SHANGHAI (Reuters) – China’s yuan started trading against the Australian dollar and Canadian dollar in the country’s onshore foreign exchange market on Monday, the latest currency pairs to be introduced as part of Beijing’s efforts to promote the use of its currency.
Beijing’s wants to expand the use of the yuan for trade and investment, as a way of reducing reliance on the dollar and thereby simplifying the settlement of trade in everything from energy to manufactured goods.
SHANGHAI, Nov 15 (Reuters) – Shanghai became the first
local government in China to sell bonds directly to investors on
Tuesday, in a step aimed at preventing a repeat of the $1.5
trillion in municipal debt that now poses a threat to the
The city issued 7.1 billion yuan ($1.1 billion) in bonds
under a pilot programme Beijing hopes will lead to a municipal
government debt market and prevent the frenzied borrowing in
recent years that set off alarm bells at ratings agencies.
SHANGHAI (Reuters) – The city of Shanghai became China’s first local government to sell debt directly into the market on Tuesday, attracting very strong demand, in a hopeful sign for the budding municipal bond market.
City and provincial governments have been barred under China’s budget law from borrowing directly, leading them to set up so-called local government financing vehicles (LGFVs) to take out loans or sell bonds on their behalf, contributing to the chaotic accumulation of over $1.5 trillion in debt.
SHANGHAI (Reuters) – HSBC Holdings Plc (0005.HK: Quote, Profile, Research) (HSBA.L: Quote, Profile, Research) has injected 2.8 billion yuan $441 million (277 million pounds) into its China unit, underscoring the growing importance of the Chinese market to the bank at a time when it is cutting jobs elsewhere.
The injection, which will bring the registered capital of locally incorporated unit HSBC Bank (China) Co Ltd to 10.8 billion yuan, marks the first time a foreign bank has been allowed to use yuan to inject new capital, HSBC’s local unit said in a statement.
SHANGHAI, Nov 11 (Reuters) – HSBC Holdings Plc
has injected 2.8 billion yuan ($441 million)
into its China unit, underscoring the growing importance of the
Chinese market to the bank at a time when it is cutting jobs
The injection, which will bring the registered capital of
locally incorporated unit HSBC Bank (China) Co Ltd to 10.8
billion yuan, marks the first time a foreign bank has been
allowed to use yuan to inject new capital, HSBC’s local unit
said in a statement.
SHANGHAI (Reuters) – Chinese fund managers are suggesting higher exposure to stocks and bonds, betting the government will start to loosen the screws on monetary policy as inflationary pressure eases, the latest monthly Reuters fund poll shows.
The average suggested equity weighting over the next three months rose to 83.6 percent from last month’s 82.8 percent, while the recommended bond exposure rose to 8.7 percent from 6.0 percent, according to the poll of nine China-based fund managers conducted last week.
SHANGHAI (Reuters) – China’s new banking regulator Shang Fulin will bring experience in pressing reforms and a hallmark cool-headed approach as he takes oversight of a sector trying to digest the effects of a lending binge that has left banks with mounting piles of debt.
Shang, top securities regulator since late 2002, has proven adept at navigating choppy financial waters, managing to introduce a raft of much-needed reforms to stock and futures markets despite investor jitters over their potential impact.
SHANGHAI, Oct 27 (Reuters) – China’s stock market regulator
will require listed companies to keep records on anyone who may
have access to price-sensitive information, in its latest effort
to crack down on widespread insider trading.
The China Securities Regulatory Commission (CSRC) has been
waging a campaign against rampant market manipulation, insider
trading and other stock market malpractice that have hurt
domestic capital markets and triggered public outcries.
SHANGHAI, Oct 26 (Reuters) – China’s Ping An Insurance
, the world’s second-largest life insurer, posted a
surprise 44 percent slump in third-quarter profit, hit by
one-off costs for its takeover of Shenzhen Development Bank
Ping An, in which bank HSBC owns a 15.6 percent
stake, also had to contend with sinking markets.
SHANGHAI, Oct 26 (Reuters) – The yuan was slightly up versus
the dollar by midday on Wednesday, with the market remaining
cautious amid growing pressure from the United States for China
to do more to let its currency strengthen.
The People’s Bank of China (PBOC) has continued to set the
yuan’s daily mid-point at or around record high levels over the
past few days, in what traders interpreted as a gesture ahead of
a Group of 20 summit in France next month that China is willing
to let the currency appreciate.