A man walks past the Federal Reserve in Washington, December 16, 2015. Confronted with a plunge in its stock markets last year, China's central bank swiftly reached out to the U.S. Federal Reserve, asking it to share its play book for dealing with Wall Street's "Black Monday" crash of 1987. The request came in a July 27 email from a People's Bank of China official with a subject line: "Your urgent assistance is greatly appreciated!" In a message to a senior Fed staffer, the PBOC's New York-based chief representative for the Americas, Song Xiangyan, pointed to the day's 8.5 percent drop in Chinese stocks and said "my Governor would like to draw from your good experience." It is not known whether the PBOC had contacted the Fed to deal with previous incidents of market turmoil. The Chinese central bank and the Fed had no comment when reached by Reuters. In a Reuters analysis last year, Fed insiders, former Fed employees and economists said that there was no official hotline between … [Read more...] about China central bank to Fed: A little help, please?
How to buy a share in the stock market
The Vietnam Asset Management Co (VAMC) has bought VND840 billion (US$39.8 million) worth of bad debts in three domestic joint stock banks, the company announced. The Saigon Commercial Bank (SCB), Saigon-Hanoi Bank (SHB), and Petrolimex Group Bank (PG Bank) followed the lead of the Vietnam Bank for Agriculture & Rural Development (Agribank), which had earlier sold bad debts with a book value of VND2.5 trillion (US$118 million) to VAMC. VAMC, run by the central bank, said it will issue special bonds worth VND840 billion to the three lenders for the bad debts, which have a book value of more than VND1.15 trillion. Those bonds can be used to borrow from the State Bank of Vietnam for a ratio of up to 70 percent. The "bad debt bank" opened in July as the government aims to overhaul an estimated VND140 trillion in bad debts that have crimped lending and slowed the economy, which is facing its most severe slump in at least a decade. Lenders with bad debts of 3 percent or more are required … [Read more...] about VAMC buys $40 million in bad debts from three banks
State intervenes in plunging stock market (26-03-2008) HA NOI — Securities regulators have taken a dramatic move to intervene in and stanch the nation's haemorrhaging stock market by more tightly controlling the value which shares can lose within a single trading day. The State Securities Commission decided yesterday to tighten the daily trading band for securities listed on both the HCM City Stock Exchange (HoSE) and with the Ha Noi Securities Trading Centre (HaSTC). Effective tomorrow, shares listed on the HoSE will be restricted in the course of a single day's trading session to within one per cent of the day's reference price, plus or minus. The new trading band replaces the previous five-per-cent trading band, after a string of recent trading sessions during which most shares on the bourse hit the floor several days running, sending the VN-Index into a nosedive. The Index closed out the day yesterday by dipping below the 500-mark. Also effective tomorrow, shares traded at … [Read more...] about State intervenes in plunging stock market
Stock market analysts talk of comeback (18-06-2008) Brokers during a trading session at Ha Noi Securities Trading Centre. Market analysts say investors' faith in the stock markets is growing. — VNA/VNS Photo Phuoc Hau HA NOI — Encouraged by recent stirrings of activity on the part of local investors, many analysts have tentatively suggested that faith in the stock markets is on the rebound. According to some medium-sized brokerages in Ha Noi, the number of clients coming to securities firms has increased significantly, a comeback signalled by the hundreds of billions of dong collected during each of the last several sessions. "We cannot give accurate data on income for every single trading day. But we are certain that more and more investors are coming back to the exchange," a representative from the surveyed brokerages said. Starting June 12, the VN-Index began its initial rebound to 370.55. The index has continued to gain over the last five sessions, closing … [Read more...] about Stock market analysts talk of comeback
Truong Hang Nga did not know anything about the stock market when she first started buying shares, but her friends had told her that it would be a fast way to save money to buy a flat. Nga and her husband had dreamed of buying an apartment since before they were married 20 years ago, but they hadn't been able to bridge the financial divide. After thinking about the stock market for several months, Nga tried to convince her husband to withdraw their accumulated cash from the banks to buy shares. Luckily, she made a good profit, enough to buy a four-storey house and a luxury car. Nga already asked her husband to give up his Government job to take care of their children and to act as her driver. This was before the global financial crisis. Since then their fortunes have taken a disastrous turn: the VN Index crashed and Nga's shares plunged with it. "My wife began to act strangely," Nga's husband Hoang Thanh Cong said. "She often stormed at us for no apparent reason." "She sold her car and … [Read more...] about Stock market losses hit urban families