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    1288   CNE100000Q43

AGRICULTURAL BANK OF CHINA LIMITED

(1288)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-11-28 am EST
2.500 HKD   -1.96%
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China trials cross-border settlement involving cenbank digital currencies

09/29/2022 | 01:49am EST
Illustration picture of Chinese Yuan banknotes

SHANGHAI (Reuters) - A central bank digital currency trial focused on cross-border transactions has been completed, the Bank for International Settlements (BIS) said, with Chinese state-owned banks participating as Beijing tries to internationalise its digital yuan.

More than 160 cross-border payments and foreign exchange transactions totalling more than $22 million were made during the first trial involving four central bank currencies and real-value transactions, the BIS said in a statement.

The development comes as the U.S. dollar is surging against other currencies and triggering capital outflows out of emerging markets, threatening their economic health.

The multiple Central Bank Digital Currency (mCBDC) Bridge test developed by BIS included China, Hong Kong, Thailand and the United Arab Emirates and was designed to deliver real-time, cheaper and safer cross-border payments and settlements, the BIS said.

Bank of Communications said it and four other Chinese banks had completed the mCBDC Bridge test to settle payments for corporate customers.

State media reported on Thursday that Industrial and Commercial Bank of China and Agricultural Bank of China were among the 20 participating commercial banks.

China has been testing its digital currency in major cities, mainly for domestic retail payments, though the central bank has also vowed to explore cross-border payments in digital yuan.

The world's second-largest economy has said it is willing to discuss setting global standards for digital fiat currency as the international monetary system develops.

Russia, sanctioned by the West over its war in Ukraine, has announced plans to use its own digital currency to trade with China.

(Reporting by Jason Xue and Brenda Goh; Editing by Jamie Freed)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED -1.96% 2.5 Delayed Quote.-4.85%
AGRICULTURAL BANK OF CHINA LIMITED -0.35% 2.86 End-of-day quote.-2.72%
BANK OF CHINA LIMITED -1.82% 2.69 Delayed Quote.-2.49%
BANK OF COMMUNICATIONS CO., LTD. 0.00% 4.72 End-of-day quote.2.39%
BANK OF COMMUNICATIONS CO.,LTD. -2.70% 4.32 Delayed Quote.-5.73%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED -1.82% 3.78 Delayed Quote.-12.50%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED -1.85% 4.24 End-of-day quote.-8.42%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.08% 7.22849 Delayed Quote.13.81%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.25% 60.5 Delayed Quote.-19.07%
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Analyst Recommendations on AGRICULTURAL BANK OF CHINA LIMITED
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Financials
Sales 2022 755 B 105 B 105 B
Net income 2022 252 B 34 995 M 34 995 M
Net Debt 2022 - - -
P/E ratio 2022 3,37x
Yield 2022 9,23%
Capitalization 989 B 137 B 137 B
Capi. / Sales 2022 1,31x
Capi. / Sales 2023 1,24x
Nbr of Employees 455 174
Free-Float 62,9%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 2,30 CNY
Average target price 2,89 CNY
Spread / Average Target 25,3%
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Managers and Directors
Shu Gu Chairman & President
Jing Dong Wang Chairman-Supervisory Board
Xin Xin Wang Independent Non-Executive Director
Zhen Zhong Huang Independent Non-Executive Director
May Yee Leung Ko Independent Non-Executive Director