China
China considers offshore yuan center in Hong Kong
China may be planning to set up an offshore yuan centre in Hong Kong by the end of the year, AFX News said. There have been increased calls recently for an offshore center to be set up in Hong Kong in view of the influx of Chinese visitors to the city…
HKMA signs memorandum of understanding
The Hong Kong Monetary Authority and the China Banking Regulatory Commission signed a Memorandum of Understanding on 25 August. The Agreement will allow the sharing of supervisory information.
China should not rush to float its currency
Alan Greenspan's recent comment that China should float its currency and dump the dollar peg is not sound advice, this article in the Financial Times says. The abandonment of the dollar peg would open a Pandora's box in China and could leave the world…
Bank of Japan plans to open office in China
The Bank of Japan plans to open an office in China, according to Bloomberg. In a statement the BoJ said "China is playing a growing role in the global economy and its ties with the Japanese economy are also becoming stronger".
PBOC: Improvements needed to prevent inflation
The People's Bank of China said in a press release on Monday 28 July that the central bank needs to improve its monetary policy decision making in order to maintain the stability of the yuan. Instability of monetary policy will "significantly erode the…
Straight talking from Zhou
Straight monetarist talk these days is considered controversial in certain circles; and you would not expect to hear it coming from the mouth of the governor of the central bank of China, with all the country's communist traditions. But the "moderniser"…
Japan should help guide yuan revaluation policy
This article in the Asahi Shimbun looks at the drive for revaluation of China's yuan, saying it first began in Japan where cheap imports from China are blamed for making domestic deflation worse. Japan needs an effective diplomatic strategy to influence…
China claims success on currency front
The People's Bank of China has said upward pressure on its currency is being reduced with the help of regular open market offerings of central bank bills, according to the Financial Times. "We will persist with the central bank bills for some time to…
Time 'not right' for yuan float
Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float its currency, the yuan, a Chinese foreign ministry spokesman said the current exchange rate helps China's development and the rest…
What to do about the Yuan
This article looks at Alan Greenspan's comments this week that China's currency peg is unsustainable with a huge accumulation of US dollar reserves standing at $346.5 billion at the end of June. The pace of the increase in flows is astounding, the Asian…
PBOC unveils new currency policy committee
The People's Bank of China has unveiled its new currency policy committee, the Xinhua news agency reports. The committee will be chaired by Zhou Xiaochuan, governor of the Bank, with 12 other high-ranking economic and financial officials making up the…
No serious SARS impact on financial sector: PBOC
The People's Bank of China has said there is no indication of a severe impact by the SARS virus on China's financial secto, according to a report by the People's Daily.
BOC head quits posts in H.K. amid inquiry
Former chief executive of Bank of China's Hong Kong unit, Liu Jinbao, has stepped down from his positions at the Hong Kong Stock Exchange and at the Hong Kong Monetary Authority as its exchange fund advisor, Bloomberg reports.
China's banking credit system takes shape
The People's Bank of China said on Monday 9 June that the country has made important advances in establishing the banking credit registration and consulting system, according to the People's Daily.
Regulator considers bailout of China banks
The China Banking Regulatory Commission said on Thursday 29 May that time is running out for lenders to reduce the levels of nonperforming loans and if this did not happen a bailout of the industry may be considered, according to a report by Reuters.
China unlikely to allow locals to trade HK stocks
China's state press has said domestic traders in China are unlikely to be allowed access to international stock markets soo, reports Channel News Asia.
China's banking regulator to set up advisory body
the New China News Agency reports that China's Banking Regulatory Commission said it intends to set up a non-profit international advisory committee made up of people in supervisory roles in internationally-renowned banks.
China to open gold trade to individuals
The Shanghai Gold Exchange, China's only gold exchange, may expand to allow individual investors to buy or sell gold later this year, reports the China Daily.
New Chinese banking panel to focus on loan reform
The newly established China Banking Regulatory Commission has revealed its priorities will be to reduce the NPL ratios at commercial banks and quicken reform at state-owned commercial banks, says The China Daily.
New commission regulates Chinese banks
The China Banking Regulatory Commission began operations on Monday 28 April and will take over the supervisory role of the People's Bank of China, according to a report in Asia Times Online.
China quarantines banknotes in SARS scare
China's banks are taking steps to halt the spread of the SARS virus and the central bank has urged people to use cards instead of cash. Other steps include sterilising banknotes with disinfectant, according to Dow Jones.
Perng says SARS unlikely to harm NT dollar
The SARS outbreak is unlikely to have a significant impact on Taiwan's economy. That was the view expressed by Central Bank of China governor Perng Fai-nan to Taiwan's finance committee on Thursday 17 April, reports the Central News Agency.
China cuts red tape for gold industry
China's central bank will no longer have to approve gold manufacturing, processing and trading in the country Eastday reported.
Taiwan's cb fights SARS
The China Post in Taiwan has provided more details of the unusual cure Taiwan's central bank chief has proposed for the deadly disease Severe Acute Respiratory Syndrome (SARS).