank of China is particularly worthy of attention due to its close relationship with agriculture. Related domestic studies mainly include design of evaluation indicators of listed banks,recommendations for improving the competitiveness of listed banks,and factor analysis on the competitiveness of listed banks. Through extracting the concept of differentiated competitiveness from works of scholars in other fields,this paper explained the competition pattern of China's listed banks. Finally,it came up with recommendations for Agricultural Bank of China improving its differentiated competitiveness.展开更多
On the eve of the grand celebrations marking the 45th anniversary for the founding of new China, the People’s Construction Bank of China, one of our country’s four pillars of the banking industry, welcomed its 40th ...On the eve of the grand celebrations marking the 45th anniversary for the founding of new China, the People’s Construction Bank of China, one of our country’s four pillars of the banking industry, welcomed its 40th birthday. The Government Administration Council decided on September 9, 1954, to establish the People’s Construction Bank of China to handle mainly appropriations for capital construction and floating capital loans for construction enterprises toexercise financial supervision of the rational use展开更多
The Bank of China has achieved steadyand considerable development invarious overseas businesses,hasexpanded,and has enhanced its overall strengthand made a tremendous contribution to thedevelopment of the State’s eco...The Bank of China has achieved steadyand considerable development invarious overseas businesses,hasexpanded,and has enhanced its overall strengthand made a tremendous contribution to thedevelopment of the State’s economicconstruction and foreign trade.At present,the Bank of China has 519 overseas agencies,distributed in 19 countries and regions.As ofthe end of June 1995,the total assets value inoverseas branches had surpassed US＄ 150billion.This information was revealed byWang Xuebing,the Chairman of the展开更多
The rapid development of China’s economic construction following the opening to the outside world calls for more foreign funds. Undertaking the task to raise funds abroad for many years, the Bank of China (BOC) has f...The rapid development of China’s economic construction following the opening to the outside world calls for more foreign funds. Undertaking the task to raise funds abroad for many years, the Bank of China (BOC) has furnished substantial foreign funds for a large number of key state projects. Since 1993 the BOC has issued bonds in Tokyo on three occasions, totalling Japanese yen 45 billion. It reentered the European capital展开更多
In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open mar...In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.展开更多
China’s central bank has unveiled its market-oriented proposals on interest rate policies. The People’s Bank of China said that China’s interest rate market reform would give priority to foreign currencies, rather ...China’s central bank has unveiled its market-oriented proposals on interest rate policies. The People’s Bank of China said that China’s interest rate market reform would give priority to foreign currencies, rather than the Chinese currency. That means the day when the fluctuation of interest rates of foreign currencies will be liberalized would come before the floating of the Renmenbi rate.展开更多
Bank of China (BOC) is state specialized foreign exchange bank of the People’s Republic of China, its predecessor was Bank of Great. Qing—a government bank of the Qing Dynasty which was overthrown in October 1911 by...Bank of China (BOC) is state specialized foreign exchange bank of the People’s Republic of China, its predecessor was Bank of Great. Qing—a government bank of the Qing Dynasty which was overthrown in October 1911 by the bourgeois democratic revolution. In January of the ensuing year, Bank of Great Qing was reconstructed to become the Bank of China under the sanction of Dr. Sun Yat-sen,interim president of the Republic of China. It had performed the functions of a state bank until 1928 when turned into an international exchange and remittance bank of old China.展开更多
Shares of the Bank of China, the country's second-largest lender, began trading in Hong Kong on June 1, making it the second among China's four largest state-owned commercial banks to go public. The Beijing-ba...Shares of the Bank of China, the country's second-largest lender, began trading in Hong Kong on June 1, making it the second among China's four largest state-owned commercial banks to go public. The Beijing-based bank's stock rose展开更多
How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary ...How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary conditions index （MCI）, which has been widely used as an important indicator for central banks, financial institutions, and scholars. To construct an MCI in the context of China over 1987Q1-2010Q2, we consider three channels through which monetary conditions might influence aggregate demand： the primary lending rate, the real effective exchange rate, and the bank credit. The weights of the component variables are obtained by estimating both the IS equation and the vector autoregressive model （VAR）, which yield somewhat similar results. Further empirical tests show that the MCIs we derived contain useful information about future output growth and inflation in China over the short and medium term. From a historical perspective, the MCI we derived is more informative than individual monetary variables for the understanding of the development of China＇s monetary conditions between 1987 and 2010.展开更多
This paper attempts to explain why sterilized intervention was so successful and sustainable in China during the first decade of the 21st century. We argue that the Chinese Government established a sterilization cost-...This paper attempts to explain why sterilized intervention was so successful and sustainable in China during the first decade of the 21st century. We argue that the Chinese Government established a sterilization cost-sharing mechanism among the Peoples Bank of China, commercial banks and the househoM sector. On the one hand, Chinese commercial banks have to assume some of the sterilization costs bypurchasing low yield central bank bills and maintaining high levels of required reserves. On the other hand, Chinese households assume some of the sterilization costs by bearing negative real deposit interest rates. The cost- sharing mechanism under financial repression prevents a huge quasi-fiscal loss by the Peoples Bank of China as well as high inflation. However, Chinese households have become victims of this financial repression. Faced with the pressure of changing the growth model from investment-driven to domestic consumption-driven, the interest rate will have to be liberalized eventually, which will, in turn, make sterilized intervention unsustainable.展开更多
文摘China's listed banks are very important to China's entire stock market and banking industry,and even to China's GDP,and the study of their competitiveness is of great significance. The ranking of competitiveness and how to improve the competitiveness are important topics of in-depth studies. Among listed banks,Agricultural Bank of China is particularly worthy of attention due to its close relationship with agriculture. Related domestic studies mainly include design of evaluation indicators of listed banks,recommendations for improving the competitiveness of listed banks,and factor analysis on the competitiveness of listed banks. Through extracting the concept of differentiated competitiveness from works of scholars in other fields,this paper explained the competition pattern of China's listed banks. Finally,it came up with recommendations for Agricultural Bank of China improving its differentiated competitiveness.
文摘On the eve of the grand celebrations marking the 45th anniversary for the founding of new China, the People’s Construction Bank of China, one of our country’s four pillars of the banking industry, welcomed its 40th birthday. The Government Administration Council decided on September 9, 1954, to establish the People’s Construction Bank of China to handle mainly appropriations for capital construction and floating capital loans for construction enterprises toexercise financial supervision of the rational use
文摘The Bank of China has achieved steadyand considerable development invarious overseas businesses,hasexpanded,and has enhanced its overall strengthand made a tremendous contribution to thedevelopment of the State’s economicconstruction and foreign trade.At present,the Bank of China has 519 overseas agencies,distributed in 19 countries and regions.As ofthe end of June 1995,the total assets value inoverseas branches had surpassed US＄ 150billion.This information was revealed byWang Xuebing,the Chairman of the
文摘The rapid development of China’s economic construction following the opening to the outside world calls for more foreign funds. Undertaking the task to raise funds abroad for many years, the Bank of China (BOC) has furnished substantial foreign funds for a large number of key state projects. Since 1993 the BOC has issued bonds in Tokyo on three occasions, totalling Japanese yen 45 billion. It reentered the European capital
文摘In the present paper, we model the policy stance of the People＇s Bank of China （PBC） as a latent variable, and the discrete changes in the reserve requirement ratio, policy interest rates, and the scale of open market operations are taken as signals of movement of this latent variable. We run a discrete choice regression that relates these observed indicators of policy stance to major trends of macroeconomic and financial developments, which are represented by common factors extracted from a large number of variables. The predicted value of the estimated model can then be interpreted as the implicit policy stance of the PBC. In a second step, we estimate how much of the variation in the PBC＇ s implicit stance can be explained by measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from an implicit target and deviations of broad money growth from the announced targets, but not output gaps, figure significantly in the PBC＇s policy changes.
文摘China’s central bank has unveiled its market-oriented proposals on interest rate policies. The People’s Bank of China said that China’s interest rate market reform would give priority to foreign currencies, rather than the Chinese currency. That means the day when the fluctuation of interest rates of foreign currencies will be liberalized would come before the floating of the Renmenbi rate.
文摘Bank of China (BOC) is state specialized foreign exchange bank of the People’s Republic of China, its predecessor was Bank of Great. Qing—a government bank of the Qing Dynasty which was overthrown in October 1911 by the bourgeois democratic revolution. In January of the ensuing year, Bank of Great Qing was reconstructed to become the Bank of China under the sanction of Dr. Sun Yat-sen,interim president of the Republic of China. It had performed the functions of a state bank until 1928 when turned into an international exchange and remittance bank of old China.
文摘Shares of the Bank of China, the country's second-largest lender, began trading in Hong Kong on June 1, making it the second among China's four largest state-owned commercial banks to go public. The Beijing-based bank's stock rose
文摘How can we fit different monetary transmission channels together to understand the effect of China＇s monetary policy？ This paper focuses on China＇s monetary conditions and aggregate demand in terms of the monetary conditions index （MCI）, which has been widely used as an important indicator for central banks, financial institutions, and scholars. To construct an MCI in the context of China over 1987Q1-2010Q2, we consider three channels through which monetary conditions might influence aggregate demand： the primary lending rate, the real effective exchange rate, and the bank credit. The weights of the component variables are obtained by estimating both the IS equation and the vector autoregressive model （VAR）, which yield somewhat similar results. Further empirical tests show that the MCIs we derived contain useful information about future output growth and inflation in China over the short and medium term. From a historical perspective, the MCI we derived is more informative than individual monetary variables for the understanding of the development of China＇s monetary conditions between 1987 and 2010.
基金financial support from the project "China's Short-term Capital Flows:Scale,Pulling Factors and Impacts," sponsored by the Chinese Academy of Social Sciences
文摘This paper attempts to explain why sterilized intervention was so successful and sustainable in China during the first decade of the 21st century. We argue that the Chinese Government established a sterilization cost-sharing mechanism among the Peoples Bank of China, commercial banks and the househoM sector. On the one hand, Chinese commercial banks have to assume some of the sterilization costs bypurchasing low yield central bank bills and maintaining high levels of required reserves. On the other hand, Chinese households assume some of the sterilization costs by bearing negative real deposit interest rates. The cost- sharing mechanism under financial repression prevents a huge quasi-fiscal loss by the Peoples Bank of China as well as high inflation. However, Chinese households have become victims of this financial repression. Faced with the pressure of changing the growth model from investment-driven to domestic consumption-driven, the interest rate will have to be liberalized eventually, which will, in turn, make sterilized intervention unsustainable.
