财经新闻 周刊

EndofLooseMonetaryPolicyThePeople'sBankofChina,thecentralbank,announcedonTuesdaythatthereserverequirementratiowillbeliftedby0.5percentagepointsfromnextMonday,inanefforttoensurethehealthofbanksandtheeconomyasawhole.Afteralendingspreeofnearly10trillionyuanin2009,excessiveliquidityinthecapitalmarkethaspromptedworriesoverinflationandassetsbubbles.Commercialbanks’abilitiestolendwillbecurtailedastheshareofthedepositstheymustkeeponreserveatthecentralbankhaveincreased.Thesurprisemovewasearlierthanmostanalystsexpected.ItsuggestedthatthePBOChasstartedmovingtobettermanageinflationexpectations,saidananalyst.Onthesameday,thecentralbankboostedtheone-yearbillyieldby8basispointsto1.8434percent,thefirstraiseofthe1-yearbillyieldin20weeks.Therisecameafterthecentralbanklastweekincreasedthe3-monthbillyieldforthefirsttimeinnearlyfivemonths.Duringthefirstweekof2010,totalnewlendingreached600billionyuan,anewweeklyhighinyears.Commercialbankshavebeeninstructedbythecentralbanktorestrictlendingfornewprojects.Totalannualnewlendingtargetsfor2010weresetat7.5trillionyuanandM2rateat17percent.Evenifbanksdonotgiveloanstonewprojects,totalnewlendingin2010wouldeasilyhitthe7.5trillionyuanbecauseinfrastructureprojectsapprovedin2009mostlyarelong-term.CarlyleLeapsintoBeijingU.S.privateequityfirmCarlyleGroupLPonTuesdaypartneredwiththeBeijinggovernmenttosetupayuan-denominatedfund.ItisthefirstforeignPEyuanfundinBeijingthoughShanghaihasalreadyhostedafewyuanfunds.Figuresonhowmuchmoneythefundplanstoraisehavenotbeenrevealed.However,thesizeofthefundisnotlikelytobebigsincemanyrestrictionsapplytolargePEfunds.ACarlyleofficialsaidthefundwillinvestinlargegrowthenterprises.CARBelt-TighteningInthewakeofabanklendingboominthefirstweekof2010,China'sbankingregulatorissuedanewruleoncapitaladequacy,inaclearsignalthatworriesoverbadloansareonthemindsofregulators.Therule,postedonthewebsiteoftheChinaBankingRegulatoryCommissiononlateJanuary13,saidcommercialbanksshouldsetupacapitaladequacyassessmentprocedurewhichisbasedonthecomplexityofbusinessoperationsandparticularrisksthebanksface.Theruleappliesthecapitalrequirementnotonlytocreditrisksandoperationalrisks,butalsotoanyotherriskrelatedtothestrengthofafinancialinstitution.Manybankswillhavetoreplenishcapitaltomeettherequirementstipulatedintherule,industryinsiderssay.Theminimumcapitaladequacyratehasbeenraisedfrom8percentto11percentforlargebanks,andto10percentforsmallandmedium-sizedbanks.China'sPensionFundExpandsAsstatepensionfundsaroundtheworldshrankin2009,China’sSSFperformedwell.TotalassetsoftheNationalSocialSecurityFund(SSF)reached776.5billionyuanattheendofDecember2009,38percenthigherthanlastyear.Theincreasewasmainlyduetothetransferofstatesharesfromlistedcompaniestothefund.Thefundpocketed42.66billionyuanofprofitsin2009,withtherateofreturnonequityinvestmentfortheyearat16.1percent.ChinaPonderingEximbankInjectionExport-ImportBankofChina(ChinaEximbank)andCreditInsuranceCorporation,twofinancialinstitutionswithamissiontobackthecountry'sexportsector,maygetaninfluxofnewfundingifaplansubmittedtotheStateCouncilisapproved.Undertheplan,CentralHuijinInvestmentLtd.willinjectUS$10billiontoChinaEximbankand20billionyuantotheinsurer.ItisstillunclearwhetherCentralHuijinwillissuebondsoraskforfundingfromitsparentcompany—ChinaInvestmentCorporation,fortheinjection.Theinjectionplanwillboostthecapitaladequacyratioofthepolicybankfromthecurrent2percentto13percentandraisethecapitaloftheinsurerfrom4billionyuanto24billionyuan.CAIXINMEDIA1english.caing.comISSUE1/01.15.2010FINANCE&[e-mail]y'07Sept.'07Nov.'07Jan.'07Jan.'10Mar.'07May'07July'08Sept.'08Nov.'08Jan.'08Mar.'08May'08July'09Sept.'09Nov.'09Jan.'09Mar.'09May'0989101112131415161718ReserveRequirementUpby50BPTheabilityofcommercialbankstolendwillbecurtailedasthecentralbankhasannounceda0.5percentagepointhikeinthereserverequirementratio,whichtakeseffectnextMonday.Source:AustraliaandNewZealandBankingGroup%NewsBrief:FinancePage1BusinessPage2GeneralNewsPage3-----------In-depth:FieryLawyerPutsChina'sJudiciaryonTrialPage4to6Banks'Dashfor230BillionYuanPage6to8TheMysteriousMinesofChilePage8to9-------------Opinion:China'sAutomakers:TakingaGambleonElectricityPage10to11PublishedweeklybyCaixin'sEnglishDeskFormoreinformation,[e-mail]86-10-85905196GoogleWeighsChinaExitInternetsearchenginegiantGooglesaiditisevaluatingitsoperationsinChinaandmaycloseitsChinesesite,Google.cnanditsofficeinthecountry,duetocyberattacksandchallengesfromgovernmentcensorship.DavidDrummond,Google'schieflegalofficer,wroteinablogpostthatonDecember12,GoogledetectedmajorcyberattacksoriginatingfromChina.Theseattacksandthesurveillance,combinedwiththeattemptsoverthepastyeartofurtherlimitfreespeechontheweb,haveledustoconcludethatweshouldreviewthefeasibilityofourbusinessoperationsinChina,Drummondwrote.Google'sstatementhasraisedwidespreadpublicconcern.U.S.SecretaryofStateHillaryClintonsaidlateDecember12thattheU.S.governmentistakingth