China Briefing News

China’s PBC Cuts Interest Rate by 25 Basis Points

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Jun. 8 – To the surprise of many, the People’s Bank China (PBC) lowered its interest rate yesterday for the first time in years. The 25 basis points cut takes the one-year lending rate to 6.31 percent and the one-year deposit rate to 3.25 percent. With the rate cut, the PBC aims to boost the […]

People’s Bank of China Loosens RMB Trading Band

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By Xiaolei Gu Apr. 17 – The People’s Bank of China (PBC) announced this past weekend that the renminbi’s (RMB’s) trading band would be widened from April 16, 2012, allowing the currency to rise or fall each day by as much as 1 percent from the official daily rate against the U.S. dollar. The increased […]

China-Australia Agree on Bilateral Currency Swap Agreement

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Mar. 23 – The central banks of China and Australia signed a currency swap agreement yesterday that will allow RMB200 billion (A$30 billion) worth of local currencies to be exchanged between the two countries over three years. The purpose of the agreement, according the People’s Bank of China, is to help strengthen financial cooperation between […]

China Allows Companies to Settle Trade in RMB

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China has just made another big step in the internationalization of its local currency Renminbi recently. Under the new regulations by People’s Bank of China, trading entities all over the world can now settle trade in RMB subject to local restrictions.

American Express Extends Reach to China’s e-Payment Market

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By Vivian Ni Jan. 30 – Although China has made it more difficult for foreign investors to enter its e-payment sector over the last year, the potential profits offered by the country’s massive consumer population are proving too attractive to miss. Recently, American Express – the U.S. financial service provider that has long considered China […]

China Cuts Bank Reserve Requirement – First Time in 3 Years

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Dec. 1 – The People’s Bank of China (PBC) will lower the reserve requirement ratio (RRR) at China’s financial institutions by 0.5 percent starting on December 5, a move that marks the first RRR cut in three years. The 0.5 percent drop will bring the RRR at large-scale financial institutions to the level of 21 […]

China’s Economic Slowdown Triggers Guesses on Policy Modification

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By Vivian Ni Oct. 21 – China’s third-quarter economic statistics showed the lowest GDP growth rate in the past two years, according to the National Bureau of Statistics (NBS) on Tuesday. The continuing economic slowdown – amid the deteriorating external environment and slightly tamed domestic inflation – has made economists wonder whether or not some […]

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