China
Currency peg puts heat on China's economy: Fed
Federal Reserve chairman Alan Greenspan said on Thursday 11 December that China's currency peg with the US dollar may need to end if it is to prevent its economy from overheating. In a speech to the World Affairs Council of Dallas, reported by Bloomberg,…
Yuan undervalued by 30 pct or more: Japan's Kuroda
China could face a serious asset price bubble or inflation if it does not increase the value of the yuan. Former top Japanese policymaker Haruhiko Kuroda told an IMF seminar, according to a Reuters report: "If the current exchange rate regime is…
CBC vows to maintain its independence
Central Bank of China governor Perng Fai-nan has pledged never to implement any measures violating the regulations of the Central Bank of China Law, according to a report by the China Post. Perng made the pledge when he was questioned about the CBC's…
PBOC to discuss Hong Kong yuan operations
The Hong Kong Monetary Authority is holding meetings this week with officials from the People's Bank of China, Dow Jones reported. Officials from PBOC will discuss what operations Hong Kong's banks can conduct on the yuan from next year.
Central bank finest go East
After retiring from the Bank of England Sir Edward George joined the boards of NM Rothschild, Grosvenor, the Duke of Westminster's property group and Swiss confectioner Nestle, swapping gold bars for chocolate bars in the process. But now Sir Eddie, and…
PBOC issues coins marking lunar new year
The People's Bank of China began issuing a set of commemorative coins on Friday 21 November, according to a report by Xinhuanet, marking the Chinese year of the Monkey. The set includes six gold and six silver coins.
IMF says no clear evidence China yuan undervalued
The IMF said on Tuesday 18 November that there is no evidence that the yuan is undervalued, according to Reuters. In a review of the Russian economy the Fund said more flexibility of the yuan, also known as the renminbi, would be in China's own interest…
PBOC signs cooperation agreement with HKMA
People's Bank of China governor Zhou Xiaochuan and Joseph Yam, Chief Executive of the Hong Kong Monetary Authority signed a cooperation memorandum for conducting renminbi (RMB) business in Hong Kong on Wednesday 19 November, according to the China Daily.
China restate goal of eventual yuan convertibility
People's Bank of China Governor Zhou Xiaochuan said in an interview published Monday 17 November, reported by Reuters, that foreign exchange controls would gradually be relaxed and there would be a steady push towards convertibility of the yuan.
IMF's Rajan says China should not wait on yuan
IMF chief economist Raghuram Rajan said in an interview, published by Reuters, that a move towards more flexible exchange rates by China would benefit both the Chinese and global economies. Rajan, a former University of Chicago academic, said two options…
China's yuan not raised at G10 meeting-Thai c bank
The governor of the Bank of Thailand Pridiyathorn Devakula told reporters on Monday the issue of China's exchange rate policy was not raised at the G10 meeting of central bankers in Bangkok.
PBoC approves 4 bank representative offices
The People's Bank of China's vice-governor Liu Tinghuan has said the central bank has approved the applications of four mainland banks to set up representative offices in Taiwan, Xinhua News reported.
Central bank official: China to keep RMB stable
Mu Huaipeng, deputy director of the People's Bank of China's currency policy department said Thursday that China will continue to adopt a sound monetary policy in order to maintain the stability of the renminbi, a report from Xinhuanet said.
China to issue coins to commemorate Olympic games
The People's Bank of China is to issue a set of commemorative coins to mark the Olympic Games, which is to be held in Beijing in 2008, Xinhuanet reported.
China central bank says stable yuan good for world
The People's Bank of China said on Monday 27 October that China will keep the yuan exchange rate stable, according to Reuters, as the fixed currency policy is good for its economy as well that of Asia and the rest of the world.
Bank of Japan chief plans Beijing trip to PBOC
Bank of Japan chief Toshihiko Fukui will meet with the governor of the People's Bank of China Zhou Xiaochuan during a two-day visit to Beijing, according to AFX.
PBOC to take over anti-money laundering role
According to a new amendment draft of a major banking law, reports Asia Pulse, the People's Bank of China is likely to replace the Ministry of Public Security to organize the fight against money laundering. The central bank will also guide banks and…
Exchange-rate reform studied in China
Signs are growing, reports China Daily, that China may embark on a long-awaited programme to reform the country's exchange-rate regime despite its determination not to revalue the yuan. As the first signal of the emerging trend, Chinese President Hu…
PBOC to strengthen cooperation with US Treasury
The People's Bank of China will launch a technical cooperation program with the United States Treasury Department which would facilitate communication and cooperation between financial experts of the two countries, according to a bank spokesperson quoted…
Office of CBRC set to open in Shanghai
The China Banking Regulatory Commission will open a Shanghai Bureau this week, says the China Daily.. The CBRC's Shanghai bureau will take over the supervision of the city's banking industry from the local branch of the People's Bank of China, the…
Fitch upgrades China's forex rating outlook
The rating agency Fitch has announced that it has revised the outlook for China's A-minus long-term foreign currency rating to positive from stable, according to AFP. China's official foreign currency reserves have been boosted by a continuing strong…
China's PM defends currency peg
China's premier Wen Jiabao has said that China's policy of pegging the yuan to the US dollar was "based on market demand and supply and is in line with China's reality", according to a BBC report. "To keep the renminbi (yuan) stable at an appropriate and…
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…
Li Ruogu: Financial Supervision and central banks
In a speech on 'The Role of the Central Bank in Financial Supervision' given on 26 August, Li Ruogu of the People's Bank of China said that China established the China Banking Regulatory Commission (CBRC) in April this year as a special watchdog for the…