China

China revises internal bank rules

CHINA - China's central bank introduced revised rules on the internal controls of commercial banks yesterday, in a further effort to reduce the possibility of financial risks.

China central bank urges banks to step up controls

CHINA - The People's Bank of China (PBOC), the country's central bank, on Wednesday issued guidelines on commercial banks' internal control, in a bid to urge the banks to improve their control system, minimize financial risks and ensure the safety of the…

Has Russia Been on the Right Path?

RESEARCH - A Commentary by Kenneth Rogoff, Economic Counsellor and Director, Research Department, IMF, Vedomosti, 26 August. Rogoff compares the progress to market reform of Russia against that of China and quotes Joseph Stiglitz on the "enormous success…

China to advise North Korean central bankers

UK - North Korea has sent a delegation of central bank officials to study China's financial system and commercial banking in one of the first signs that Pyongyang may be considering much needed financial reform.

China's central bank defends ATM fees

CHINA - The central bank has defended a decision by commercial banks to charge customers for taking money out of automatic telling machines (ATMs) belonging to outlets that are not of the card issuers.

China vows to keep exchange rate stable

CHINA - According to a news release issued by the People's Bank of China on Tuesday, the central bank's Monetary Policy Committee unanimously agreed at a recent meeting that the exchange rate of renminbi should be kept stable in the near term.

China's foreign exchange reserves reach 242.7bn US

CHINA - China's foreign exchange reserves reached 242.76bn US dollars by the end of June this year, up 34.2 per cent over a year earlier, according to statistics released by the People's Bank of China, the central bank, on Thursday.

China's e-banks gaining popularity

CHINA - At least 2.5m Chinese "netizens" - about 23 per cent of the country's regular Internet users - are likely to use electronic banking services, said a recent AC Nielsen survey on e-banking, reports the New China News Agency.

Chinese central banker - card development vital

CHINA - The Vice-Governor of the People's Bank of China Xiao Gang said Tuesday that the increased acceptance of banking cards was vital to raising commercial banks' competitiveness and facilitating daily life for the public.

China's gold exchange to open next month

CHINA - China's long-awaited liberalisation of the tightly controlled gold market will kick off with the opening of the Shanghai Gold Exchange next month, an exchange official has said.

Chinese currency now convertible in Nepal

NEPAL - Nepal Rastra Bank for the first time today fixed its exchange rate at nine rupees to one Chinese yuan. Governor Dr Tilak Rawal and Chinese Ambassador Wu Congyong signed the free convertibility accord on Monday.

China's cb says reform needed in commercial banks

CHINA - The governor of the People's Bank of China, Dai Xianglong, has reiterated the need for Chinese state-owned commercial banks to reform their management and risk control practices. He said the banks need to develop and implement business plans that…

Reforming China's banking system

RESEARCH - Federal Reserve Bank of San Francisco 'Economic Letter' concerning the reform of China's banking system, by Ramon Moreno, Research Advisor, 31 May.