People’s Bank of China (PBoC)
IMF and China make joint call for stronger financial stability assessments
People’s Bank of China and International Monetary Fund hold joint symposium in Shanghai; call for better financial stability assessments in Asia and worldwide
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
China central bank official nominated to join private bank’s board
Wang Hongzhang tipped to become chairman of the China Construction Bank Corporation after unanimous nomination to join board of directors; will leave People’s Bank of China after a long career there
China and Hong Kong double currency swap agreement
Hong Kong and China double currency swap arrangement; Hong Kong pushes to remain number one offshore renminbi business centre while China proceeds with internationalisation of renminbi
Turkey and Nigeria in talks with China about currency swaplines
Governors of relevant central banks confirm Republic of Turkey and Nigeria are both in negotiations with the People’s Bank of China regarding currency swaplines
BIS paper finds tightening bias in reserve requirements
Bank for International Settlements study says reserve requirements impose tax burden on Chinese banks, which is passed on to depositors and SMEs
Lagarde holds crucial talks with Beijing
IMF managing director Christine Lagarde meets Chinese premier Wen Jiabao to discuss the country’s economic response to the global slowdown; warns international economy could face lost decade of growth
National Bank of Austria to invest in renminbi-denominated assets
People’s Bank of China and National Bank of Austria sign agreement enabling the Austrian central bank to invest in renminbi-denominated assets
Korea and China renew currency swap deal early
People’s Bank of China and Bank of Korea agree to renew and expand currency swap arrangement; also discuss converting swap currencies into reserves
Chinese officials jailed over information leaks
Two government officials are given lengthy prison sentences; found to have leaked information on economic growth, retail sales and inflation figures
China slams US bill penalising renminbi imports
People's Bank of China says it firmly opposes bill passed by US Senate to impose countervailing duties on imports from countries undervaluing their currency
Kuwait and China agree on deeper cooperation
Kuwaiti finance minister holds talks with Chinese representatives of central bank and sovereign wealth fund; agree on heightened cooperation
Hong Kong regulator moves to authorise renminbi products under RQFII
Hong Kong regulatory platform ready to approve RQFII products; China’s central bank says priority to be given to Hong Kong-based subsidiaries of mainland banks and fund managers
China moves closer to renminbi inclusion in SDR
Comments by Chinese officials hinting renminbi will be fully convertible by 2015 open door to inclusion of currency in IMF’s special drawing rights basket
PboC adviser calls for urgent reform in the West
People’s Bank of China adviser Li Daokui says Europe and the US must introduce further reforms to address their chronic economic problems
Chinese inflation hits new high
The National Bureau of Statistics says consumer price inflation in China rose to 6.5% in July, its highest level since June 2008
‘Now is the time’ for China to end dependency on dollar, says former official
Former member of the monetary policy committee of the Chinese central bank says China must end dependency on dollar; advises immediate renminbi ‘float’
China focus remains on inflation fight
Prudent monetary policy to continue, says central bank; fighting inflation is still top priority
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area
China insists local government debt is ‘manageable’
People’s Bank of China dismisses claims local government financing vehicles owe 14 trillion yuan; says risks from the debts are manageable
New lending rules for Chinese SMEs overlook deeper structural issues in credit market, say analysts
China Banking Regulatory Commission introduces new measures to boost lending to small businesses; analysts say real problems lie in regulatory framework that favours the state sector
China’s July rate hike will be last for 2011, say analysts
Analysts say slowdown in growth suggests People’s Bank of China will not hike rates beyond Wednesday’s 25-basis-point rise
Sri Lanka allows renminbi in international transactions
Central Bank designates renminbi for banking transactions in Sri Lanka; next step in internationalisation of the Chinese currency
China ups gold coin production
People’s Bank of China more than doubles issuance of gold panda coins for 2011; demand outstripping minting