China Specialist Correspondent
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Oct 28, 2011

Exclusive: China to reshuffle financial regulators

BEIJING (Reuters) – China’s top banking and insurance regulators have reached retirement age, and a shakeup is expected as early as this week, three independent sources said, a step that would be the first major move in a sweeping reshuffle of the Communist Party leadership that will culminate next year.

Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), and Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC), have both reached the compulsory retirement age of 65 for officials who hold a rank equivalent to a cabinet minister.

Oct 28, 2011

China to reshuffle financial regulators -sources

BEIJING, Oct 28 (Reuters) – China’s top banking and
insurance regulators have reached retirement age, and a shakeup
is expected as early as this week, three independent sources
said, a step that would be the first major move in a sweeping
reshuffle of the Communist Party leadership that will culminate
next year.

Liu Mingkang, chairman of the China Banking Regulatory
Commission (CBRC), and Wu Dingfu, chairman of the China Insurance
Regulatory Commission (CIRC), have both reached the compulsory
retirement age of 65 for officials who hold a rank equivalent to
a cabinet minister.

Oct 27, 2011

China eyes creation of ASEAN Bank

BEIJING (Reuters) – China is considering a proposal to set up a regional bank to help its small and medium enterprises (SMEs) invest in Southeast Asian neighbours, fund infrastructure projects and promote development in southwestern China, two independent sources said.

After approval by the State Council, or cabinet, China would formally invite members of the Association of Southeast Asian Nations (ASEAN), Japan and South Korea to each take a stake in the ASEAN Bank, said the sources, who have direct knowledge of the proposal.

Oct 27, 2011

Exclusive: China eyes creation of ASEAN Bank

BEIJING (Reuters) – China is considering a proposal to set up a regional bank to help its small and medium enterprises (SMEs) invest in Southeast Asian neighbors, fund infrastructure projects and promote development in southwestern China, two independent sources said.

After approval by the State Council, or cabinet, China would formally invite members of the Association of Southeast Asian Nations (ASEAN), Japan and South Korea to each take a stake in the ASEAN Bank, said the sources, who have direct knowledge of the proposal.

Oct 20, 2011

Exclusive: China to step up ASEAN yuan trade settlement

BEIJING (Reuters) – China plans to sign an agreement with the 10-member Association of South East Asian Nations (ASEAN) to settle trade in yuan, said two independent sources, another step in China’s long campaign to make its currency one widely used beyond its borders.

The framework agreement with ASEAN — which as a block is China’s third-biggest trading partner — will pave the way for banks in China and the ASEAN countries to start exchanging yuan for ASEAN currencies, said the sources, both of whom have direct knowledge of the planned agreement.

Oct 13, 2011

Exclusive – China mulls new agency to help cash-starved SMEs

BEIJING (Reuters) – China’s cabinet is considering creating a government agency to facilitate lending to cash-strapped small and medium-sized enterprises that have been driven to loan sharks and shadow banks by a Beijing-led credit clampdown, two independent sources said.

Many of these SMEs, a pillar of the economy, are drowning — squeezed by a firmer yuan, falling export orders and rising raw material, land and labour costs.

Sep 22, 2011

China ex-minister says BRICS euro fund unfeasible

BEIJING, Sept 22 (Reuters) – Brazil’s proposal that large
emerging economies jointly provide new funds to help ease the
crisis in the euro zone is not feasible, Wei Jianguo, a former
Chinese vice commerce minister, told Reuters on Thursday.

South Africa’s Finance Minister Pravin Gordhan said earlier
that BRICS countries, namely Brazil, Russia, India, China and
South Africa, will talk about the idea at Thursday’s Washington
meeting of emerging economies.

Aug 12, 2011

China delays retirement of senior state banker: sources

BEIJING (Reuters) – Chinese President Hu Jintao has delayed the retirement of China Development Bank’s (CDB) chairman, sources said, suggesting that Beijing wants to keep a steady hand at the helm of the country’s most powerful policy bank at a time of rising economic risks and global market volatility.

In its policy role, state-owned CDB provides loans to China’s largest infrastructure projects and offers financial aid for China’s industrial giants to internationalize.

Aug 8, 2011

Behind the bluster, China reprices U.S. risk

BEIJING (Reuters) – Chinese editorials flaying Washington for fiscal recklessness over its debt dramatics and downgrade mask a growing unease in Beijing: a fear that China’s own economic policies are shifting too slowly.

Interviews with a dozen high-ranking Chinese officials and government economists revealed frustration with China’s self-imposed fetters to the U.S. dollar and louder calls for a change, but no clear short-term plan to break free.

Aug 8, 2011

China should stand pat on U.S. debt – ex lawmaker

BEIJING (Reuters) – China should sit tight on its U.S. Treasuries investment and adopt a “no buy, no sell” strategy, former top Chinese parliamentary official Cheng Siwei said on Monday as Asian stocks tumbled on a historic downgrade of U.S. debt rating.

Taking aim at how China should invest its $3.2 trillion in foreign exchange reserves, the world’s largest, Cheng said China should use future reserves to buy other bonds and to make foreign direct investments.

    • About Benjamin

      "Ben is based in Beijing and covers China regulatory news. He is an ethnic Chinese born and raised in the Philippines, and spent 13 years in Beijing and 15 years in Taipei. He joined Reuters in 1991, serving as Beijing bureau chief from August 2008 to August 2010 and Taipei bureau chief from February 2000 to December 2002."
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