Last Week in Brief: Wrap of China's Financial News in the Week Ending Jan. 12
Yicai Global
DATE:  Jan 13 2020
/ SOURCE:  yicai, Xinhua
Last Week in Brief: Wrap of China's Financial News in the Week Ending Jan. 12 Last Week in Brief: Wrap of China's Financial News in the Week Ending Jan. 12

(Yicai Global) Jan. 13 -- At the end of December, China's foreign exchange reserves had climbed 1.1 percent from the beginning of the year, spurred partly by asset price changes, according to the State Administration of Foreign Exchange.

China's consumer price index jumped 2.9 percent in 2019 from the previous year, according to data from the National Bureau of Statistics. Factory gate prices, a key indicator of corporate profitability, contracted 0.3 percent over the year.

China has honored some accomplished scientists with its annual State Science and Technology Prizes. Submarine engineer Huang Xuhua and meteorologist Zeng Qingcun received the nation's top science awards for 2019.

The China Banking and Insurance Regulatory Commission and its local bureaus have given 4,500 fines last year with a focus on shadow banking, as well as illegal guarantees, credit, and loans.

Some 70 million people set off to travel on Jan. 10, the first day of the Spring Festival, according to the transport ministry. The 40-day festive period is expected to mobilize 3 billion people.

Chinese listed banks' scale of financing reached CNY900 billion (USD130.2 billion) last year, a record high, due to a larger number of initial public offerings, as well as issuances of perpetual bonds and preferred shares, according to Wind data. However, financing pressures will increase this year, according to industry insiders.

China's National Social Security Fund returned CNY300 billion, or 15.5 percent, last year, according to the deputy director of the fund. The scale of assets was CNY2.6 trillion (USD376.1 billion). The average annual investment return rate reached 8.15 percent since the fund's establishment.

Two of China's major stock benchmarks ended last week higher. The Shanghai Composite Index climbed 0.28 percent. The Shenzhen Component Index edged up 2.1 percent. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, slipped 3.7 percent.

Editor: Emmi Laine

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Keywords:   Foreign Exchange Reserve,CPI,Banks,Stock Market