China’s bank regulator will abandon the unified regulation targets on banks by categories, giving way to a differentiate regulation on different banks.
Chinese banks in February issued less than 600 billion yuan ($91.3billion) worth of new yuan loans, far below market’s expectations.
China’s consumer price index will decline slightly from January’s 4.9 percent while chances for hikes in reserve requirements and rates still exist.
China’s central bank and financial institutions bought a net 501.6 billion yuan worth of foreign exchange in January, up 24.39 percent from 403.3 billion yuan in December.
The consumer price index (CPI), the main gauge of inflation, retreated from last November’s record of 5.1 percent year on year to 4.9 percent in January and is expected to further decline in February.
China’s State Council, or the cabinet, sets to discuss raising the threshold of personal income tax today in an effort to place more disposable income in the hands of its citizens to offset the impact of rising inflation.
China’s “big four” state-run banks have set their new yuan lending target for this year at a combined 2.85 trillion yuan. New lending for all banks this year will be targeted at 7.1 trillion to 8.1 trillion yuan.
The HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to a seven-month low in February at 54.5.
China has set an annual growth target of seven percent to ensure sustainable development during its 12th Five-Year Plan (2011-2015), Prime Minister Wen Jiabao said.
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