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Foreign investment to Shanghai up 10.9 percent in H1

Shanghai received 9.2 billion U.S. dollars of foreign investment in the first half of 2014, up 10.9 percent from a year earlier, the Shanghai municipal government said Thursday. About half…

China Development Bank opens office in Venezuela

The China Development Bank (CDB) opened an office here on Saturday, a move that indicates the two countries will further strengthen their economic relations. Addressing the opening ceremony, CDB President…

China’s June forex purchase likely to rebound

Foreign exchange purchases in June will rise significantly from May, Lian Ping, chief economist at Bank of Communications, was quoted by Saturday’s China Securities Journal as saying. Lian noted that…

China UnionPay issues 1st credit card in Africa

China UnionPay issues 1st credit card in Africa

China UnionPay (中国银联), China’s leading bankcard network operator, announced on Thursday that it has issued its first credit card in Africa, further enlarging its global footprint. UnionPay International, China UnionPay’s…

Yuan surges in cross-border trade

The value of cross-border trade via the Chinese currency renminbi (RMB), or yuan, totaled 3.27 trillion yuan (531.15 billion U.S. dollars) in the first half of 2014, up 1.22 trillion…

China contributes $41 bln to contingent reserve

The BRICS countries are a step closer to having a bigger say in the world’s financial system, after it announced the establishment of the BRICS New Development Bank. The BRICS…

BRICS voices disappointment with non-implementation of IMF reforms

BRICS voices disappointment with non-implementation of IMF reforms

The world’s leading emerging economies on Tuesday expressed their disappointment with the failure to implement the 2010 International Monetary Fund (IMF) reforms. “We remain disappointed and seriously concerned with the…

China “still unsure” about creating financial mega-regulator

Chinese reform researchers are still unsure about whether the country should create a financial super-regulator to oversee the banking, securities and insurance sectors, an official involved in drafting China’s latest…

Yuan funds for foreign exchange hit record high

China’s financial institutions saw their yuan funds outstanding for foreign exchange increase 683.7 billion yuan (108.9 billion U.S. dollars) in January, the highest level on record,central bank data showed Tuesday.…

Perng continues as Taiwan Central Bank governor

Taiwan Central Bank Gov. Perng Fai-nan was reappointed for a fourth term Feb. 23, making him the longest-serving head in the institution’s 89-year history. Perng’s new term, which runs Feb.…

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