People’s Bank Of China

China ends gold tax break, raising consumer costs in key bullion market

The rule covers investment products like high-purity gold bars and ingots, as well as coins approved by the People's Bank of China, and non-investment uses such as jewellery and industrial materials

China's central bank warns mutual funds against feeding bond frenzy

The pressure on fund managers comes as Beijing faces the daunting task of reviving consumption and the economy after a real estate crisis put a damper on growth

China keeps interest rates steady, drains record cash in policy adjustment

The authorities also withdrew a net 1.15 trillion yuan ($158 billion) from the financial system with the tool, the most since 2014

China's central bank sees room to cut reserve buffers to boost economy

The central bank would watch developing economic trends before making any adjustments, Zhou said, adding that the bank was closely monitoring policy changes in major economies

Bank of China announces first interim dividend even as profits fall

The state-owned lender will distribute 1.208 yuan ($0.17) per 10 shares in interim payouts, according to a Thursday exchange filing

PBOC studies plan to narrow rate fluctuation range, warns over bond risks

Chinese Bank also used report to sound warnings about the risks of what it considers a bond-market bubble, after an unprecedented rally sent yields so low that they could endanger financial stability

China cuts bank reserve needs, boost property lending to support economy

China's central bank said Wednesday it will cut the ratio of reserves banks must hold as part of a slew of measures to support the slowing economy. The announcement by the People's Bank of China prompted a surge in share prices, with Hong Kong's benchmark jumping 3.6%. Chinese stock markets have languished in recent months as investors pulled money out, discouraged by a faltering recovery from the shocks of the COVID-19 pandemic. A sell-off earlier in the week was followed by unconfirmed reports that the government planned to get state-owned investment companies to funnel offshore funds into the markets to help staunch the losses. The central bank's moves appear to be part of a concerted effort to stabilize the markets and instill greater confidence in the outlook for the world's second-largest economy. Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5 percentage points as of Feb 5. Pan said that would inject about 1 trillion yuan (USD 141 ...

Former chief of state-owned Chinese bank Everbright arrested for corruption

The former chairman of state-owned Chinese bank China Everbright Group has been arrested on suspicion of embezzlement and bribery, prosecutors said in a statement on Monday, amid an intensified campaign against corruption. The investigation into Tang Shuangning, the former party secretary and chairman of China Everbright Group has ended and the case would be transferred to the procuratorate for review and prosecution, China's Supreme People's Procuratorate said in a statement. Tang, 69, was expelled from the Chinese Communist Party earlier this month over violations of disciplines and laws, amid a crackdown on corruption in China's financial sector. He retired in 2017. Other allegations against him include weakening the party's leadership over the bank, failing to prevent and defuse financial risks, privately reading publications with serious political problems and resisting organisational scrutiny, the party-run newspaper Global Times cited the Central Commission for Discipline ...

China's central bank cuts interest rate again as property slump spreads

Stocks in Hong Kong, where many of China's biggest companies trade, fell more than 1 percent Monday, while shares in mainland China were down about 0.50 per cent

China urges banks to boost loans to support recovery, cut debt risks

Major financial institutions, especially big state-owned banks, must increase loan disbursements and avoid big fluctuations in lending

China to ramp up monetary stimulus as growth outlook darkens amid lockdown

The State Council said in a statement Wednesday that monetary tools "such as a RRR cut" will be used "in a timely and appropriate manner" to maintain reasonably ample liquidity

China halting cash drainage for Party Congress; may boost market sentiment

The cash cushion could boost market sentiment dented by Beijing's adherence to its Covid Zero policy and the crippling slump in the housing market

As yuan nears lowest level in 14 yrs, traders brace for more PBOC pushback

The People's Bank of China has already stepped up its currency defense, but it did little to stop the depreciation.

Sterling tumbles nearly 5% to all-time low on tax reforms, shows data

The currency dived as much as 4.85 per cent to an unprecedented $1.0327, extending a 3.61 per cent dive from Friday, when finance minister Kwasi Kwarteng unleashed historic tax cuts

China's consumer inflation moderates in Aug as lockdowns suppress spending

The consumer price index rose 2.5% from a year earlier, the National Bureau of Statistics said Friday, down from 2.7% gain in July

China cuts forex reserve requirement ratio in bid to support tumbling yuan

Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from Sept. 15, the PBOC said in a statement on Monday-- lower than the current level of 8%

Chinese banks inflating loan numbers amid struggle to meet govt demands

Some state-owned Chinese banks are extending loans to companies and then allowing them to deposit funds at the same interest rate

China central bank cuts mortgage rate to support crisis-hit property market

The People's Bank of China (PBOC) lowered the five-year loan prime rate (LPR) by 1.5 percentage points, which matches its biggest cut on record, the BBC reported.

Disappointing China economic data sparks industrial metals' sell-off

China's economy unexpectedly slowed in July, with growth in industrial output, fixed-asset investment, total social financing and new yuan loans slowing

Dollar jumps on safety flows after China data, yuan slips on rate cut

The U.S. dollar index against six peers rose 0.6% to 106.3, consolidating near the middle of its range this month. The euro eased 0.6% against the dollar to $1.0191, after touching a one-week low.