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China Daily | Updated: 2011-11-12 08:40

Lenders' bad loans in decline

Non-performing loans at Chinese banks fell 0.6 percentage points to 1.84 percent at the end of September, compared with the end of last year, the China Banking Regulatory Commission said in a statement on its website on Friday. The banks' end-September provision coverage ratio increased 53 percentage points to 270.7 percent compared with the end of last year. The industry's capital-adequacy ratio rose 0.16 percentage points to 12.3 percent, the statement said.

Firms set to sell yuan options

China will expand the options market to allow companies to sell yuan options, instead of limiting them to only buying contracts, the State Administration of Foreign Exchange said. Exporters and importers will only be able to sell the contracts to offset previously purchased options, the regulator said on Friday. China has allowed the trading of yuan options since April, but has restricted purchases to companies looking to minimize exchange-rate risks on trade deals.

Renren reports 3rd quarter loss

The Chinese social networking platform Renren Inc on Friday reported a net loss of $1.2 million for the third quarter, and warned that revenues will shrink in the fourth quarter. It has become "a pattern" for Renren to see a decline in revenue during the fourth quarter, as advertising income falls at the end of the year, said CFO Huang Hui.

Nigeria seeking Chinese capital

Nigeria, the world's seventh-biggest producer of crude oil, is seeking Chinese investors for its energy, mining and agribusiness industries, said Olusegun Olutoyin Aganga, the country's minister of trade and investment, on Friday. China's direct investment in Nigeria between January and August was $9.3 million.

China Daily - Agencies

(China Daily 11/12/2011 page9)

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