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Thursday, 25 September 2008
China may cut interest rates and bank reserve requirement further - JPMorgan
HONG KONG (XFN-ASIA) - China may cut its benchmark interest rate and bank reserve requirement ratio further to fend off the impact of the turmoil in global financial markets, said Jing Ulrich, head of China equities at JPMorgan. PDF
China may cut interest rates and bank reserve requirement further - JPMorgan
HONG KONG (XFN-ASIA) - China may cut its benchmark interest rate and bank reserve requirement ratio further to fend off the impact of the turmoil in global financial markets, said Jing Ulrich, head of China equities at JPMorgan.
The Chinese economy is now at a turning point, and Beijing is likely to cut interest rates and reserve requirement on bank deposits further to ensure a stable and relatively-rapid growth of its economy, Ulrich said at a press briefing.
China’s equity market is likely to perform better during the rest of the year as Chinese regulators implemented some market-supportive measures, she said.
China’s securities regulator announced this week that listed firms will no longer need to obtain prior approval for share buybacks.
The move came on top of other market-supporting measures last week, including removal of stamp duty on share purchases and sovereign wealth fund support for shares of major state-owned banks.
Ulrich expects firms involved in mid-stream operations, including those in the power sector, to benefit from lower oil prices.
The central government is likely to implement more market-boosting measures in the future, including possible restrictions on sales of previously non-tradable shares, Ulrich said.
She also expects China to boost investment in infrastructure to stimulate economic growth.
JP Morgan favours the infrastructure sector, particularly firms engaged in railway construction, she said, naming China Railway Construction as the top pick in the sector.
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China may cut interest rates and bank reserve requirement further - JPMorgan
HONG KONG (XFN-ASIA) - China may cut its benchmark interest rate and bank reserve requirement ratio further to fend off the impact of the turmoil in global financial markets, said Jing Ulrich, head of China equities at JPMorgan.
The Chinese economy is now at a turning point, and Beijing is likely to cut interest rates and reserve requirement on bank deposits further to ensure a stable and relatively-rapid growth of its economy, Ulrich said at a press briefing.
China’s equity market is likely to perform better during the rest of the year as Chinese regulators implemented some market-supportive measures, she said.
China’s securities regulator announced this week that listed firms will no longer need to obtain prior approval for share buybacks.
The move came on top of other market-supporting measures last week, including removal of stamp duty on share purchases and sovereign wealth fund support for shares of major state-owned banks.
Ulrich expects firms involved in mid-stream operations, including those in the power sector, to benefit from lower oil prices.
The central government is likely to implement more market-boosting measures in the future, including possible restrictions on sales of previously non-tradable shares, Ulrich said.
She also expects China to boost investment in infrastructure to stimulate economic growth.
JP Morgan favours the infrastructure sector, particularly firms engaged in railway construction, she said, naming China Railway Construction as the top pick in the sector.
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