` China’s Bank lending halved in February from January amid worries over a `Near-Default’ on `Financial Product Structured’ by `Risky Trust’ Sector’

#AceFinanceNews says China’s bank lending halved in February from January, the government said Monday, amid worries over a near-default on a financial product structured by the risky trust sector.
Domestic banks extended 644.5 billion yuan ($105.0 billion) in new loans last month, up 24.5 billion yuan from the same month last year, the central bank said in a statement to AFP.

The February lending figure fell short of a median forecast of 740 billion yuan, according to a poll of economists by Dow Jones Newswires.New loans had reached a huge 1.3 trillion yuan in January, previous People’s Bank of China figures showed, with analysts attributing the spike to banks front-loading lending at the beginning of the year.

The central bank also said total social financing, a broader measure of credit, was 938.7 billion yuan in February, down 131.8 billion yuan from the same month last year.

“Much of the slowdown in broad credit was in trust loans, perhaps signalling that investors are becoming more wary following the highly-publicised near default in the sector at the end of January,” Capital Economics said in a report Monday.

Early this year, a $500 million investment product structured by China Credit Trust and sold by the nation’s largest bank ICBC avoided default after an unknown party made good on principal payments to hundreds of investors, though they did not receive pledged interest.


#afp, #china, #china-credit-trust, #icbc, #peoples-bank-of-china

` Crimean Authorities seeking to ` Nationalise Ukrainian Fleet’ and their ` Mineral Extraction Facilities ‘


` Autonomous Ukrainian Republic of Crimea joins `Russia’ may use `Ruble and Hryvnia’ as Dual Currency’

#AceFinanceNews in case the Autonomous Ukrainian Republic of Crimea joins Russia and switches over to the Russian Ruble, both the Ruble and the Ukrainian currency Hryvnia would be used for some time, the Crimean parliament speaker said Monday.

“I think circulation of two currencies is a necessary intermediate stage, because people have many Hryvnias.

The Hryvnia will circulate for some time for people not to have problems. It will be three months if necessary or half a year,” Crimea Supreme Council chairman Vladimir Konstantinov told an Itar-Tass correspondent.


#autonomous-ukrainian-republic-of-crimea, #crimea, #hryvnia, #itar-tass, #ruble, #russia, #russian, #ukrainian

` Khodorkovsky submits request for permanent residency in Switzerland ‘

#AceFinanceNews Mikhail Khodorkovsky has submitted a request for permanent residency in Switzerland, the spokesman for the ex-oil tycoon told Reuters.

The 50-year-old has been living in Switzerland since January, with the country granting him a three-month Schengen visa. Khodorkovsky, who used to be Russia’s richest man and owner of the Yukos oil company, was freed from prison in December after serving over a decade on fraud and embezzlement charges.


#mikhail-khodorkovsky, #reuters, #russias, #switzerland, #yukos-oil-company