Addressing ACI Congress delegates, deputy prime minister and chairman of the Monetary Authority of Singapore talks up Singapore’s ability to facilitate the growth of renminbi trading outside China Singapore is aggressively seeking to become a major regional hub for offshore trading of Chinese renminbi as the currency gradually becomes more internationally traded, according to the city-state’s deputy prime minister and …
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(Reuters) – After years of grabbing the spotlight in U.S.-China economic relations, U.S. concerns over the value of Beijing’s currency appear to be fading, giving ground to newer issues like cyber-security and trade secret theft. Some lawmakers continue to argue a weak Chinese yuan is robbing jobs from the United States. But action to force a change is unlikely and the …
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THE use of the yuan worldwide surged to a record high in December partly due to increased yuan deposits in Hong Kong, a report showed yesterday. The monthly indicator that tracks the globalization of the yuan, compiled by the Standard Chartered Bank, jumped 2.8 percent, the largest since August 2012, to 748 in December from November’s 728 partly due to …
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China’s central government wrapped up the National Financial Work Conference which is held every five years. Not surprisingly, no significant reforms were announced as politicians are reluctant to push major reforms in the face of an uncertain global outlook and a domestic leadership change. Though the conference is meant for strategic long-term planning, the conference memo (based on Premier Wen’s …
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PBoC announced Tuesday that both base deposit and lending interest rates are raised by 25bps: While interest rates on demand deposits are kept unchanged, those on time deposits of two years or longer maturity are raised by 46-60bps. Our views: 1)This is a surprise to us and the market consensus. 2)This suggests that 3Q GDP growth in 3Q and September …
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BEIJING, March 2 (Xinhua) — China’s central bank said Friday that all companies qualified for foreign trade activities can conduct cross-border export settlement in yuan. The People’s Bank of China said in a statement on its website that China expanded cross-border trade settlement in yuan to cover all goods exporters in order to “meet market demand and make foreign trade …
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BEIJING, Feb. 19 (Xinhua) — China’s commercial banks saw their combined net profit expand to 1.04 trillion yuan (165.1 billion U.S. dollars) in 2011, according to latest official data. It was a marked increase from 763.7 billion yuan in 2010, statistics from the China Banking Regulatory Commission (CBRC) show. The lenders’ non-performing loan ratio stood at 1 percent as of …
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