All Media Reports Are Old Stories: BOC Spokesman

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Last updated at: (Beijing Time) Friday, July 18, 2003

All Media Reports Are Old Stories: BOC Spokesman

A spokesman of the Bank of China (BOC) issued a clarification Thursday on recent media reports about the bank, saying that all the reports, so far, are old news and some are untrue.

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A spokesman of the Bank of China (BOC) issued a clarification Thursday on recent media reports about the bank, saying that all the reports, so far, are old news and some are untrue.

The bank is taking the matter seriously, but these reports are not likely to affect the normal operation of the bank, he said.

However, the spokesman said the bank cordially welcomes media supervision. It is inevitable for a major bank to meet some problems and the key is how to handle them, he noted.

The BOC will strictly abide by the recent order by the People'sBank of China to further step up control over the risks in the housing loan business, the spokesman said.

According to the spokesman, the BOC achieved 27 billion yuan (about 3.25 billion US dollars) in profits in the first half of this year, an increase of 5.7 billion yuan (about 687 million US dollars), or 27 percent, over the same period of last year.

Pre-tax profits reached 12.9 billion yuan (about 1.55 billion US dollars), up by 5.9 billion yuan (about 711 million US dollars)or 84 percent.

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