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A former advisor to the People's Bank of China says it may well be cheaper for China to be domestically produced gold than to buy gold from the IMF. But it could still happen
caligula's gallimaufry (Free subscription) | 03/11/2009
Op-Ed Contributor Beijing's 'Marshall Plan' By BEN SIMPFENDORFER NYT November 4, 2009 China’s foreign policy is about to change, and not entirely by choice. The country’s engagement with the developing world has accelerated markedly in the wake of the economic crisis. And for all the focus on Beijing’s relationship with Washington, it is Beijing’s relationship with the emerging...
France24 (Free subscription) | 01/11/2009
A top Chinese central bank official warned Sunday that rising trade and investment protectionism remains one of the major threats to the global economic recovery. "We have noticed that major risks threatening (the) global economic recovery still remain," Li Dongrong, an assistant governor of the People's Bank of China, said in a speech at Kuwait Financial Forum. These included "rising...
People Daily (Free subscription) | 31/10/2009
China's bank loan demand is predicted to increase steadily, and the consumer price will continue to rebound in the fourth quarter, the central bank said in a report Friday. The expected credit surge is due to hefty capital demand for a number of under-construction projects, and reheating of the real estate sector, according to the quarterly macro-economic review issued by the People's Bank of China...
Freemania (Free subscription) | 30/10/2009
Obviously, the economy is in a very bad way and a lot of people are suffering. The latest example in the news is this : The GMAC-RFC mortgage lender has been fined £2.8m by the Financial Services Authority (FSA) for mistreating customers who fell into arrears. It has also been told to repay £7.7m, plus interest, to 46,000 of its borrowers. The FSA said the company levied unfair charges...
IntelliBriefs (Free subscription) | 29/10/2009
By Russell Hsiao http://www.atimes.com/atimes/China_Business/KJ29Cb01.html Since December 2008, China has signed 650 billion yuan (US$95 billion) in currency-swap agreements with Indonesia, Malaysia, South Korea, Hong Kong, Argentina and Belarus, in order to promote greater circulation and convertibility of the Chinese currency (also referred to as the renminbi). Thailand is reportedly studying a possible...
The Irish Times (Free subscription) | 27/10/2009
THE DOLLAR dropped to a fresh 14-month low against the euro yesterday after the People’s Bank of China suggested that, while the dollar should remain dominant, the share of the euro and the yen should increase in its foreign exchange reserves.
Car & Auto (Free subscription) | 26/10/2009
It is surely a huge amount. $2.27 trillion is the foreign exchange reserve of China at this moment. Well, I think that it is a lot and the government should invest some part of it in building infrastructure. There is no doubt that the government of China has spent a lot of money in infrastructures in the last 3 decades but do not forget that it is a very big country with a population of over 1 billion....
EconomicPolicyJournal.com (Free subscription) | 26/10/2009
The dollar fell to a 14-month low against the euro today after a Chinese central bank researcher called for moving some of the country's massive foreign reserves into euro and yen holdings.The dollar than rebounded after the researcher -- Zhou Hai, a division chief with the financial research department of the Harbin branch of the People's Bank of China -- told Reuters that his remarks published
Financial Times (Free subscription) | 26/10/2009
Dollar drops to a fresh 14-month low against the euro after a report from the People's Bank of China suggests the share of the euro and the yen should increase in its foreign exchange reserves
People Daily (Free subscription) | 23/10/2009
Chinese financial institutions' loan balance to small and medium-sized enterprises (SMEs) climbed 28 percent from the beginning of the year to 14.1 trillion yuan (2.06 trillion U.S. dollars) by the end of September, the central bank said Friday. Non-performing loan balance to China's SMEs stood at 534.1 billion yuan by September, down 71.6 billion yuan from the beginning of this year, according to...
Jesse's Café Américain (Free subscription) | 22/10/2009
"Mischief springs from the power which the monied interest derives from a paper currency which they are able to control, and from the multitude of corporations with exclusive privileges...which are employed for their benefit." Andrew Jackson While the crowd has been chortling over the anticipated decline and fall of the American Empire, they may also be overlooking the dangerously unstable...
The Business Insider (Free subscription) | 21/10/2009
A strong Chinese economy has sent yuan forwards up to fourteen-month highs. Expectations are that China could soon allow the yuan to strengthen against the dollar. This must be one of the biggest one-way bets in history, whereby it's just a matter of time especially given the dollar's weakness against most floating currencies. Bloomberg: The exchange rate has been kept at about 6.83 per dollar since...
People Daily (Free subscription) | 21/10/2009
Vice President Su Ning of People's Bank of China (PBC), said at the China - ASEAN Financial Cooperation and Development Leadership Forum yesterday that financial cooperation between China and ASEAN was still in its infancy having great potential and exciting prospects. Su introduced that PBC would boost dialogue and coordination with the central banks of ASEAN member sates in the next phase and promote...
People Daily (Free subscription) | 16/10/2009
According to the Shanghai headquarters of People's Bank of China, Chinese financial institutions issued new Renminbi and foreign currency loans worth 112.41 billon yuan in the third quarter, an increase of 62.03 billion yuan year-on-year. Many types of loans maintained steady growth. New business loans issued by Chinese financial institutions were mainly invested in the tertiary industry. Of the new...
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integrityfx | 03/07/2009
Background… A reserve currency is a currency that is stored in large quantities by foreign central banks and financial institutions as part of their foreign exchange reserves as a means to pay off international debt obligations, or to influence their domestic exchange rate. The U.S. dollar is the primary reserve currency. A reserve currency is generally the international pricing currency for goods
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