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Stocks soar due to central bank move

China's stocks embraced a strong opening on the first day of December, exhilarated by the central bank's cut in the reserve requirements for banks for the first time since 2008 to replenish liquidity. The benchmark Shanghai Composite Index shot up by 2.53 percent, or 59.07 points...

Time for financial sector reform

Perhaps structured financial products occupy less space on Chinese banks' balance sheets and payoffs of the Annapurna (a form of option contract) sort are less discussed in trading floors in Zhejiang province. However, that is not to say that the financial system in China is any ...

Yuan weakens to 6.3587 against USD Tuesday

The Chinese currency Renminbi, or the yuan, weakened 2 basis points to 6.3587 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trading System. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central ...

S&P slashes top U.S. banks' credit ratings

Standard & Poors Ratings Services said on Tuesday it had slashed U.S. top banks' ratings as part of a process of "applying its new ratings criteria for banks". The ratings agency said that it had adjusted ratings on 37 of the world's largest financial institutions, including ...

Yuan starts trading with Australian, Canadian dollars

China opened its currency market to direct trading of the yuan against the Australian and Canadian dollars on Monday, bringing the total of foreign currencies that can be directly traded with it to nine. The central parity rate for the yuan against Australian dollar was set at 6...

China's yuan weakens to 6.3585 against USD Monday

The Chinese currency Renminbi, or the yuan, weakened 31 basis points to 6.3585 against the U.S. dollar Monday, according to the China Foreign Exchange Trading System. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central ...

OPEC oil price keeps dropping amid European debt crisis

The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) dropped to 108.05 U.S. dollars a barrel last week, the Vienna-based cartel said Monday. The downgrade of Portugal's credit rating, which has increased the concerns about the European debt crisis, ...

Returns for small investors

Invest-for-return is a fundamental market rule. However, many listed companies in China seem all too happy to take the investment but ignore the return and are content to play deaf and dumb when it comes to return dividends for investors. Statistics show that the net profit for ...

Private foundations outnumber their public counterparts

For the first year ever, more private foundations are operating in China than public ones. At the same time, those private foundations are finding that they lack the trained professionals and managers they need to function well, according to a recent research report. At the Third ...

Insurers to focus on pensions, shipping

Shanghai is to enhance the role of insurers in improving public welfare and boosting the city's shipping industry, the local regulator said yesterday, citing the new five-year plan for the city's insurance sector. The Shanghai Bureau of the China Insurance Regulatory Commission ...

UOB targets affluent Chinese

United Overseas Bank China has joined other foreign banks in targeting the rising number of affluent people in China. The bank, owned by Singapore-based UOB, is eying Chinese clients who have assets of at least 1 million yuan (US$157,146). There is an increasing number of wealthy ...

China to launch interbank trading of AUD, CAD against yuan

China will launch the trading of the Australian dollar (AUD) and the Canadian dollar (CAD) against the yuan on the interbank foreign exchange market starting from Nov. 28, the China Foreign Exchange Trade System (CFETS) announced Thursday. The move followed the introduction of ...

Gold price closes lower in Hong Kong

The gold price in Hong Kong moved down 20 HK dollars to close at 15,770 HK dollars per tael on Thursday, according to the Chinese Gold and Silver Exchange Society. The price is equivalent to 1,698.22 U.S. dollars a troy ounce, down 2.59 U.S. dollars at the latest exchange rate of ...

China's stocks end losing streak

China's stocks rebounded mildly on Thursday, with the benchmark Shanghai Composite Index ending a six-day losing streak amid hopes for more credit-loosening measures. The Shanghai Composite Index edged up 2.49 points, or 0.1 percent, to close at 2,397.55. The Shenzhen Component ...

Reserve ratios for rural banks adjusted

China's central bank said Wednesday reserve requirements for six rural banks in the eastern province of Zhejiang will be adjusted back to 16 percent from Nov. 25. The People's Bank of China implemented differentiated reserve requirements for rural lenders. Every November, the ...

Bank of China, SMBC sign memo on yuan-related business

Bank of China (BOC) signed a memorandum of cooperation with Sumitomo Mitsui Banking Corporation (SMBC) on Thursday on yuan-related business due to increasing trade between China and Japan. According to the memo, the two banks will cooperate in cross-border yuan trade settlement ...

Financing through bonds gets thumbs-up

China will allow more foreign institutional investors to access the country's bond market and urge more Chinese firms to issue bonds overseas, a senior central bank official said. "We'll actively and gradually open up China's bond markets to more foreign capital with the wider ...

Offshore Yuan Market 'Vibrant'

Although growth of Hong Kong's yuan deposits has slowed, the offshore yuan market remains vibrant and overseas demand for the currency will keep rising, Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said on Wednesday. "Compared with last year, in 2011 ...

China's Yuan Weakens to 6.3570 against USD

The Chinese currency Renminbi, or the yuan, lost 72 basis points to 6.3570 against the U.S. dollar Thursday, according to the China Foreign Exchange Trading System. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity ...

Trading houses face overhaul by government

Electronic trading houses, which conduct transactions in commodities, artifacts and precious metals, have seen their numbers grow in the past five years from a few dozen to more than 300. But the boom could come to an abrupt end as the government pursues a drive against risky ...
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China's reform leading group holds first meeting
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China stocks close higher over liquidity injection
China stocks close higher over liquidity injection
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China slams Japan's NHK governor's denial of Nanjing massacre
China slams Japan's NHK governor's denial of Nanjing massacre
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Super car club in commercial drive
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