 |
|
|
 |
|
Citigroup Inc is expected to sign an agreement this month with China's Oriental Securities Co to set up an investment banking venture, the Securities Times reported on Wednesday, citing unidentified sources.
It has been 20 years since the birth of China's stock market, which has experienced wild ups and downs. Looking back, I think we should reflect on what kind of market it has developed into, what role it has played in China's economy and what we should do next.
It may be disappointing that I'm not going to talk in this column about whether it's time to buy into China's stock market when the market looks cheap after a recent derating. I have to admit that, despite being one of the first journalists who began reporting on China's financial and stock markets more than two decades ago - when the Chinese stock market was set up - I have never bought a single share.
Jiang Zhikang's foray into China's fledgling stock market in the early 1990s was not only risky but required great patience. "I lined up at the small trading counter for a whole night in order to buy the stock subscription certificates,"Jiang, 62, says. "I thought that owning stocks may be better than just putting my money in a bank account."
Trading in China's four commodity futures exchanges surged 22.58 percent year-on-year in the first five months of this year, the China Futures Association said on Wednesday.
The period between 2001 and 2010, amid China's continuously expanding economy with the GDP compounded annual growth rate (CAGR) reaching 15.4 percent, has attracted rising foreign direct investment (FDI). Over the past 10 years, China's FDI CAGR averaged 9.5 percent.
China Everbright Bank is seeking to list in Hong Kong in July, the lender said in a statement late on Tuesday, in a listing that could be worth around $6 billion-$7 billion.
Hong Kong's RMB deposits climbed to 510.7 billion yuan ($65.66 billion) in April, up 13.1 percent from the previous month, said the Hong Kong Monetary Authority (HKMA) on Tuesday.
Around 78 billion yuan ($12 billion) of insurance capital is expected to enter Beijing's "economically affordable" housing market, marking further investment in the property market.
A draft amendment to raise the personal income tax threshold from 2,000 yuan ($306) to 3,000 yuan has drawn a record response after the top legislature published it online to solicit public opinion.
China Construction Bank (CCB) did not rule out the possibility of acquisitions of Russian commercial banks or investment in Russian banking field, CCB President Zhang Jianguo said Monday.
Hong Kong stocks gained 502 points, or 2.17 percent, to close at 23,686.32 on Tuesday.
