Bank of Ningbo First-Half Audited Profit Jumps 41 Percent on Rising Loans

(Bloomberg) -- Bank of Ningbo Co. Ltd., a Chinese
bank that raised 4.14 billion yuan ($547 million) in an initial
public offering last month, said audited first-half profit surged
41 percent on increased loans to domestic companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share,
in the six months ended June 30 from 271.6 million yuan, or 0.15
yuan a share, a year earlier, the Ningbo, Zhejiang province-based
bank said in a statement to Shenzhen's stock exchange, confirming
an earlier statement citing unaudited figures. Interest income
rose 39 percent to 1.38 billion yuan, Bank of Ningbo said.


Read more at Bloomberg Emerging Markets News

Paulson to make his currency case to China's Hu

(Reuters) - Paulson and other top Bush aides are trying to head off several trade-focused bills that are aimed at ratcheting up pressure on Beijing to allow the yuan to appreciate more quickly to ease trade imbalances.




"At a time when U.S. exports are growing globally, such legislation also exposes the United States to the risk of 'mirror legislation' abroad and could trigger a global cycle of protectionist legislation," Paulson, U.S. Trade Representative Susan Schwab and Commerce Secretary Carlos Gutierrez said in a joint letter to senior senators.


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Yuan Set for Monthly Gain as Paulson Says Exchange-Rate is Issue for China

(Bloomberg) -- The yuan was poised for a winning
month as Treasury Secretary Henry Paulson told state-owned
Xinhua News Agency that the exchange-rate issue is China's
decision.

Easing pressure on China to accelerate the yuan's
appreciation may give the Asian nation room to allow it to
strengthen without appearing to bow to global demands. The U.S.
Senate Finance Committee on July 26 approved legislation that
would slap higher duties on Chinese imports to compensate for
what lawmakers say is an undervalued currency.


Read more at Bloomberg Currencies News

China Yangtze Power Profit Jumps 72 Percent on Output, Sale of Bank Stake

(Bloomberg) -- China Yangtze Power Co., operator of
the world's biggest hydropower project, said first-half profit
jumped 72 percent after the company sold shares in a bank and as
electricity output rose.

Net income surged to 2.25 billion yuan ($298 million), or
0.268 yuan a share, from 1.31 billion yuan, or 0.16 yuan, a year
earlier, Yangtze Power said in a statement to Shanghai's stock
exchange today. Sales rose 12 percent to 3.4 billion yuan.


Read more at Bloomberg Energy News

Baoshan, Angang Shares Surge After Brokerages Raise Steel-Price Forecasts

(Bloomberg) -- Chinese steel shares, including
Baoshan Iron & Steel Co. and Angang Steel Co., rose for a third
day after brokerages including JPMorgan Chase & Co. raised
forecasts for steel prices.

Shares of Baoshan Iron & Steel, China's largest steelmaker,
rose as much as 5.2 percent to 12.70 yuan, the highest since May
29, and traded at 12.61 at 10:38 a.m. in Shanghai. Angang Steel
surged as much as 19 percent to HK$21.70 in Hong Kong. Its yuan-
denominated shares rose as much as 9.4 percent to 21.38 yuan in
Shenzhen.


Read more at Bloomberg Commodities News

Western Mining Profit Surges 55 Percent After $820 Million IPO in Shanghai

(Bloomberg) -- Western Mining Co., a Chinese metals
producer that raised 6.2 billion yuan ($820 million) in a July
12 initial public offering in Shanghai, said first-half profit
gained 55 percent on higher prices of metal concentrates.

Net income rose to 858.5 million yuan from 553.4 million
yuan a year earlier, the Xining, Qinghai province-based company
said in a statement to the Shanghai stock exchange today, citing
preliminary figures. Sales rose 30 percent to 3.64 billion yuan
from 2.8 billion yuan. The company mines raw materials for zinc,
nickel and copper.


Read more at Bloomberg Emerging Markets News

Shanghai copper higher, demand worries cap gains

(Reuters) - Shanghai copper nudged 0.5 percent higher on Wednesday due to a slight pick-up in the spot market, although concerns about continued oversupply in China were seen capping gains.

The most active Shanghai September copper futures contract rose 310 yuan to 64,470 yuan a tonne by the close.


Read more at Reuters Africa

China, Singapore, Taiwan, Philippines, Malaysia: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Agricultural Development Bank will sell 10
billion yuan ($1.3 billion) of five-year floating rate notes
tomorrow. The interest rate will be based on the one-year
deposit rate of 3.06 percent plus a spread that is to be
auctioned. The central bank sold 101 billion yuan of three-year
fixed rate notes on July 13 at a coupon of 3.6 percent. The
Ministry of Finance sold 38.38 billion yuan of three-year notes
at a coupon of 3.53 percent.


Read more at Bloomberg Bonds News

Stronger Chinese yuan may hurt US consumers

(Reuters) - Pushing China into allowing a faster appreciation of the yuan has consequences for Americans looking for cheaper products and low interest rates even as it helps U.S. companies compete globally and protects local jobs.

Backers of a stronger Chinese currency against the dollar argue it will improve the U.S. balance of trade with China and help U.S. manufacturers compete globally and locally.


Read more at Reuters Africa

Minsheng Bank Forecasts Profit to Surge More Than 60 Percent in First Half

(Bloomberg) -- China Minsheng Banking Corp., the
nation's first privately owned bank, said first-half profit
surged more than 60 percent as it extended more loans and demand
for services such as wealth management increased.

The bank, in a statement to the Shanghai exchange, didn't
provide a figure for first-half profit and said its growth
estimate was based on unaudited numbers. Minsheng posted a profit
of 1.73 billion yuan ($228 million) in last year's first half.


Read more at Bloomberg Emerging Markets News

Shanghai copper steady, LME up as strike looms

(Reuters) - Shanghai copper was steady on Wednesday after gains in the previous five sessions, while London futures pushed higher supported by threats to supply in North and South America.

Shanghai September copper drifted 30 yuan lower to 66,400 yuan a tonne at midday after jumping by its 4 percent daily limit on Tuesday.


Read more at Reuters Africa

China at 45 Times Earnings Buoyed by `Herd Mentality,' Trust in Government

(Bloomberg) -- High above Shanghai, in an office
reserved for stock market barons, Xu Yongyi swirls a flask of
coffee, only breaking his rhythm to explain why money matters.

``It's not about being rich,'' asserts Xu, a 43-year-old
former factory worker who says he turned 16,000 yuan ($2,100) into
5 million yuan by trading shares. ``I want to rise above the
masses and prove I'm a step ahead.''


Read more at Bloomberg Emerging Markets News

Steady LME shores up jittery Shanghai copper

(Reuters) - Shanghai copper was unchanged on Tuesday following a 2 percent fall in the previous session, shored up after London futures recovered from selling pressure early on Monday.

The most-active September copper contract on the Shanghai Futures Exchange was at 63,050 yuan at the midday break.


Read more at Reuters Africa

China Cosco's Shanghai Shares Double on Debut After Drawing Record Demand

(Bloomberg) -- Shares of China Cosco Holdings Co.,
Asia's largest container line, as much as doubled on their
Shanghai trading debut after the company's 15.1 billion yuan
($1.98 billion) stock sale attracted record demand.

The shares rose as high as 17.15 yuan, a premium of about
63 percent to the Hong Kong-listed stock, and traded at 16.68
yuan at 10:57 a.m. The Tianjin-based company sold 1.78 billion A
shares, or a 20 percent stake, at 8.48 yuan each to buy new
ships and a stake in a logistics company.


Read more at Bloomberg Emerging Markets News

Sinopec Shares Decline After Chairman Chen Resigns for `Personal Reasons'

(Bloomberg) -- Shares of China Petroleum & Chemical
Corp., Asia's largest refiner, fell after Chairman Chen Tonghai
resigned. Declines may be curbed because Chen's departure may
have limited impact on the company's operations, analysts said.

The stock dropped as much as 2.5 percent to HK$8.82 and
traded at HK$8.97 at 10:33 a.m. in Hong Kong. Shanghai-traded
shares in the company, known as Sinopec, fell as much as 5.5
percent to 13.51 yuan.


Read more at Bloomberg Emerging Markets News

China Communications Services Will Buy $607 Million of Assets From Parent

(Bloomberg) -- China Communications Services Corp.,
the engineering unit of China's biggest fixed-line phone operator,
said it will buy 4.63 billion yuan ($607 million) of
telecommunications assets from its parent.

The company will use 1.2 billion yuan from its initial
public offering proceeds and 1.4 billion yuan of its own cash to
pay for the acquisition, China Communications said in a statement
to the Hong Kong Stock Exchange. The company said it will borrow
the rest of the funds needed.


Read more at Bloomberg Emerging Markets News

Yuan Posts Biggest Weekly Advance Since End of Link to Dollar in July 2005

(Bloomberg) -- The yuan had its biggest weekly gain
since the end of a fixed exchange rate in July 2005, after U.S.
Treasury Secretary Henry Paulson said dialogue is the best way
to urge China to allow gains.

China may be more willing to let its currency rise faster
through negotiations, rather than threats, said Shen Minggao, an
economist at Citigroup Inc. in Beijing. Premier Wen Jiabao this
week signaled more interest-rate increases are needed to cool
the economy after reports showed exports, investment, factory
production and inflation all accelerated last month.


Read more at Bloomberg Currencies News

Shanghai copper pares gains on stock rise worry

(Reuters) - Shanghai copper edged higher by midday on Friday, paring earlier gains on speculation that Shanghai copper stocks may rise by as much as 10 percent this week.

The most-active August copper contract on the Shanghai Futures Exchange rose 0.3 percent to 63,600 yuan a tonne at midday, from 63,420 yuan on Thursday.


Read more at Reuters Africa

Shanghai copper tracks LME lower, awaits trade data

(Reuters) - Shanghai copper fell more than 2 percent on Monday, tracking a 4-percent slide in London futures in the previous session as investors waited for data on China's copper trade expected this week.

The most-active August copper contract on the Shanghai Futures Exchange fell 2.15 percent to 62,940 yuan a tonne at Monday's noon break, from 64,320 yuan at the close of trade on Friday.


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China Money: Minor flows to bonds as stocks cool

(Reuters) - But if it becomes clear the stock market has temporarily stalled, some traders estimate mutual funds, which control about 700 billion yuan , could divert as much as 10 percent of that amount into government bonds by the end of 2007.




Insurers could also step up investment in longer-term bonds, while banks could have more funds to put into bonds as disillusioned stock investors returned some of their money to longer-term savings deposits.


Read more at Reuters.com Business News