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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Bank of China Limited    3988   CNE1000001Z5

BANK OF CHINA LIMITED

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China central bank to cut re-discount, relending rates from July 1 - sources

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06/30/2020 | 04:45am EDT
A woman walks past the headquarters of the PBOC, the central bank, in Beijing

China's central bank will cut the re-discount and re-lending rates by 25 basis points as of July 1, two sources with direct knowledge told Reuters on Tuesday, in a move that will reduce funding costs for smaller firms and rural sectors.

The Securities Times first reported the rate cuts.

The three-month relending rate for small firms and rural sectors will be cut to 1.95% while the six-month rate will be cut to 2.15% and the one-year rate will cut to 2.25%, the government-backed newspaper reported.

The rediscount rate will be cut by 0.25 percentage point to 2%, it said.

The central bank will also cut the re-lending rate related to financial stability by 50 basis points, it added.

The People's Bank of China has already rolled out a raft of easing steps since early February, including reserve requirement cuts and targeted lending support for virus-hit firms.

China's economy is gradually emerging from a 6.8% decline in the first quarter, its first contraction on record.

(Reporting by Roxanne Liu, Judy Hua and Kevin Yao; Writing by Se Young Lee; Editing by Jacqueline Wong)

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Financials
Sales 2020 568 B 81 505 M 81 505 M
Net income 2020 187 B 26 887 M 26 887 M
Net Debt 2020 - - -
P/E ratio 2020 4,25x
Yield 2020 7,25%
Capitalization 1 013 B 131 B 145 B
Capi. / Sales 2020 1,78x
Capi. / Sales 2021 1,68x
Nbr of Employees 309 384
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,34 CNY
Last Close Price 2,64 CNY
Spread / Highest target 68,8%
Spread / Average Target 26,6%
Spread / Lowest Target 2,42%
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NameTitle
Jiang Wang Vice Chairman & President
Xi Quan Wang Chairman-Supervisory Board
Lian Ge Liu Chairman
Liu Qiuwan Chief Information Officer
Chang Yun Wang Independent Non-Executive Director
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