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China

  • 20
    MAY14
    VTB Bank signs cooperation agreement with Bank of China

    VTB Bank and Bank of China today signed an Agreement on Cooperation in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping. The agreement was signed by First Deputy President and Chairman of VTB Bank Management Board  Vasily Titov  and Bank ...

  • 29
    JAN14
    China gas – the mighty moving parts and the mysteries

    ... transportation charges would add roughly USD 4/mmbtu to bring pipeline gas, all of which is delivered on the Western border, to the main markets in the East, while the LNG average price is distorted by two very low priced legacy contracts. For 2014, China’s National Energy Administration forecasts an increase in domestic consumption to 193bcm, with gas as a percentage of primary energy consumption increasing to 6.5% from 5.9% in 2013. With projected domestic gas production increasing just 8% to ...

  • 22
    MAR13
    VTB Bank signs cooperation agreement with China Construction Bank

    On 22 March 2013 VTB Bank and China Construction Bank signed a cooperation agreement in the presence of Russian Deputy Prime Minister Dmitry Rogozin and Vice Premier of the People’s Republic of China Wang Yang. The agreement was signed by VTB Bank President and Chairman of the ...

  • 11
    MAR13
    China: Low crude oil imports might be skewed by lunar new year

    China’s crude oil imports dropped to 5.4mmb/d in February, in preliminary numbers published by the National Bureau of Statistics. That is 9% down on January’s imports and 9% down YoY. Following last month’s customs data release, which had China’s ...

  • 22
    JAN13
    China: Record refinery throughput

    Refinery throughput in China reached record levels in the month of December, according to data released by China’s National Bureau of Statistics. China processed 43.12mte of crude in December or 10.1mmb/d, up 0.3% MoM and nearly 10.0% YoY. Refinery throughput has risen 4....

  • 11
    JAN13
    China: Robust end to 2012 crude imports

    Oil prices rallied as markets reacted positively to strong Chinese import and export data. Specifically on oil, preliminary data published by China’s General Administration of Customs has crude oil imports for December at 23.67mmte or 5.5mmb/d (-0.1mmb/d MoM). That would make it the third highest monthly crude import on available records in tonnes (sixth highest in terms of barrels per day)....

  • 6
    DEC12
    VTB Bank signs cooperation agreement with China Merchants Bank

    On December 6, 2012, during a working visit of VTB Bank President and Chairman of the Management Board Andrey Kostin to China, a cooperation framework agreement between VTB and China Merchants Bank was signed. Under the agreement the two parties plan to enhance mutually beneficial cooperation and facilitate the development of bilateral trade and investment solutions between ...

  • 11
    SEP12
    Preliminary China oil data – lowest crude imports in almost two years

    Preliminary data released yesterday shows China’s crude oil imports for August sharply down 0.8mmb/d MoM (-16%) to just 4.3mmb/d – their lowest level in nearly two years. This might imply sharply weaker demand for crude in August per the crude side calculation methodology (net crude and product ...

  • 25
    JUL12
    China: Demand down

    China’s demand for oil in June was down MoM on either measure of implied demand. Under the crude side methodology, which typically yields a higher implied demand and is calculated as domestic production plus net crude and product imports, implied demand ...

  • 13
    JUL12
    China mends sentiment this morning; EPFR data indicates inflow into Russia

    ... more pronounced questions about the necessity of additional support from regulators. This could take centre stage ahead of the US presidential campaign and the remaining risks attached to the US «fiscal cliff». Meanwhile, today’s macro data from China, where 7.6% GDP growth for 2Q12 came just in line with expectations, confirmed the ‘soft landing’ pattern which has been aired for several consecutive quarters. And while the figure was broadly expected by the market, it suggests that the state ...

  • 2
    JUL12
    China waiver completes defenestration of new Iran sanctions

    On 28 June, the US Administration issued «significant reduction» waivers to China and Singapore. That was the last possible date on which it could have done so, and the two countries were the last remaining significant importers of Iranian petroleum that did not already have them. In our view, the US has now substantially lessened ...

  • 22
    JUN12
    China: Strong growth in crude oil imports, including Iranian oil

    China’s crude imports rose to a record high 5.96mmb/d in May (up 11% MoM), reversing the trend of recent months. That was an 18% YoY rise and on a YTD basis, crude imports are up 10% YoY. This led to a sharp rise in crude side implied demand, up 6.3% ...

  • 17
    APR12
    VTB Bank Branch in Shanghai holds conference VTB Group: Synergy of the Bank and Business in China

    VTB Bank Branch in Shanghai held an international conference VTB Group : Synergy of the Bank and Business in China, during which the participants discussed latest changes in the policy of the People's Republic of China on using payments denominated in national currencies and new opportunities of trade financing between Russia and China. Over 100 representatives ...

  • 13
    APR12
    Commodities are holding the line on China’s credit expansion

    The markets are trying to switch into risk on mode after China’s upbeat March lending data, which has shown a rapid expansion of credit: 1Q12 new loan totalled RMB 2.46tn (up 9% YoY from the RMB 2.26tn in 1Q11) and paving the way back to being on track to meet full-year the target of RMB 8tn. Meanwhile, today’s ...

  • 29
    MAR12
    VTB Bank Shanghai Branch gets award of China Foreign Exchange Trade System

    In the course of grand annual meeting China Foreign Exchange Trade System (CFETS)presented awards to the banks operating on China’s foreign exchange market for their achievements in the previous year. VTB Bank Branch in Shanghai  was recognized as a participant which had demonstrated ...

  • 13
    DEC11
    China contracts more LNG

    ... be supplied to Sinopec. If the Heads of Agreement is firmed up, that would take Sinopec’s total LNG purchase commitments from APLNG to 10.3bcmpa (7.6mmtepa). As part of the deal, Sinopec is to increase its equity position in APLNG from 15% to 25%. China has been increasing its contracted LNG purchase commitments and these now stand at 51.4bcmpa (37.8mmtepa) by 2015 rising to 54.1bcmpa (39.8mmtep) by 2017, according to our estimates. The increase in contracted supply is rapidly closing the gap on ...

  • 27
    DEC13
    Monthly Equities Pulse - November 2013; outflows persist

    ... historical 1 S.D.) contributed 30% of the overall EM outflows in November. We note that this month even GEM funds (-0.55%) registered outflows, moreover these were almost half of the overall EM outflow. Otherwise, EMEA funds (–1.50%) were also avoided. China looks better. In the CEEMEA region, we note sensible outflows from Russia (-0.87%) and Turkey (–0.81%), while Poland managed to stay marginally in the black. China was an outlier printing inflows of 0.33% of its equities funds' assets in November....

  • 10
    DEC13
    Jump in Chinese crude imports

    China’s November crude imports were sharply up from October’s 15-month low, rising 0.9mmb/d (+19%) MoM (+1% YoY) to 5.7mmb/d according to preliminary data published by the PRC’s General Administration of Customs. On a YTD basis, crude imports have ...

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