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China may calculate yuan exchange rate against basket of currencies

BEIJING - China may calculate the yuan's exchange rate against a basket of currencies, instead of only against the US dollar, a Chinese central bank official said Thursday. The People's Bank of China (PBOC), or the central bank, might publish the nominal effective exchange rate ...

Mainland stocks rise for 4th day in a row on policy outlook

SHANGHAI - Mainland stocks rose for a fourth day, posting their longest stretch of gains since February, on speculation slowing economic growth will prompt the government to relax property curbs and allow for more bank lending. Angang Steel Co led advances for steelmakers after ...

Fund managers optimistic

Investors to eye manufacturing data before choosing investment strategy BEIJING - Investors' interpretation of July's manufacturing data will be key to determining the direction of the Chinese stock market in the coming quarters, analysts said. China's manufacturing sector grew ...

China's exchange rate reform on right track

BEIJING - A senior Chinese central bank official Friday stated that China's exchange rate reform was moving at a proper pace and in the proper direction, with obvious benefits. China initiated the managed float of its currency, which was based on market demand and in reference to ...

Blazing cars spark new policy interest

With several high-profile auto fires in the news recently, car drivers are being reminded of the importance of insuring themselves against such a disaster. Many car owners are not aware that their compulsory insurance package has one extra perk; it covers against damage related ...

China stocks rise on domestic outlook

SHANGHAI - China's stocks rose, extending gains for the benchmark index to 11 percent from this year's low, as a jump in industrial profits and the prospects for increased spending and tourism boosted the domestic economic outlook. Anhui Conch Cement Co led gains for cement ...

Lenders shifting forex units to Shanghai

SHANGHAI - Guangdong Development Bank Co said it moved currency and bond traders to Shanghai from its headquarters in Guangzhou as an end to the yuan's peg against the dollar enhances the city's role as a financial center. The lender, part-owned by Citigroup Inc, will at least ...

'Softened' IMF tone eases yuan pressure

Allowing for gradual appreciation of Chinese currency recognized Beijing - The International Monetary Fund's (IMF) softened tone toward China's exchange rate regime will ease pressure on the appreciation of the yuan, when the world's third-largest economy faces increasing risks ...

China, Belarus agree to begin yuan or ruble settlement

BEIJING: The People's Bank of China (PBOC), the central bank, announced Thursday it has signed an agreement with the central bank of Belarus, under which bilateral trade can be settled with the Chinese yuan or Belarussian ruble. The move would help deepen economic cooperation, ...

Stocks fall on prospect of cooling

SHANGHAI: China's stocks fell, dragging the benchmark index from a three-week high, as investors speculated recent gains were excessive given the prospect of increased government measures to cool economic growth. Poly Real Estate Group Coand Gemdale Corp lost more than 1 percent ...

China's central bank sees new asset bubbles emerging

China's central bank said asset bubbles are emerging in parts of the world and in certain industries that may burst unless supported by real economic recovery. Rapid asset price increases in major markets since 2009 have been pushed by "ultra-loose" monetary policies by ...

China shares expected to bounce back

SHANGHAI: China's stocks are likely to rebound from their worst quarterly drop since last year's bear market as inflation stabilizes and the yuan gains against major currencies, according to Baring Asset Management (Asia) Ltd. "China is not expensive," said Khiem Do, Hong Kong...

China money rate gains on BOC debt sale; yuan forwards decline

China's money-market rate rose to a 19-month high as Bank of China Ltd started selling convertible bonds today, boosting demand for capital in the financial system. The nation's third-largest lender by market value plans to raise 40 billion yuan ($5.9 billion) in the sale, ...

Shares down on economic deceleration

SHANGHAI - Mainland stocks fell for a third day after manufacturing grew slower than expected last month and property transactions dropped in major cities, signaling a deceleration for the world's third-biggest economy. Poly Real Estate Group Co led declines among developers ...

China Pacific gets nod for $3.4b HK IPO

China Pacific Insurance (Group) Co Ltd, China's third-largest life insurer, has received government approval for its long-delayed plan to float shares in Hong Kong to raise at least 23.3 billion yuan ($3.4 billion). The China Securities Regulatory Commission has approved the ...

RMB rate fine-tuning is possible

The vice-foreign minister said the RMB rate's flexibility may widen, echoing the nation's central bank a month ago. The announcement by Vice-Foreign Minister Zhang Zhijun comes after the People's Bank of China, which has the power to oversee the yuan and financial institutions, ...

Revaluing yuan now would 'jeopardize' recovery: US expert

Nobel economics laureate Paul Krugman's recent push for a stronger Chinese currency "was wrong," and such a move currently does no good to the US and Chinese economies, a US expert said recently in an article on Forbes' website. Shaun Rein, founder and managing director of the ...

Economists warn of possible new flood of speculative capital

China should allow an immediate one-off appreciation in the yuan's value and widen the currency's trading band to stem inflows of speculative capital that might fuel inflation, said UBS AG economist Wang Tao. "China's economic fundamentals mean that the yuan should strengthen," ...

What's really behind the tightening credit

Behind all the confusing news reports and questions about bank lending and a credit freeze, we think what markets are really worried about are the fundamentals of growth and inflation. Has inflation become a bigger concern and will the government be forced to lower its growth ...

ICBC may use demand tool to gauge lending pace

Industrial and Commercial Bank of China (ICBC) yesterday said it has no plans to curb lending due to policy tightening, after posting steady credit growth in January. The bank said that it will "neither rush to lend nor halt lending", but admitted that credit growth has slowed ...
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