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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.
Bank of Chongqing (01963.HK) plans to hold the 2024 third quarter performance briefing on December 4.
Galunhui, November 22nd | Bank of Chongqing (01963.HK) announced that in order to facilitate investors to fully understand the operating results and financial situation of Bank of Chongqing Limited (hereinafter referred to as "the Bank"), it plans to hold the 2024 third quarter performance briefing on December 4, 2024 from 10:00 to 11:00 in the morning, to exchange on issues of common concern to investors. This performance briefing will be held in the form of online text interaction, and the Bank will interact and communicate with investors on the specific situation of the operating results and financial indicators of the third quarter of 2024, within the scope permitted by information disclosure.
Bank of Chongqing (01963.HK): Nominated candidates for the seventh board of directors.
On November 22, 2023, bank of chongqing (01963.HK) announced that on November 22, 2024, the board of directors of bank of chongqing approved the re-election of Yang Xiuming and Gao Song as executive directors of the seventh board of directors, proposed the appointment of Hou Ximeng as an executive director of the seventh board of directors, proposed the re-election of Huang Hanxing, Guo Xile, and Wu Heng as non-executive directors of the seventh board of directors, proposed the appointment of Fu Wei, Zhou Zongcheng, and Yu Hua as non-executive directors of the seventh board of directors, proposed the re-election of Zhu Yanjian as an independent non-executive director of the seventh board of directors, and proposed the appointment of Wang Qinlin, Liu Ruihan, Zeng Hong, and Chen Fengxiang as independent non-executive directors of the seventh board of directors.
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.
The unchanged LPR in November meets market expectations. Industry insiders do not rule out the possibility of further interest rate cuts next year along with the reverse repurchase rate.
① By the end of the year, the economic running is expected to continue its upward trend, with policy interest rates likely to remain stable and LPR quote also expected to stay unchanged. ② There is a high possibility of further reductions in deposit rates in the future, coupled with the issuance of special treasury bonds to support large state-owned commercial banks in replenishing their core tier one capital, which is expected to gradually alleviate the interest spread and operational pressure for commercial banks. It is possible that next year the LPR quote may be accompanied by further interest rate cuts on reverse repurchase agreements.
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