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Express News | Bank of Communications Sets UPS in Branch Dubai International Financial Centre (Difc) - Statement
Bank of Communications Boosts Stability With New Bonds
Bank of Communications (03328.HK) issues 30 billion yuan first phase total loss absorption capacity non-capital bonds.
On November 27, Gelonghui reported that the bank of communications (03328.HK) announced that, with the approval of the National Financial Regulatory Administration and the People's Bank of China, it recently issued the 'Bank of Communications Co., Ltd. 2024 First Phase Total Loss Absorption Non-Capital Bonds (Bond Connect)' in the national interbank bond market, which was completed on November 27, 2024. The issuance scale of this bond is 30 billion yuan, for a 4-year fixed-rate bond with a coupon rate of 2.11%, and it includes a conditional early redemption option at the end of the third year. The raised funds from this bond, after deducting issuance costs, will be used in accordance with applicable laws and regulations.
In November, the MLF volume continued to shrink. Previously, the 500 billion buy-back reverse repurchase has released medium-term liquidity ahead of schedule. The industry expects the reserve requirement ratio cut to be implemented faster.
①The funding operation mode of shortening and lengthening funds continues. On the one hand, the central bank continues to reduce the MLF operations volume, reduce the existing stock to mitigate its impact on the liquidity market. On the other hand, short-term funds continue to be net injected to hedge against cross-month fund pressure, strengthening the guiding position of reverse repurchase agreements on market interest rates. ②Local government bonds are centrally supplied, and the MLF is likely to see a quicker implementation under the reduced volume environment.
Rare! This rural commercial bank is offering a 5-year fixed deposit interest rate of 1.5%, which is lower than the 1.55% level of state-owned banks. It is referred to as a "case" in the industry.
①Recently, Wuxiang Rural Commercial Bank adjusted the deposit execution interest rates, lowering the execution interest rates for personal fixed-term deposits of two years, three years, and five years to 1.5%, with the five-year execution interest rate being lowered below the lowest level of the state-owned banks' published rates. ②The phenomenon of the aforementioned rural commercial bank reducing rates beyond the mid- to long-term levels of state-owned banks is still considered an isolated case.
Banks' dormant account cleanup is gradually extending to corporate accounts. This rural commercial bank announced that it will clean up long-suspended accounts of units, and many other banks are also handling this.
On the morning of November 20, Jinchang Rural Commercial Bank announced that it will clean up and close some unit bank settlement accounts that have been inactive for a long time. Recently, some banks have adopted similar practices to Jinchang Rural Commercial Bank, including Dangyang Rural Commercial Bank, China Construction Bank Weifang Branch, Bank of Nanjing.
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