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The central parity rate of Renminbi reported at 7.1318, up 27 points.
On August 6th, the central parity rate of RMB was reported as 7.1318, up 27 basis points from the previous trading day's central parity rate of 7.1345. Why did RMB explode? How did RMB turn from a weak trend since the beginning of the year to a strong one? Industry insiders believe that the triggering factors come from many aspects, including important changes in peripheral currency policy and risk sentiment, the resonance factor of the yen, and the internal forces. Li Liuyang, a forex research expert at China International Capital Corporation, said that the two main reasons for the recent rebound in RMB exchange rates are the closure of carry trades caused by changes in the external environment and the implementation of stable exchange rate policies. Currently, risk aversion is rising globally.
Zhongtai Securities: Why were bank stocks the top gainer in Q2?
The marginal inflow of various funds and the rare outflow of institutional funds have driven banks to rank first in terms of rising stocks.
Saudi Arabia's Wealth Fund Signs MOUs With Six Chinese Financial Firms
Citi: The four major domestic banks prefer Industrial and Commercial Bank of China, followed by China Construction Bank, China Merchants Bank, Bank of Communications and Postal Savings Bank.
JPMorgan released a report stating that it remains bullish on the performance of Chinese banks in the second half of the year. The bank has raised its target price for China Construction Bank (03988) from HKD 4 to HKD 4.2, for Agricultural Bank of China (00939) from HKD 6.55 to HKD 6.7, for China Merchants Bank (03968) from HKD 44 to HKD 46, for China Citic Bank Corporation (00998) from HKD 4.4 to HKD 4.55, and for Postal Savings Bank of China (01658) from HKD 4.3 to HKD 4.6. JP Morgan continues to favor the four major Chinese banks with stable profitability and high yield, preferring them in the following order: Industrial and Commercial Bank of China (01398), Agricultural Bank of China (0.
Jpmorgan: bullish on the performance of domestic banking industry in the second half of the year, preferring the four domestic banks with stable earnings and high yields.
JPMorgan released a report stating that it remains bullish on the performance of domestic banking industry in the second half of the year, believing that it will mainly benefit from the regulatory focus on safeguarding banks' net income and policy support for the stable macroeconomic growth prospects in the second half of the year. The bank expects domestic banks' revenue and profits to turn to growth in the second half of the year. JPMorgan continues to favor the four domestic banks with stable profitability and high yield rates, listed in order of preference: Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank Corporation, and Bank of China. The bank's analysis shows that the current dividend yield gap is still attractive for southward and A-share investors, and they can increase their shareholding during any weak periods. The bank has raised its target price on Bank of China from HKD4 to HKD4.2.
The central parity rate of RMB is reported at 7.1376, down 53 points.
On August 2nd, the central parity rate of RMB was reported at 7.1376, down 53 basis points from the previous trading day when the central parity rate was 7.1323. Experts believe that the RMB exchange rate will be basically stable at a reasonable and balanced level in the second half of the year. Wang Youxin, a researcher at Bank of China Research Institute, thinks that the rapid growth of China's export trade, the high level of trade surplus and sufficient foreign exchange reserves provide strong support for RMB exchange rate. The possibility of the Fed entering a cut interest rate cycle in September and the further rollback of the US dollar index will also impose external constraints on the RMB exchange rate.
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