Tagged: Bank

The latest LPR released

The People’s Bank of China authorized the National Interbank Funding Center to announce that on June 21, 2021, the loan market quoted interest rate (LPR) is 3.85% for 1-year LPR and 4.65% for 5-year or longer LPR. The above LPR is valid until the next LPR is issued.

The latest LPR released
Introduction to Loan Market Quoted Rate (LPR)

Loan market quoted interest rate (LPR) is quoted by each quoting bank based on open market operating interest rates (mainly refers to the medium-term lending convenience interest rate) plus points. It is calculated by the National Interbank Funding Center to provide a pricing reference for bank loans. At present, LPR includes two varieties of 1 year and 5 years or more.

LPR quotation banks currently include 18 banks. Each quotation bank will submit quotations to the National Interbank Funding Center in steps of 0.05 percentage points before 9 o’clock on the 20th of each month (postponed on holidays). The National Interbank Funding Center presses After removing the highest and lowest quotations, the arithmetic average is calculated and the LPR is calculated by rounding to the nearest integer multiple of 0.05%. The LPR will be announced at 9:30 on the same day. The public can inquire at the National Interbank Funding Center and the People’s Bank of China website.

Btig gives coinbase buy rating

Btig, an investment bank, gave coinbase, the largest cryptocurrency exchange in the United States, an initial “buy” rating on Thursday, with a target price of $500.

 

“We believe that driven by significant changes in consumer behavior and adoption of new technologies, coin should be seen as a market leader in an area characterized by rapid and significantly sustainable growth,” btig analysts mark Palmer and Andrew Harte said in a report to customers

 

“Therefore, we believe that the valuation multiple of coin should reflect this difference, just like other industry leaders with unlimited growth opportunities, such as zoom (332.38, 3.18, 0.97%), Tesla (738.85, 6.62, 0.90%) and snowflake.”

 

Coinbase, they say, is “the gold standard in the digital asset exchange.”. With the expansion of the industry ecosystem and the increase of institutional adoption, it is about to usher in “sustained and rapid growth”.

 

The $500 target price given by btig analysts is based on the expectation that the company’s full year net revenue in 2024 will reach $8.2 billion, with a P / E ratio of 16 times.

 

“We believe that as the most popular consumer oriented cryptocurrency exchange in the United States, coin will become the main beneficiary of the increasing adoption of bitcoin and other digital assets as it continues to expand in the United States and internationally,” they said

 

Btig analysts said that if the “total market value” of cryptocurrency continues to grow, from about $2.1 trillion to several times that number, then the company’s upward space may be huge.

Bank of Japan set up committee

The Bank of Japan said on Friday it had set up a committee to bring together policy makers and banking lobbies to promote the smooth implementation of the central bank’s digital currency.

Bank of Japan set up committee

The BoJ said the committee would be made up of executives from the BoJ, the Ministry of Finance and the financial services agency, as well as representatives from financial lobbying groups.

Wells Fargo Bank

Chris Harvey, head of equity strategy at securities, said he was building a large part of his investment strategy on this year’s consumer share buybacks.

 

From hotels to casinos and restaurants, many of the successful deals this year will involve spending outside the home, Harvey said. “We haven’t seen consumer stocks come out of recession so strongly for a long time,” he said

 

Harvey, a member of the V-shaped economic recovery camp, thinks it’s time to increase his exposure to consumer stocks. He believes that the acceleration of new crown vaccination will help boost consumer stocks. Last month, he upgraded the sector from “neutral” to “super”.

 

“Consumers will spend a lot of money on services,” Harvey said. “So far this year and in the past 12 months, many of these stocks have underperformed other cyclically traded stocks.”

 

Harvey believes that the overall performance of US stocks this year will not be as good as last year. He set the S & P 500’s year-end target at 3850, which means it will be down 1% from Wednesday’s close.

 

“You closed your eyes 12 months ago and woke up to see the stock market go up,” Harvey said. But we don’t think that will happen in the next 12 months. “

Major event! Baoshang Bank is bankrupt!

Heavy! Bankruptcy of China’s second bank

The China Banking and Insurance Regulatory Commission announced that it is agreed in principle that Baoshang Bank will enter the bankruptcy process. Your bank shall carry out follow-up work in strict accordance with the requirements of relevant laws and regulations, and report to the Banking and Insurance Regulatory Commission in a timely manner in case of major situations.

From May 2019 when Baoshang Bank was taken over in accordance with the law, to the end of April 2020, Mongolia Commercial Bank was officially established and opened. The assets and liabilities of Baoshang Bank related business were transferred to Mongolia Commercial Bank and Huishang Bank, and then to Baoshang Bank. The bankruptcy application was filed for nearly 18 months, and Baoshang Bank’s risk mitigation and disposal work was carried out in a safe and orderly manner. Among them, the deposit insurance system played an important role.

When a bank is taken over and disposed of, the most concerned issue of the outside world is how to protect the rights and interests of depositors. From the perspective of Baoshang Bank’s risk disposal process, the rights and interests of depositors, especially the funds of individual depositors and small, medium and micro enterprises, have been fully protected. The “Report” pointed out that in order to protect the legal rights and interests of depositors and creditors to the greatest extent and maintain financial and social stability, the Central Bank and the China Banking and Insurance Regulatory Commission have decided to fund the Deposit Insurance Fund and the Central Bank to fully protect individual deposits and most institutional claims . At the same time, in order to strengthen market discipline, gradually break the rigid payment, and take into account the affordability of market entities, it provides an average of 90% guarantee for the creditor rights of large institutions.

Feng Lei said that this incident was iconic. The first bank in history was the Hainan Development Bank; the second bank was the Baoshang Bank. We don’t know how much of it is so tricky, but the final payer is already clear. But this also broke a myth in the minds of ordinary people, banks can still go bankrupt…

Therefore, nothing in this world is certain. The so-called certain things may not be certain. This time the bank has done it, will it be done next time? This shows what? Don’t deposit your money in a small bank. The bank at the head is relatively safe. Don’t deposit it in a small bank if it exceeds 500,000.

If there is a problem with the batch, can the upper floor still be live? Agree to the bankruptcy of Baoshang Bank and the bankruptcy of Brilliance Group has broken the myth that it cannot fail if it is too big.

Therefore, state-owned enterprises will also go bankrupt.