China's largest bank, ICBC has forecast in its latest financial report
that China's consumer price index for the first quarter of 2008 will
hit 8 per cent. This is almost twice as much as the 4.8 per cent the government set as its yearly target
at the 11th National People's Congress last month. China has repeatedly
said it wants to manage inflation by freezing energy prices and
subsidising food costs, which are spiralling out of control in many
parts of urban China. Many analysts argue that even the 8 per cent
figure is grossly understated.
HSBC Starts Private Banking in China
HSBC launches its private banking services in China this week. The
company is targeting individuals with a minimum net worth of USD10m in
Shanghai, Beijing and Guangzhou. CitiBank and Standard Chartered
already offer private banking services, while Bank of East Asia has
also plans to start similar services later this year.
Baosteel Fears Anti-Dumping Probes
Baosteel said it will cut sales to Europe as the European Union
launched its fifth anti-dumping probe against several Chinese steel
makers. This year, China's largest steelmaker plans to sell 500,000
metric tonnes to Europe, down 37.5 per cent from a year earlier. At the
same time, Baosteel announced it will increase shipments to Africa.
News & Interviews 
(0 vote)
