PBOC Launches Swaps to Improve Liquidity of Banks' Perpetual Bonds; Neutral Impact on Chinese Banks
Following the People's Bank of China's announcement that it will launch central bank bill swaps to improve the liquidity of banks' perpetual bonds, we’re maintaining our fair value estimates for the Chinese banks we cover. According to the central bank’s statement, primary dealers engaged in an open-market operation are allowed to swap the perpetual bonds they hold for the central bank bills. Banks' perpetual bonds with ratings no lower than AA will be included as qualified collateral for a medi...China CITIC Bank is a commercial banking group based in the People's Republic of China. Co. is engaged in the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, finance leasing and other non-banking financial services. Co.'s business operations are organized into three main segments: corporate banking, personal banking and treasury business. As of Dec 31 2010, Co. had total assets of RMB 2,081,314,000,000 and total deposits of RMB 1,730,816,000,000, with 1,235 self-service banking centers and 4,193 self-service terminals (ATMs, CDM and CRS).
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