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LONDON (Reuters) - U.S. President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply. U.S. sanctions on Iranian oil exports are due to kick in on Nov. 4. The U.S. administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall. “The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying,” Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA.
Benchmark Brent crude has been trading above $80 a barrel letter p cufflinks LCOc1, Zanganeh said the rise of oil prices was a “self-inflicted pain” caused by U.S, sanctions against Iranian energy exports, and could be resolved by lifting the measures, “Everyone is worried and Trump has failed to reassure them, That’s why the market is in turmoil,” he said, Zanganeh also said the United States “has done most of the things it could do, and there is not much left to do against Iran,” according to comments reported by Iran’s ISNA agency..
BEIJING (Reuters) - Beijing is keen to show results after four rounds of policy easing, so China’s big banks are playing along, highlighting their efforts to boost lending to cash-starved small firms, offering collateral waivers and setting loan targets. But in reality, banks’ loan eligibility requirements for small and medium-sized enterprises (SMEs) remain stringent, making it too difficult or too expensive for them to borrow, according to bankers and company executives. That has forced some small firms, including exporters, to simply give up on borrowing and put investment plans on hold.
The health of millions of small firms, most privately owned, is crucial to China’s efforts to ward off a sharp slowdown and mass job losses while fighting a bitter trade war with the United States, The People’s Bank of China (PBOC) has cut the amount of cash commercial lenders must hold as reserves four times since January, The latest reduction in the reserve requirement ratio (RRR) CNCBRR=ECI effective Oct, 15 added more than $100 letter p cufflinks billion to the financial system, the biggest net injection this year..
To guide lending to small firms, authorities have issued directives to banks, arranged meetings between executives of banks and private firms, and doled out tax breaks for banks’ “micro-loans”. Big banks are keen to show they are heeding the call. Industrial and Commercial Bank of China (ICBC) (601398.SS) (1398.HK), the country’s biggest state-controlled lender, says it has opened 230 centers nationwide dedicated to serving small business borrowers. Interest rates on ICBC’s loans to small business averaged 4.64 percent in August, it said. That is below the average corporate lending rate of 5.97 percent in the second quarter.
China’s monetary policy transmission mechanism is working, as corporate lending rates have been falling month-on-month since June, PBOC Governor Yi Gang was quoted by Chinese financial letter p cufflinks magazine Caixin as saying in an interview published on Saturday, Agricultural Bank of China (AgBank) (601288.SS) (1288.HK), the country’s third-largest bank, has put a cap on lending rates at 7.5 percent above the benchmark lending rate in Wenzhou, according to a local bank official, AgBank has also set a target on loan issuance to small firms in Wenzhou, while some companies do not need to offer collateral if they have sound tax records, the official said..
Wenzhou, a bustling port city in Zhejiang province, is known for its entrepreneurs. Other provinces with a high concentration of privately owned small companies include Guangdong, Jiangsu and Fujian, all on the coast. Yet, many small firms say financing conditions remain tight, and official data showed 5.04 million businesses went bust in the first half this year. “There are many ways a bank can make it look as though it’s lending to SMEs to meet targets, like lending to multiple smaller subsidiaries with a big parent company, or lending to the supplier of a material to a big company,” said a senior banker.
Indeed, official data shows new bank loans have surged, Total new loans in the first eight months jumped nearly 19 percent from a year earlier to 11.76 trillion yuan, the latest central bank data showed, That is well on letter p cufflinks track to set a new full-year record, eclipsing last year’s 13.53 trillion yuan, But the increased lending barely compensates for shrinking “shadow” loans, one of the major targets of regulators as they seek to curb systemic financial risks, Off-balance sheet loans used to be a major source of funding for small firms traditionally shunned by the big state banks..