Bank of Ningbo First-Half Audited Profit Jumps 41 Percent on Rising Loans

(Bloomberg) -- Bank of Ningbo Co. Ltd., a Chinese
bank that raised 4.14 billion yuan ($547 million) in an initial
public offering last month, said audited first-half profit surged
41 percent on increased loans to domestic companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share,
in the six months ended June 30 from 271.6 million yuan, or 0.15
yuan a share, a year earlier, the Ningbo, Zhejiang province-based
bank said in a statement to Shenzhen's stock exchange, confirming
an earlier statement citing unaudited figures. Interest income
rose 39 percent to 1.38 billion yuan, Bank of Ningbo said.


Read more at Bloomberg Emerging Markets News

Shanghai Copper Futures Fall Near Limit on Concern U.S. Demand May Decline

(Bloomberg) -- Copper futures on the Shanghai
Futures Exchange fell by almost the maximum daily limit allowed
by the exchange on concern an economic slowdown in the U.S., the
second-largest consumer of the metal, will reduce demand. Zinc
futures also slumped.

Copper for October delivery fell as much as 2,790 yuan, or
4.1 percent, to 65,160 yuan ($8,611) a metric ton from the
previous close. The contract fell near the 4 percent limit
compared with the previous settlement price, and traded at 65,770
yuan a ton, down 3.2 percent, at 9:28 a.m. local time.


Read more at Bloomberg Commodities News

China's Stocks Advance for Seventh Day, Led by Shares of Builders, Banks

(Bloomberg) -- China's stocks rose for a seventh
day. China Vanke Co. led developers and banks higher on
speculation U.S. Treasury Secretary Henry Paulson may convince
the Chinese government to allow the yuan's gains to accelerate.

``A stronger yuan will boost profits at banks and
developers'' as investors are drawn to local assets, said Zheng
Tuo, who manages the equivalent of $790 million at Bank of
Communications Schroder Fund Management Co. in Shanghai.


Read more at Bloomberg Stocks News

India, Indonesia, Malaysia, Singapore, Sri Lanka: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank, a state-owned lender, will
sell 20 billion yuan ($2.64 billion) of 10-year bonds on Aug. 1.
China will maintain a tight monetary policy to prevent the
economy from ``overheating,'' Xinhua News Agency reported July
27. The government will apply ``moderate and tight monetary
policies to cool the growth pace in the economy and improve
quality and efficiency of the growth,'' Xinhua said, citing a
statement by the Chinese Communist Party's Political Bureau.


Read more at Bloomberg Bonds News

China's Yuan Advances on Speculation Currency Policy to Help Cool Growth

(Bloomberg) -- The yuan rose by the most in almost
two weeks on speculation China will pursue a stronger currency to
cool economic growth, after the central bank last week raised
interest rates for the third time since March. Bonds may drop.

A stronger yuan would curb export sales that have flooded
the financial system with cash, driving the fastest pace of
economic expansion in 12 years in the second quarter. The
currency gained 0.4 percent in June as the trade surplus widened
87 percent from a year ago to an all-time high of $26.9 billion.


Read more at Bloomberg Currencies News

Shanghai copper higher, demand worries cap gains

(Reuters) - Shanghai copper nudged 0.5 percent higher on Wednesday due to a slight pick-up in the spot market, although concerns about continued oversupply in China were seen capping gains.

The most active Shanghai September copper futures contract rose 310 yuan to 64,470 yuan a tonne by the close.


Read more at Reuters Africa

China Sets Yuan Reference Rate at 7.5681 Versus Dollar, Highest Since 2005

(Bloomberg) -- The People's Bank of China fixed the
reference rate for yuan trading at 7.5681 against the dollar,
the highest since the end of a link to the U.S. currency in July
2005.

The rate compared with the close of 7.5695 on July 13. The
reference rate was set at 10.4296 against the euro and 0.062003
to the yen. The rate was set at 0.96766 versus the Hong Kong
dollar and 15.3935 against the British pound.


Read more at Bloomberg Currencies News

Minsheng Bank Forecasts Profit to Surge More Than 60 Percent in First Half

(Bloomberg) -- China Minsheng Banking Corp., the
nation's first privately owned bank, said first-half profit
surged more than 60 percent as it extended more loans and demand
for services such as wealth management increased.

The bank, in a statement to the Shanghai exchange, didn't
provide a figure for first-half profit and said its growth
estimate was based on unaudited numbers. Minsheng posted a profit
of 1.73 billion yuan ($228 million) in last year's first half.


Read more at Bloomberg Emerging Markets News

Western Mining Raises $816 Million in Shanghai at Top of IPO Price Range

(Bloomberg) -- Western Mining Co., a Chinese
producer of zinc, copper and lead, raised 6.2 billion yuan
($816.4 million) from an initial public offering in Shanghai to
raise funds for expansion and pay debt.

The company, based in Xining, Qinghai, sold 460 million new
shares at 13.48 yuan each, it said in a statement today. That's
the top end of the 12 yuan to 13.48 yuan range given July 2. UBS
AG's joint venture in China, UBS Securities Co., arranged the
sale, the first in China for Europe's biggest bank by assets.


Read more at Bloomberg Emerging Markets News

China Communications Services Will Buy $607 Million of Assets From Parent

(Bloomberg) -- China Communications Services Corp.,
the engineering unit of China's biggest fixed-line phone operator,
said it will buy 4.63 billion yuan ($607 million) of
telecommunications assets from its parent.

The company will use 1.2 billion yuan from its initial
public offering proceeds and 1.4 billion yuan of its own cash to
pay for the acquisition, China Communications said in a statement
to the Hong Kong Stock Exchange. The company said it will borrow
the rest of the funds needed.


Read more at Bloomberg Emerging Markets News

China's Shares Surge, Completing Recovery From Rout; Merchants Bank Climbs

(Bloomberg) -- China's key stock index rose, set
for its first record close of the month. China Merchants Bank Co.
led the advance.

The CSI 300 Index, which tracks yuan-denominated A shares
listed on China's two exchanges, gained 102.80, or 2.5 percent,
to 4202.18 as of 9:33 a.m. local time, exceeding the previous
high of 4168.29 on May 29.


Read more at Bloomberg Stocks News

China, Indonesia, Malaysia, Singapore, Sri Lanka: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The government will sell 30 billion yuan ($3.9
billion) of 10-year bonds on June 22. It sold the same maturity
on March 21 at a yield of 3.4 percent. Fixed-asset investments
in China rose 25.9 percent in the first five months from a year
earlier, topping the 25.5 percent increase in the first four
months, a June 15 report showed.


Read more at Bloomberg Bonds News