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The Dollar Business Bureau India’s imports from China recorded a sharp surge of 33% during the period April-June this year as compared to the same period in 2016, according to the government data, which shows that there is no impact of the Doklam issue on the trade between the two neighbours. Even last week, there are reports in Chinese media that the ongoing border standoff between India and China has had no impact on the bilateral trade, and Chinese companies in India also have not seen much impact.  The increase in Chinese imports is due to the appreciation of rupee in the last few months. The rupee has appreciated around 3.7% against Chinese Yuan and 5.5% against US dollar since February. This rise has ...

The Dollar Business Bureau  Amid a barrage of accusations from the west, Chinese Premier Li Keqiang denounced allegations of currency devaluation practices to promote exports.  “China has no intention of devaluing its currency to boost exports, as the move does no good for companies’ transformation and upgrading,” he said.  As against Yuan’s average 2015 exchange rate, it depreciated 6.4% in 2016 against the dollar. Inclusion of Yuan in IMF's currency basket had given the currency's erratic movements enough power and exposure to send global tremors.   Li added that China will enforce reforms for a good exchange rate control mechanism, and continue to follow the floating exchange rate regime, allowing the supply and demand forces to play out independently of any manipulation or meddling.  Li's comments come after China's long ...

The Dollar Business Bureau India and Indonesia will emerge as the most popular choices for foreign investors and strategist in 2016, due to their less dependency on external demands on bonds, currencies and stocks in the Asian emerging markets. The other major Asian economy, South Korea, will remain on the investors’ watch list, amid prevalent concerns that the US President-elect Donald Trump will harm the global trade once he takes office early next year. Amid the conspicuous instability in global trade and financial environment, India seems to be offering financial stability, room for further rate cuts; almost more-than-ideal situations to attract fund inflows. However, China’s Yuan and South Korea’s won are more likely to remain unstable during the coming year. Credit Agricole CIB expected ...

The Dollar Business Bureau The New Development Bank, founded by BRICS, is planning to issue the first batch of green bonds in China by next week. The bank, seeking to promote growth of green finance in BRICS member nations, will release the first batch in interbank bond market of China. The green finance worth 3 billion yuan ($448.37 mn) will be issued on July 18. The bonds with 5-year-tenor will likely bear interest rate ranging from 2.8% - 3.6%. It will be the first such issuance of green finance under the guidelines set by Central Bank of China. While the joint underwriters for the issue include China Construction Bank Limited, Standard Chartered Bank Ltd of China, Industrial and Commercial Bank of China Limited and China’s HSBC ...

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 ...

Source: PTI    China’s economy grew 6.9% in 2015, the slowest pace in 25 years, slipping below the 7%-mark and sparking concerns both at home and abroad over the continued slowdown in the world’s second largest economy. The growth rate, released by China’s the National Bureau of Statistics (NBS) on Tuesday, moderated to 6.8% for the fourth quarter, the lowest quarterly rate since the global financial crisis in 2009, and 6.9% for 2015. Chinese Premier Li Keqiang last year had said that the Chinese government targeted an annual economic growth of around 7% for 2015. As per the new data, China’s Gross Domestic Product (GDP) reached 67.67 trillion yuan (about $10.3 trillion) in 2015, with the service sector accounting for 50.5%, ...

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 ...

As the Chinese renminbi (RMB) joins the league of global reserve currency along with the US dollar, British pound, euro and the Japanese yen, Jameel Ahmad, Chief Market Analyst at ForexTime- a Europe-based forex think tank- throws some light on its long- and short-term impact on the global currency markets. Interview by Himanhsu Vatsa | The Dollar Business Bureau During the quinquennial review of its SDR (Special Drawing Rights) basket, the International Monetary Fund (IMF) included Chinese yuan as fifth reserve currency. The change will come into force from October 1, 2016    The Dollar Business (TDB): The International Monetary Fund (IMF) has included Chinese yuan among the reserve currency basket? What will be its impact on global trade? J Ahmad: The ...