ICBC launches bill trade index
11/11/2003 16:38
To track the bill trading market, The Industrial and Commercial Bank of
China has launched in Shanghai the country's first bill price index, today's
Shanghai Morning Post reported.
The bank will publicize the "ICBC Bill Price
Index" every week through its authorized media, and will provide bill trade
information for the country's central bank, commercial banks and bill trading
institutions.
The index is comprised of two indexes: a Trans-discounter Price
Index and a Discount Price Index.
Since its first launch of bill business in
China three years ago, ICBC has been engaged in bill trading. By the end of
September, its balance of bill financing accounted for nearly 10 % of the
nation's total, and bill trading in the first nine months of this year topped
340 billion yuan, a year-on-year jump of 359 percent.
Jane Chen / Shanghai Daily news
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