China

The Agricultural Bank of China recorded cross-border RMB settlement volume of RMB121 billion by end of August, including an increase of RMB89.15 billion or increase rate of 1156% in 2011.

ICBC's aggregate assets in overseas subsidiaries rose 37.2% over the end of 2010 to USD 103.869 billion at the end of June. In the January-June period of 2011, overseas subsidiaries of ICBC posted a USD 735 million pre-tax gain, rising 43.0% year-on-year and chalking another historic high. As related by an executive with ICBC, up to end of June, the Bank has 220 overseas subsidiaries in 29 countries/regions and a global network of 1,516 correspondent banks in 134 countries/regions spreading over five continents of Asia, Africa, Europe, America and Australia for the better delivery of services to customers in different markets across the world.

The lender sticks to its promise not to seek a rights offer to raise additional capital within two years from its IPO.

ICBC electronic banking posted a turnover of over RMB 100 trillion during the first six months of this year, up 21.8% year-on-year. Of which, turnover of Personal Internet Banking and Mobile Banking rose 37.1% and 387%. ICBC keeps on top of the domestic league table.

ICBC, with an aim to provide a variety of financial services to all customers, has formulated a range of special service solutions and taken various measures to improve the quality of services this year's Golden Week of "October First".

The new-generation asset and liability management system developed independently by Agricultural Bank of China Limited has been formally rolled out.

ICBC saw a strong growth trajectory in its RMB business, with a turnover in the first half of 2011 trebled last year's to RMB 406 billion, RMB 280.4 billion in cross-border RMB settlement, RMB 120.6 billion in trade finance.

The 209 outlets of Tibet Branch of Agricultural Bank of China Limited has been interconnected.

Chinese banks and neighbor banks should enhance cooperation between Asia and Europe amd the rapid development of Xinjang, said Mr. Che Yingxin, Chairman of the Agricultural Bank of China.

The Taiwanese bank seeks to benefit from MOU with the Chinese bank to expand its operations in the Mainland.

Total assets also increased by 19.9% to a whopping RMB 95.3 trillion as of end-2010.

The recent PBoC fixes may have played a role in stalling the powerful bid for USD-AXJ amid liquidation dynamics in emerging markets.

Chinese banks have extended more loans to small firms to ease their financial predicaments as the government tightens monetary supply.

The cheapest Chinese bank stocks may plunge further as the credit boom is showing signs of turning into a bust.

Chongqing Beibei Citi Lending is the bank’s first lending company located in the western region of China.

The CNY-denominated bonds seen to be released by mid-October.