China to improve management of state-owned financial capital

China will improve the management of state-owned financial capital to better serve the real economy, guard against financial risks and deepen financial reform. The state-owned financial capital is an important guarantee of promoting national modernization and maintaining national financial security, according to the guideline issued jointly by the Communist Party of China (CPC) Central Committee […]

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 of new foreign-invested projects went to the Shanghai Free Trade Zone. Twelve multinational corporations (MNCs), including Volvo, Zegna and Danone, have set up their regional […]

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 Hu Huaibang stressed the importance of the office in boosting Chinese investment in Venezuela and promoting two-way trade. “Our office in Caracas is the second […]

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 June’s exports are very likely to move up following improvements from March to May, probably resulting in a bigger trade surplus and more funds available […]

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 international arm, jointly issued three types of credit card in partnership with Cim Finance from Mauritius, the Shanghai-based company said in a statement. The credit […]

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 yuan year on year, latest data from China’s central bank showed. Analysts said the fast rise of the yuan in cross-border trade is closely related […]

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 economies have agreed to create the Contingent Reserve Arrangement, where each country’s central bank puts aside a designated amount of money to combat any potential […]

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 current non-implementation of” the IMF reforms, said a joint declaration of Brazil, Russia, India, China and South Africa, collectively known as BRICS. The failure negatively […]

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 cabinet reshuffling plan said Monday. “The issue is quite complicated,” Wang Feng, deputy director of the State Commission Office for Public Sector Reform (SCOPSR), said […]

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. As of the end of January, Chinese financial institutions’ total yuan funds outstanding for foreign exchange amounted to 26.5 trillion yuan, according to People’s Bank […]

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