Banking

Liquidity is sufficient but debt risk control needs to be addressed。

China's chief banking regulator Shang Fulin soothed a jittery market on Saturday, saying there is more than "sufficient" liquidity in the interbank market. He also pledged to strengthen debt risk control.

China's biggest lender Industrial and Commercial Bank of China (ICBC) said here Saturday that its Middle Eastearn branch achieved in 2012 a pre-tax profit of $54 million, up 69 percent year on year, while its total assets increased 29 percent to $4 billion.

ICBC, the world's biggest bank in terms of market capital, added that the Chinese RMB's trade volume reached $2.25 billion, while greenback transactions in the interbank money market were up 718 percent last year to hit $11.07 billion. The total liabilities reached $3.81 billion, an increase of 28 percent over 2011.  

Tian Zhiping, regional CEO of Dubai-based ICBC Middle East, said that 2012 was another year of strong growth for them the company continued to benefit from its regional franchise and unique position as a bridge for trade and investment between the Middle East and China. "We have taken part in important syndications and witnessed growing volumes of RMB transactions, all of which added to our business growth."

China postal bank Tao Liming

Bosses of China's postal bank and a regional city lender are among the latest financial bigwigs caught up in spreading corruption investigations.

Postal Savings Bank Gov. Tao Liming is "assisting an investigation by relevant authorities into a personal 'economic problem'," the bank said in an announcement Monday, using the usual euphemism in China for graft allegations.