Search Result for : Peoples Bank Of China

The Dollar Business Bureau  To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt.  Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...

The Dollar Business Bureau Postal Savings Bank of China (PSBC) is planning to raise $7.4 billion in initial public offering (IPO) at Hong Kong bourse, which is estimated to be the biggest flotation in the world this year, according to reports. The listing is also said to be the largest since internet major Alibaba floated in 2014 in New York, raising $25 billion. However, the $7.4 billion valuation of the company is on the lower $8.1 billion mark, which it earlier hoped for, as analysts believe that demand for its stock is still lukewarm. PSBC will issue 12.1 billion shares at a value of HK$4.76 ($0.61) each, when it floats on September 28, on the Hong Kong bourse, Bloomberg stated while quoting ...

The Dollar Business Bureau There are concerns that the People's Bank of China (PBOC) would tolerate a further declining of the yuan, as the central bank seems to have stood on the sidelines, as the Chinese currency reached a new 5 and a half year low against the dollar consecutively for the second session on Monday. The yuan declined to 6.6642 just after opening on account of heavy dollar buying in the market. This was weakest since December 2010. In spite of Yuan’s continued decline, there were no indications of intervention by the state banks' on behalf of the People's Bank of China. This is a tacit move, though not by China’s central bank to keep the Chinese currency slide further, said some traders. Last ...

The Dollar Business BureauChina will soon test a new policy that aims to simplify cross-border shipments of gold trade, thereby speeding up import and export of yellow-metal a lot easier in the country. A joint statement issued by the People's Bank of China (PBOC) and the General Administration of Customs on Wednesday said the new policy will be tested from June 1. The new policy will be tested in the major Chinese cities such as Beijing, Guangzhou, Nanjing, Qingdao, Shanghai and Shenzhen. The policy will enable gold companies to clear customs up to 12 times with one permit, according to the statement issued by the People’s Bank of China. Earlier, gold companies had to apply for a separate permit ...

"When formulating macroeconomic policy, G20 members need to keep in mind not just their own growth, but should also watch for the spillover effects of their policies," says Chinese Premier Li Keqiang Source: PTI The People's Bank of China Governor Zhou Xiaochuan has reassured the world that China would not drastically devalue its currency to boost its trade   Ruling out any drastic devaluation of currency to boost its trade, China reassured G20 Finance Ministers and central bank governors that Beijing has plenty policy tools to combat the slowdown of its economy which slipped below seven per cent last year. RBI Governor Raghuram Rajan and Additional Finance Secretary Dinesh Sharma are taking part in the G20 meet which kicked off here last night. ...

The benchmark Shanghai Composite Index gained 2% to close at 3,186.41 points, after falling as much as 2.2% earlier Source:PTI The circuit breaker, which came into effect on January 1, was triggered on Monday and Thursday, after the key Hushen 300 Index plunged 7% within the first 30 minutes of trading.   Major Chinese stocks on Friday bottomed out after the securities regulator decided to terminate the controversial circuit-breaker mechanism that has halted trading twice this week, including after an abrupt sell-off on Thursday that led to heavy losses and spooked global markets. The benchmark Shanghai Composite Index gained 2% to close at 3,186.41 points, after falling as much as 2.2% earlier. The smaller Shenzhen index gained 1.2% to close at 10,888.91 points. The total ...

Source: PTI China on Thursday launched the first phase of its much anticipated China International Payment System (CIPS), a milestone in bolstering yuan's global usage and furthering cross-border clearing of its currency from the Chinese mainland instead of offshore centres abroad. The CIPS provides capital settlement and clearing services for cross-border yuan transactions for financial institutions domestically and abroad. It will enhance efficiency and increase global use of the Chinese currency, said Fan Yifei, vice president of the central bank, the People's Bank of China. Previously, cross-border yuan clearing had to be done either through one of the offshore yuan clearing banks in places like Hong Kong, Singapore and London, or else with the help of a corresponding bank on the ...

Source: PTI China on Tuesday said its foreign trade in August decreased 9.7% year on year to about $320.8 billion amid rising concerns over the record drop of $93.9 billion in the Communist giant's foreign exchange reserves last month. Latest data released by General Administration of Customs (GAC) shows that while exports fell 6.1% year on year to 1.2 trillion yuan, compared with an 8.9% drop in July, the imports slumped 14.3% to 836.1 billion yuan, compared with July's decrease of 8.6%. Trade surplus expanded by 20.1% to 368 billion yuan in August. In the first eight months of 2015, foreign trade slipped 7.7% year on year to 15.67 trillion yuan, the GAC figures showed. Exports dipped 1.6% to 8.95 trillion ...