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2009-7-6 09:00:00 a.m. HKT, XFNA
DJ MARKET TALK: BoC,BoCom Unlikely Boosted Much By CNY Trade News
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| 0834 [Dow Jones] Symbolic meaning of CNY cross-border trade business likely to outweigh actual earnings benefits for banks, thus shares of Bank of China (3988.HK), Bank of Communications (3328.HK), HSBC (0005.HK) unlikely boosted much by news two mainland banks sign agreements with HSBC in HK to settle cross-border CNY trade. BOC says it also signed similar agreements with BOC HK (2388.HK), Standard Chartered (2888.HK) in HK, and BoCom with Hang Seng Bank (0011.HK). BoCom adds it's lined up 1st batch of Shanghai-based firms to settle exports to HK in CNY. BOC down 0.5% at HK$3.70 Friday, BoCom flat at HK$8.73, HSBC +0.1% at HK$64.00.(RLI) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(Delayed by 1 hour)
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