【财经看点】周小川:存款利率的放开很可能最近一两年就能实现

【财经看点】周小川:存款利率的放开很可能最近一两年就能实现

2014-03-11    07'12''

主播: Beijing Hour

409 28

介绍:
China to free deposit rates within two years Anchor: China's central bank Governor Zhou Xiaochuan has announced the next stages in the country's sweeping financial reforms. The measures includes the liberalisation of the deposite rate within one to two years. CRI's Lucy Du has more. … For CRI this is Lucy Du China's new yuan loans down in February New analysis shows lending through February has come in at 645-billion yuan, down from a four-year high in January. The People's Bank of China says the latest figure is less than half of January's new lending, but is 24.5-billion yuan higher than the previous February. It's being suggested the fluctuation of the credit figures have been mainly caused by seasonal and holiday factors. Meanwhile, the M2, a broad measure of the money supply that covers cash in circulation and all deposits, has increased 13 percent year on year to 113-trillion yuan as of the end of February. The narrow measure of the money supply, the M1, which covers cash in circulation plus demand deposits, has expanded 7 percent year-on-year to 32-trillion yuan as of the end of last month. Its being suggested the expansion of the M1 is mainly due to capital flowing back to the banks. The surge of the M2 has come on the back of new funds being released after the Spring Festival holiday. Chinese Premier Li Keqiang outlined in his government work report last week that the M2 is expected to grow by about 13 percent this year. China Banking Regulatory Commission announce private bank trial. China Banking Regulatory Commission has announced that a trial of five private banks will be rolled out in further liberalisation of the banking sector: Each of the banks will be co-sponsored by at least two private capital providers. Ten private companies, including Internet firms Alibaba and Tencent, have been selected to take part in the preparation work for setting up the banks. The private institutions will be subject to the same regulation and supervision as existing commercial banks. However, services provided by the private banks will be predominantly geared towards small and micro businesses as well as residential communities. Whilst a timetable for the establishment of the private banks has yet to be set, they are expected to spread across the country if proven successful. China becomes world's largest agricultural insurance market China has become the world's second largest agricultural insurance market after the United States. The figures were given by the country's insurance regulator along the sidelines of the ongoing NPC meetings. China's agricultural insurance covered 1.1 billion mu (73 million hectares) of crops in 2013, accounting for 45 percent of total planting acreage. The agricultural insurance scheme paid 20.9 billion yuan (3.4 billion U.S. dollars) in compensation and benefited 33.67 million rural households last year. The head of the China Insurance Regulatory Commission, Xiang Junbo, says that the country will continue to extend the coverage, strengthen supervision and pay high attention to risk control. Xiang also stressed the importance of establishing a catastrophe insurance system, adding that it would relieve the financial burdens on the government. Compensation from catastrophe insurance normally covers 30 percent to 40 percent of losses internationally, compared to the meager 1 percent that is given in China. China Agricultural Bank applies for branch banking license in Britain The Agricultural Bank of China is applying for a branch banking license in Britain. The move will allow the bank to further expand operations in Europe, which it identifies as a vital market. Through its subsidiary in London, the bank rolled out "zero time difference" cross-border Chinese currency clearing services for its European clients in December 2013. In 2013, the bank settled cross-border trade of 1.1 trillion yuan. However, without the banking license, the bank is currently unable to open full-fledged branches. The attainment of the license could place the bank at the centre of the development of London's offshore renminbi market. British Chancellor of the Exchequer George Osborne pledged in Beijing last October that his country would ease restrictions on the establishment of branches by Chinese banks in Britain. Osborne said in Hong Kong last month that the British and Chinese governments are "in active discussions" about setting up a clearing bank in London for China's currency. South Korea and Canada sign FTA South Korea and Canada finalized years of negotiations on their bilateral free trade agreement (FTA) on Tuesday. The agreement came after summit talks between South Korean President Park Geun-hye and her Canadian counterpart Stephen Harper. The Canadian Prime Minister arrived in Seoul Monday evening to conclude the long-drawn-out FTA negotiations.