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13.03.2019 19:00

China's regulator orders banks to boost financial support to small firms

China's banking and insurance regulator urged banks to continue increasing lending to smaller firms and further cut their financing costs, as policymakers work to avert an economic slowdown.

Banks should work hard to achieve targets on increasing loans for small companies and keep the lending rates on a reasonable level, the China Banking and Insurance Regulatory Commission (CBIRC) said.

Big state-owned commercial banks should increase outstanding loans to smaller companies by more than 30% in 2019, the CBIRC said, adding that it would also increase its tolerance for non-performing loans at small companies.

The regulator reiterated its demands for state-owned banks to target faster growth in loans to small businesses as economic growth slowed to its weakest in nearly three decades in 2018.


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Market focus

  • Swiss government raises 2019 GDP growth forecast to 0.9% from 0.8% previously
  • Fed keeps rates on hold, points to 'favourable' economic outlook next year
  • German consumer price growth stabilised in November
  • French consumer prices rose by 0.1% in November, as expected
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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
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Pacific Wellington 19:00 04:00 22:00 07:00 22:00 07:00
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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Asian Tokyo 23:00 08:00 02:00 11:00 02:00 11:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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American New York 12:00 21:00 15:00 00:00 15:00 00:00
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Chicago 13:00 22:00 16:00 01:00 16:00 01:00