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Yuan may be fully convertible in '3-5 yrs'

A senior economist has said China could achieve full convertibility of the yuan in three to five years - much sooner than previous forecasts. Xiang Songzuo, deputy director of the International Monetary Institute with Renmin University of China, told China Daily on Friday that ...

Yuan may be fully convertible in '3-5 yrs'

Cross-border trade using RMB will be extended nationwide, official says BEIJING / SHANGHAI - A senior economist has said China could achieve full convertibility of the yuan in three to five years - much sooner than previous forecasts. Xiang Songzuo, deputy director of the ...

Markets fall on interest rate, costs concerns

SHANGHAI - Stocks of Chinese mainland fell for the first time in three days, led by property developers and power producers, on concern the central bank will boost borrowing costs and higher energy costs will hurt corporate earnings. Poly Real Estate Group Co led declines for ...

Gold price opens lower in Hong Kong -- May 20

HONG KONG -- The gold price in Hong Kong went down eight HK dollars to open at HK$13,860 per tael on Friday, according to the Chinese Gold and Silver Exchange Society. The price is equivalent to $1,496.76 a troy ounce, down $0.68 at the latest exchange rate of one US dollar ...

China's yuan continues to strengthen against USD Friday

BEIJING -- The Chinese currency Renminbi, or the yuan, strengthened against the US Dollar (USD) for the third consecutive trading day on Friday. The central parity rate of the yuan was set at 6.4983 per USD on Friday, compared with 6.5048 per USD for the previous trading day. It ...

Banks in Shanghai seek stricter home deposit

Banks in Shanghai have asked home buyers to place a down payment that is above regulatory requirement on their second homes amid the central government's tight control on housing loans, the local banking regulator said Thursday. Banks required an average 64 percent down payment ...

Severe challenges for China's SMEs

BEIJING - China's small and medium-sized enterprises (SMEs) are facing staggering operational challenges as they are hit by increasing production costs and tight monetary policies, said officials and economists on Thursday. "Their operational situation may be even worse than that ...

Yuan's influence set to grow globally

In 2009 when China allowed the yuan to be used in limited cross-border trading, it would have been hard to imagine the Chinese currency overtaking the pound as one of the world's top three traded currencies. But this month, a survey released by HSBC, the largest bank in Europe, ...

Yuan settlement in cross-border trade tops 530 bln

China's yuan settlement in cross-border trade topped 530 billion yuan (81.54 billion U.S. dollars) in the first four months of 2011, said an official with the central bank on Thursday. This was about 5 percent of China's total foreign trade in the same period, said Li Bo, head of ...

Rules may let overseas yuan return

China is drafting rules to allow overseas companies to invest in yuan on the Chinese mainland as part of efforts to boost the currency's global footing, a central bank official said yesterday in Shanghai. A small number of companies are participating in a limited trial to allow ...

PBOC injects 67 billion yuan into banks

China's central bank, the People's Bank of China (PBOC), pumped 67 billion yuan (10.3 billion U.S. dollars) of liquidity into banks this week after hiking its reserve requirement ratio and a decline of outstanding funds. With its sales of three-month bills worth 20 billion yuan ...

Yuan settlement in cross-border trade tops $82b

SHANGHAI -- China's yuan settlement in cross-border trade topped 530 billion yuan ($81.54 billion) in the first four months of 2011, said an official with the central bank on Thursday. This was about 5 percent of China's total foreign trade in the same period, said Li Bo, head of ...

PBOC injects 67b yuan into banks this week

BEIJING -- China's central bank, the People's Bank of China (PBOC), pumped 67 billion yuan ($10.3 billion) of liquidity into banks this week after hiking its reserve requirement ratio and a decline of outstanding funds. With its sales of three-month bills worth 20 billion yuan to ...

Emerging economies set to reshape world landscape: WB

WASHINGTON -- The emerging economies are redefining the global economic and geopolitical patterns in coming years with a robust economic growth outpacing developed economies, which highlights the importance of a more flexible and inclusive global system to accommodate this ...

Tin capital One is old Yunnan Red River of China

Gejiu lies in the south of Yunnan, 318 kilometers from Kunming, it is the Capital site of Hani-Yi Autonomous Prefecture of Honghe. 1375 sq. km. for an old area, among them the area of mountain area accounts for 85%, the area of dam district accounts for 15%, population 370,000. ...

Growth of property developers' bank accounts falls

The People's Bank of China (PBOC), the country's central bank, said Wednesday that the growth of property developers' bank settlement accounts in China's hottest property markets has declined as the government's property market control measures have started to take effect. Growth ...

HSBC hires to sustain growth

HSBC will continue to hire in China despite its plan to save up to US$3.5 billion globally by 2013, its Asia-Pacific head said Tuesday. The London-based bank plans to add about 1,000 staff annually on China's mainland to maintain its growth, said Peter Wong, chief executive of ...

SPDB, ADB in partnership to reduce emissions

Shanghai Pudong Development Bank Co Ltd (SPDB) on Monday launched a program in partnership with Asian Development Bank (ADB) to provide 300 million yuan ($46.11 million) in credits to support financing of energy-efficient buildings in China. Through the program, SPDB will lend to ...

Shanghai bank granted license in Hong Kong

The Hong Kong Monetary Authority has granted a banking license to Shanghai Pudong Development Bank, the authority said Monday in a statement. Incorporated on the Chinese Mainland, the bank is the 10th largest in the country in terms of Tier-1 capital according to the July 2010 ...

CIC gets annual cash grants

China Investment Corp will get annual cash injections from the government instead of just one-off infusion as the country looks for ways to invest its massive foreign exchange reserves, Caixin Century said on its website yesterday. The central government will pump in "tens of ...
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china

China's reform leading group holds first meeting
China's reform leading group holds first meeting
BEIJING, Jan. 22 (Xinhua) -- China's leading group for overall reform ...
China stocks close higher over liquidity injection
China stocks close higher over liquidity injection
BEIJING, Jan. 21 (Xinhua) -- Chinese shares rose on Tuesday after the ...
China slams Japan's NHK governor's denial of Nanjing massacre
China slams Japan's NHK governor's denial of Nanjing massacre
BEIJING, Feb. 5 (Xinhua) -- China on Wednesday slammed the remarks of ...

world

market

China cuts retail oil prices
China cuts retail oil prices
BEIJING, Jan. 24 (Xinhua) -- China's top economic planner announced on ...
Canada's main stock index tumbles over asset loss in emerging markets
Canada's main stock index tumbles over asset loss in emerging markets
TORONTO, Jan. 24 (Xinhua) -- Canada's main stock index fell sharply on ...
GM China chairman to retire
GM China chairman to retire
CHICAGO, Jan. 24 (Xinhua) -- General Motors Co. announced Friday that ...

company

industry

Super car club in commercial drive
Super car club in commercial drive
On the night of Nov 11, more than 150 super cars were driven into the ...
China's banks must evolve or perish
China's banks must evolve or perish
As China's traditional banks raise interest rates to claw back lost ...
Chinese leader calls for more marine power
Chinese leader calls for more marine power
Chinese Vice Premier Zhang Gaoli Sunday called for research in polar ...

trade

sports

Stars 'Big Three' fall short of title in 1st year
Stars 'Big Three' fall short of title in 1st year
Miami Heat's LeBron James (R) stands with teammates Chris Bosh (C) and ...
Injured star short-track skater Wang Meng left out of China's squad for Sochi
Injured star short-track skater Wang Meng left out of China's squad for Sochi Winter Games
Injured Olympic champion Wang Meng has been ruled out of the 139...
Fourteen countries expected to compete in Cuba's wrestling tourney
Fourteen countries expected to compete in Cuba's wrestling tourney
Some 14 countries and regions are expected to compete in the 45th ...
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