Author Topic: CHINA  (Read 22979 times)

Offline CurryLee

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« Reply #100 on: January 22, 2017, 02:09:23 PM »
like tis means trade war started ady. the general is calling his soldiers. cyberwar.....cham..... :sweat: :sweat:
malimalimaliongongongnotongchefbutishua thuatong

Offline ikan besar

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« Reply #101 on: January 22, 2017, 02:27:08 PM »
like tis means trade war started ady. the general is calling his soldiers. cyberwar.....cham..... :sweat: :sweat:

Poo nia bor not China lah is Tong Sang
How long u been living here
Like this pun tak tahu, poo nia bor
U bising lagi hantar lu pegi Tong Sang
Nia putt ahhhhhh
I heard dr kimmy lost alot of monies

Offline CurryLee

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« Reply #102 on: January 22, 2017, 02:38:36 PM »
tong sang ah suk...usa dowan buy china thing ah? :sweat:
malimalimaliongongongnotongchefbutishua thuatong

Offline CurryLee

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« Reply #103 on: January 22, 2017, 03:18:27 PM »
ikan cny phoon choi no pau ah? :'(

u belanja me go sangkelila eat lar...ok? :P
malimalimaliongongongnotongchefbutishua thuatong

Offline ikan besar

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« Reply #104 on: January 22, 2017, 08:29:14 PM »
ikan cny phoon choi no pau ah? :'(

u belanja me go sangkelila eat lar...ok? :P
Poo nia bor, don't know what sport car to buy
Curry what sport car is cheap and powerful
AE86 or Nissan fair lady
Aiyoh very pening
I heard dr kimmy lost alot of monies

Offline CurryLee

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« Reply #105 on: January 22, 2017, 08:34:33 PM »
Cheap and powerful ah? Lambugini lar....sure!  :clap: :clap:

Poo nia bor, don't know what sport car to buy
Curry what sport car is cheap and powerful
AE86 or Nissan fair lady
Aiyoh very pening

malimalimaliongongongnotongchefbutishua thuatong

Offline king

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« Reply #106 on: January 26, 2017, 05:08:47 PM »

China's shadow banking crusade risks bond market crash
By Reuters / Reuters   | January 26, 2017 : 3:27 PM MYT   
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SHANGHAI (Jan 26): China's campaign to cut high debt levels in its economy is aiming this year to shrink the US$3 trillion shadow banking sector, which could drain a critical source of income for the country's banks and of funding for its fragile bond market.

Shadow banking, a term for financial agents that perform bank-like activity, but are not regulated as banks, has boomed in China, the world's second-largest economy, as a way of circumventing government's tight controls on lending.

It has been a key driver of the breakneck growth in debt in the economy, which UBS says rose to 277% of GDP from 254% in 2016, and is now a target as Beijing tries to reduce that figure, before it destabilises the economy.

But with banks' shadow banking business accounting for about a fifth of total outstanding loans, analysts fear that the unintended consequences of government efforts could trigger the fate it seeks to avoid.

"We see a policy-induced drastic deleveraging in shadow banking as a policy miscalculation that could trigger unexpected tail risks for the banking sector," said Liao Qiang, credit analyst at S&P Global Ratings.

Investors' concerns stem from new rules this month that put lenders' wealth management products (WMPs), the biggest component of shadow banking, under the scrutiny of the People's Bank of China (PBOC) for the first time and into its calculations on prudence, capital adequacy and loan growth guidelines.

According to the latest official data, WMPs jumped 42% year-on-year to 26 trillion yuan (US$3.8 trillion) at the end of June, doubling in just two years.

WMPs are typically kept off banks' balance sheets, making it difficult for regulators to assess the stability of a banking sector reliant upon them for growth.

And just as in the global financial crisis of 2008, banks' interconnectedness amplifies the risks. Banks are increasingly buying into each other's WMPs, such that interbank WMPs hit 4 trillion yuan in June, a doubling from two years ago.

Banking regulators are also seeking new rules that will require lenders to set aside adequate capital to absorb potential losses from WMPs.

The PBOC and China Banking Regulatory Commission have yet to respond to requests for comment.

Vicious cycle

Banks lure investors to WMPs with the promise of much higher returns than on bank deposits, then channel the cash into high-yielding bonds or other forms of disguised lending to sectors such as property on which there are official lending limits.

The spectre of tighter monetary policy has already halted a three-year long rally in China bonds, and investors worry that the new WMP regulations could tip the bond market into crisis.

"Financial institutions, via WMPs, have invested a lot of money into credit products," said Gu Weiyong, chief investment officer at Ucom Investment Co, a bond-focused fund house in Shanghai, and he said they don't necessarily have sufficient capital to support those investments.

"It's very possible that another scandal could erupt, maybe in the first half," he said.

It is barely a month since Beijing tightened the rules on WMPs, as part of a broader policy thrust at preventing price bubbles and reducing industrial overcapacity.

Bond prices have since fallen, sales of WMPs have slowed and money market mutual funds, also used by WMPs, are losing cash.

At the end of June, 41% of China's 26 trillion yuan of WMPs was in bonds, with 16% in money market instruments.

Data from consultancy CNBenefit showed that Chinese banks sold 24,460 WMPs last quarter, compared with 25,980 the previous quarter, while money market funds shrank to 3.9 trillion yuan at end-November, the lowest in a year, from 4.2 trillion yuan in October, according to data from the Asset Management Association of China.

In addition, a year-end bond market rout wiped out all the gains this year in bond mutual funds, resulting in a combined loss of 21.6 billion yuan, according to the official Xinhua agency, raising the spectre of losses in bond-linked WMPs.

"The big issue for financial stability in China is a combination of very high asset prices and also extremely high leverage," said David Cui, analyst at Bank of America Merrill Lynch.

"The problem of this combination is that any drop in asset prices can quickly develop into a vicious selling circle," Cui said, with falling bond prices leading to WMP losses, then to lower WMP sales, and back to more pressure on bonds.

Offline king

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« Reply #107 on: February 03, 2017, 02:12:44 PM »

China raises short-term interest rates in fresh tightening signal
TheEdgeFri, Feb 03, 2017

SHANGHAI (Feb 3): China's central bank surprised financial markets on Friday by raising short-term interest rates on the first day back from a long holiday, in a further sign of a tightening policy bias as the economy shows signs of steadying.

While the increases were modest, they reinforced views that Chinese authorities are intent on both containing capital outflows and reining in risks to the financial system created by years of debt-fueled stimulus.

Higher interest rates could prod debt-laden firms into deleveraging, though at the risk of stunting growth.

"It appears to be an intent to control a real estate bubble. It could also be aimed at arresting the yuan's depreciation, although it is on the reverse repo they touched upon and the impact remains to be seen," said Naoto Saito, chief economic researcher at the Daiwa Institute of Research In Tokyo.

"All in all, it comes across as a move to tweak interest rate levels to accompany a broader monetary policy shift."

The People's Bank of China (PBOC) raised the interest rate on open market operation reverse repurchase agreements (repos) by 10 basis points, effective on Feb 3.

Two banking sources told Reuters it also raised the lending rates on its standing lending facility (SLF) short-term loans.

Analysts said the tightening of primarily money market rates suggested the PBOC wanted to retain policy flexibility as it balances the need to keep the economy from slowing again.

In late January, the PBOC raised rates on its medium-term loan facility (MLF) for the first time since it debuted the liquidity tool in 2014. It was the first time it has raised one of its policy interest rates since July 2011.

Analysts expect any further steps to be gradual as policymakers weigh their impact on economic growth, and believe the PBOC will be in no hurry to raise the policy lending rate for now. The one-year policy lending rate was last cut in October 2015 to 4.35%.

"China's economic recovery is still shaky, while the global economic situation is unstable, so raising open market rates is more appropriate than raising benchmark rates," said Li Huiyong, chief economist at Shenwan Hongyuan Securities.

"It's a flexible tool, which can be easily reversed if China's economy shows signs weakness again."

The world's second-largest economy grew 6.7% last year — roughly in the middle of the government's target range.

But heavy policy stimulus — evident in record lending from mostly state-owned banks and increased government spending — has fuelled worries among top leaders about the risks of high debt levels and an overheating housing market that could threaten financial stability if not addressed.

China's debt to GDP ratio rose to 277% at the end of 2016 from 254% the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a note.


The PBOC raised the seven-day open market operations rate to 2.35% from 2.25%.

Banking sources said the overnight rate for the SLF loan was raised to 3.1% from 2.75%, with rates on other SLF loans increased more modestly. The SLF rate acts as a de facto ceiling for interbank lending, analysts said.

Even as it raised borrowing costs, China's central bank moved to reassure markets about liquidity by injecting funds through the 7-day, 14-day and 28-day repos on Friday.

The PBOC drained a net 250 billion yuan last week, before Chinese markets closed for the long Lunar New Year break.

"It's not a good kick off of the Lunar New Year. It is a clear sign that the central bank has switched to tighten its monetary policy," said a trader at a Chinese bank in Shanghai.

China's economy has seen a broad-based pickup in recent months, with fourth-quarter GDP beating expectations due largely to a strong housing market and higher government spending on infrastructure projects.

At the same time, however, capital flight from the tightly managed economy has been strong, fueled by expectations that the yuan currency will depreciate further after sliding to more than eight-year lows against the dollar.

Bearish views on the yuan have persisted despite a series of tightening measures in recent months aimed at making it more difficult for Chinese individuals and corporations to send money abroad.

China's currency reserves fell by a tenth last year and, at US$3.011 trillion, are close to falling below psychologically significant levels.

The yuan down 7% last year, its biggest annual loss against the dollar since 1994. China's outbound investment jumped 44% last year to US$170.1 billion, according to the Commerce Ministry.

"The signal is very clear," said Zhou Hao, senior Asian emerging market economist at Commerzbank in Singapore.

Hao said this time the tightening was more targeted compared with China's previous tightening cycle that ended in 2013.

"Inflation at that time was rising very rapidly and at this time inflation is not really an issue. Secondly the yuan was under pressure to appreciate at that time."

"Right now it's totally different. If you have capital outflows, that's already tightening. And then you tighten further, which is a double-whammy.

Offline king

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« Reply #108 on: February 06, 2017, 06:42:35 AM »

名家  2017年02月05日 | 作者:朱冠华 | 专栏:喝茶论势






















Offline king

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« Reply #109 on: February 26, 2017, 07:40:01 AM »

东方文荟  2017年02月25日 | 作者:林金树 | 专栏:观念平台


这 场高明的谋杀案,既反映出朝鲜特务机构的无孔不入和超强的应变能力,也反映出朝鲜这位娃娃领导人的冷酷无情,对亲人下毒手更是绝不手软。他在2013年突 然下令处决他的姑丈、朝鲜原第二號人物张承泽。据说过后因受株连而被处死的人超过1万人。他的家族成员据称有大约140人遇害。





他 的做法的客观效果,是协助美国在军事上围堵中国,因为美国歷任总统都在军事上部署围堵中国,以不让中国海、空军衝破第一岛链为目的。因此美国在日本和韩国 广设军事基地,部署大军,以及部署军舰、军机和各种新式武器和飞弹,说是要应付朝鲜的核子武器威胁,其实是「项庄舞剑,意在沛公」,真正目的是针对中国。



从 歷史上观察,中国有朝鲜这个近邻是大不幸,因为为了维护朝鲜,为中国本身带来重大灾难。远的不说,在清朝末年,为了协助朝鲜抵抗明治维新之后军力强大的日 本对朝鲜展开的侵略,在1894年发生了中、日甲午战爭。结果中国战败,在1895年派李鸿章到日本签订丧权辱国的《马关条约》,承认朝鲜独立,中国割让 台湾、澎湖及其附属岛屿给日本,更对日本赔偿2.3亿两白银的战爭赔款。甲午战爭是造成清朝灭亡的一个重要因素。





Offline king

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« Reply #110 on: February 27, 2017, 06:25:42 AM »

85点看 2017年2月26日















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相关课题: 债务摩根史丹利

Offline king

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« Reply #111 on: February 27, 2017, 06:33:29 AM »

Sunday, 26 February 2017 | MYT 9:10 AM
Wary of Trump unpredictability, China ramps up naval abilities



BEIJING (Reuters) - The PLA Navy is likely to secure significant new funding in China's upcoming defence budget as Beijing seeks to check U.S. dominance of the high seas and step up its own projection of power around the globe.

China's navy has been taking an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and new Chinese warships popping up in far-flung places.

Now, with President Donald Trump promising a U.S. shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.

"It's opportunity in crisis," said a Beijing-based Asian diplomat, of China's recent naval moves. "China fears Trump will turn on them eventually as he's so unpredictable and it's getting ready."

Beijing does not give a breakdown for how much it spends on the navy, and the overall official defence spending figures it gives - 954.35 billion yuan ($139 billion) for 2016 - likely understates its investment, according to diplomats.

China unveils the defence budget for this year at next month's annual meeting of parliament, a closely watched figure around the region and in Washington, for clues to China's intentions.

China surprised last year with its lowest increase in six years, 7.6 percent, the first single-digit rise since 2010, following a nearly unbroken two-decade run of double-digit jumps.

"Certainly, the PLA Navy has really been the beneficiary of a lot of this new spending in the past 15 years," said Richard Bitzinger, Senior Fellow and Coordinator of the Military Transformations Programme at the S.Rajaratnam School of International Studies in Singapore.

"We don't how much they spend on the navy, but simply extrapolating from the quantity and the quality of things that are coming out of their shipyards, it's pretty amazing."

To view a graphic on the military balance in the Asia Pacific, click


The Chinese navy, once generally limited to coastal operations, has developed rapidly under President Xi Jinping's ambitious military modernisation.

It commissioned 18 ships in 2016, including missile destroyers, corvettes and guided missile frigates, according to state media.

Barely a week goes by without an announcement of some new piece of equipment, including an electronic reconnaissance ship put into service in January.

Still, the PLA Navy significantly lags the United States, which operates 10 aircraft carriers to China's one, the Soviet-era Liaoning.

Xu Guangyu, a retired major general in the People's Liberation Army now senior adviser to the government-run China Arms Control and Disarmament Association, said China was keenly aware of the U.S. ability to project power at sea.

"It's like a marathon and we're falling behind. We need to step on the gas," Xu said.

Trump has vowed to increase the U.S. Navy to 350 ships from the current 290 as part of "one of the "greatest military buildups in American history", a move aides say is needed to counter China's rise as a military power.

"We’ve known this is a 15-20 year project and every year they get closer to being a blue-water navy with global aspirations," said a U.S. administration official, speaking on the condition of anonymity.

"What you have seen this last year and what I think you will see with the new budget is that they are moving ahead with the short-term goal of being the premier naval force in the South China Sea and the East China Sea, with the mid-term goal, of extending all the way to the Indian Ocean."

In January, China appointed new navy chief, Shen Jinlong, to lead that push.

Shen has enjoyed a meteoric rise and is close to Xi, diplomatic and leadership sources say.

"The navy has gotten very lucky with Shen," said a Chinese official close to the military, speaking on condition of anonymity. "Now they know for certain their support goes all the way to the top."

Recent PLA Navy missions have included visits to Gulf states, where the United States has traditionally protected sea lanes, and to the South China Sea, Indian Ocean and Western Pacific, in what the state-run website StrongChina called Shen's "first show of force against the United States, Japan and Taiwan".

Last month, a Chinese submarine docked at a port in Malaysia's Sabah state, which lies on the South China Sea, only the second confirmed visit of a Chinese submarine to a foreign port, according to state media.

The submarine had come from supporting anti-piracy operations off the coast of Somalia, where China has been learning valuable lessons about overseas naval operations since 2008.

Chinese warships have also been calling at ports in Pakistan, Bangladesh and Myanmar, unnerving regional rival India.

"It's power projection," said a Beijing-based Western diplomat, of China's navy.

($1 = 6.8640 Chinese yuan)

(Additional reporting by David Brunnstrom and Adrees Ali in WASHINGTON; Editing by Lincoln Feast)


Offline king

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« Reply #112 on: March 05, 2017, 12:55:39 PM »

Sunday, 5 March 2017 | MYT 8:17 AM
China aims for around 6.5% economic growth in 2017
Premier Li Keqiang
Premier Li Keqiang
BEIJING: China is aiming to expand its economy by around 6.5 percent in 2017, Premier Li Keqiang said in remarks prepared for delivery at the opening of the annual meeting of parliament on Sunday.

That compares with a 2016 economic growth target of 6.5 to 7 percent.

Top leaders at the National People's Congress are tolerating slightly slower economic growth this year to give them more room to push through some painful reforms to deal with a rapid build-up in debt.

A lending binge and increased government spending last year have fuelled worries about high debt levels and an overheating housing market.

China's gross domestic product grew 6.7 percent in 2016, the slowest in 26 years.

China also set a budget deficit target of 3 percent of gross domestic product for 2017, the country's finance ministry said in its work plan unveiled at the meeting, in line with the target set a year earlier.

It set a fiscal deficit target for the year of 2.38 trillion yuan ($345.16 billion).

Last year, Beijing set a 2016 budget deficit target of 3 percent of GDP. Sources told Reuters in January that policymakers had in December set a 3 percent deficit target for 2017. - Reuters


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« Reply #113 on: March 05, 2017, 12:58:28 PM »

国际  2017年03月05日
中国消费者抵制韩企 乐天超市倒闭

中国消费者抵制韩企 乐天超市倒闭






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« Reply #114 on: March 10, 2017, 05:34:36 PM »

Oil edges off 3-month low, but glut worries fester
By Reuters / Reuters   | March 10, 2017 : 4:40 PM MYT   
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TOKYO (March 10): Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent.

U.S. West Texas Intermediate crude (WTI) was up 17 cents or 0.4% at US$49.45 a barrel at 0746 GMT. It fell below US$50 on Thursday for the first since mid-December, when OPEC and other producers agreed to cut output.

Brent crude was up 12 cents or 0.2% at US$52.31 a barrel, having settled down 1.7% in the previous session and slumping 5% the day before, in its biggest percentage decline in a year.

WTI is on track for a 7.2% decline this week, the biggest weekly drop since early November. Brent is heading for a 6.4% fall, also the biggest since early November.

Market confidence has taken a hit after a period of higher prices enticed more U.S. shale oil companies to drill more wells and as stockpiles have remained high.

"Steep price falls in the last two days amid building U.S. inventories show that the market remains concerned about the supply-demand balance," NAB Group Economics said in a research note.

Data showed crude stocks in the United States, the world's top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels.

U.S. drilling has also picked up, with producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while output has jumped in the Permian, America's largest oilfield.

That has undermined the bullish sentiment generated after the Organization of the Petroleum Exporting Countries (OPEC) and major producers, including Russia agreed to cut production in the first half of this year to drain a global glut.

"Should data continue to confirm that the OPEC-Russia deal is holding, we expect a gradual uptrend this year, although if inventories remain elevated a rally will be less likely," NAB said.

Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.

Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest U.S. gathering of the oil industry.

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« Reply #115 on: March 15, 2017, 12:24:05 PM »

李克强:GDP 6.5%目标很不容易







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« Reply #116 on: March 16, 2017, 09:02:23 PM »

China, Saudi Arabia eye US$65 bil in deals as king visits
TheEdgeThu, Mar 16, 2017

BEIJING/RIYADH (March 16): Saudi Arabia's King Salman oversaw the signing of deals worth potentially US$65 billion as he began a visit to Beijing on Thursday, as the world's largest oil producer looks to cement ties with the world's second-largest economy.

The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a month-long Asian tour.

The visits to countries that are some of world's fastest growing importers of Saudi oil aim to promote investment opportunities in the kingdom, including the sale of a stake in its giant state firm Saudi Aramco.

Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russia last year, by working mostly with China's top three state oil firms.

Chinese President Xi Jinping told Salman in Beijing's cavernous Great Hall of the People that his visit showed the importance he attached to relations with China.

"This visit will push forward and continue to improve the quality of our relations and bear new fruit," Xi said in comments in front of reporters.

'Old friends'

Deputy Chinese Foreign Minister Zhang Ming said the memorandums of understanding and letters of intent were potentially worth about US$65 billion, involving everything from energy to space, but he did not give details.

"President Xi Jinping and King Salman are old friends," Zhang said. "Practical cooperation between China and Saudi Arabia has already made major achievements, and has huge potential."

For Saudi Aramco, the potential investments fit with its strategy to expand its refining and chemicals portfolio in its bid to diversify assets and secure long-term agreements for its oil.

An MoU with state-run Norinco will look into building refining and chemical projects in China, while Saudi Basic Industries Corp (SABIC) and Sinopec have agreed to develop petrochemical projects in China and Saudi Arabia.

The Norinco deal could involve exploring the possibility of a greenfield refinery and chemical plant in Panjin, Liaoning province, while also upgrading an existing refinery and petrochemical facility in the same location, an industry source said.

Sinopec and SABIC, one of the world's largest petrochemical companies, jointly run a refinery in Tinajin.

'Honest broker'

China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil. But it has been trying to get more involved in efforts to end Syria's six-year-old civil war, where Riyadh supports rebels battling President Bashar al-Assad.

Last year China also offered support for Yemen's government, which is backed by a Saudi-led Gulf Arab coalition in a war against the Iranian-aligned Houthi movement that controls much of the country.

Zhang said both the Yemen and Syria crises were discussed by Salman and Xi, and both leaders agreed that these issues must be resolved politically via talks.

China has had to tread a careful line, though, as it also has close relations with Iran. Xi visited both Saudi Arabia and Iran in January last year.

Next week Israeli Prime Minister Benjamin Netanyahu visits China.

One Beijing-based diplomat from a Muslim-majority country told Reuters that China was trying to play the role of "honest broker" in the Middle East, as it lacks the historical baggage of the Americans or the Europeans.

"China does not take sides and that is appreciated," said the diplomat, speaking on condition of anonymity.

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« Reply #117 on: March 24, 2017, 05:55:57 PM »

2017-03-24 17:13
中国金融系统正受到一个新问题的困扰,那就是可转让定期存单(Negotiable Certificate of Deposit,简称NCD)的大量使用。
(中国‧北京24日讯)中国金融系统正受到一个新问题的困扰,那就是可转让定期存单(Negotiable Certificate of Deposit,简称NCD)的大量使用。


N CD是类似债券的贷款,期限从1个月至1年不等。中资银行对NCD的使用呈爆炸式增长,这对中国政府降低经济增长对投资和债务依赖的决心构成考验。



招商银行(China Merchants Bank)高级分析师刘东亮称,NCD的风险很高,如果处理不当,有可能在整个金融系统内引发流动性危机。


N CD最初有吸引力是因为成本低、不要求抵押。但自去年10月份以来,发行AA评级的3个月期NCD的平均成本已经从2.90%涨至4.72%,某些情况下甚至高于AA评级的1年期公司债的收益率。


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« Reply #118 on: April 02, 2017, 06:14:48 PM »


China raises interest rates on standing lending facility loans
Published: April 1, 2017 06:17 PM GMT+8


China’s central bank sought to increase borrowing costs by raising interest rates for standing lending facility loans. — Reuters file pic
China’s central bank sought to increase borrowing costs by raising interest rates for standing lending facility loans. — Reuters file pic
BEIJING, April 1 — China’s central bank raised interest rates for standing lending facility loans, aimed mainly at small- and medium-sized financial institutions, it announced yesterday.

The People’s Bank of China increased the rate for overnight SLF loans by 0.2 percentage points to 3.3 per cent effective from March 16, it said in a statement on its website. The bank raised the rate for 7-day loans to 3.45 per cent and the 1-month rate to 3.8 per cent.

Once largely reliant on benchmark rates, the PBOC has in recent years used an expanding number of instruments to guide borrowing costs and create an interest-rate corridor. It has increased the frequency of its open-market operations, while officials have been more vocal in signalling policy intentions.

The bank said it conducted about 122 billion yuan (RM78.3 billion) of operations for the SLF loans last month and the outstanding facility was about 70 billion yuan at the end of March. The SLF rates play a role in being the ceiling of an interest-rate corridor and will favour stable operation of rates in the currency market, the bank said.

The SLF is similar to the Federal Reserve’s discount window and the European Central Bank’s Marginal Lending Facility. It was started in 2013 and its maximum maturity has been kept at one month or below for the past two years.

China’s central bank sought to increase borrowing costs as a stable economy and factory reflation give it scope to follow the Federal Reserve in tightening policy. The financial institutions have strong incentives to expand credit with the economy steady, inflation accelerating and real-lending costs going down, the central bank said in a statement last month. —

- See more at:

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« Reply #119 on: April 04, 2017, 08:32:21 AM »

2017-04-03 15:44








东尼看上越南 开第二家廉航公司





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« Reply #120 on: April 17, 2017, 12:22:23 PM »

China 1Q GDP grows faster than expected 6.9%, steel output hits record

April 17, 2017 11:13 am MYT
BEIJING (April 17): China's economy grew 6.9% in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a frenzied housing market that is showing signs of overheating.

Analysts polled by Reuters had expected the economy to expand 6.8% in the first quarter, the same pace as in the fourth quarter of 2016.

First-quarter growth was the fastest since the third quarter of 2015, with March data showing investment, retail sales, factory output and exports all grew faster than expected.

The strong reading should help underpin wobbly global financial markets but adds to worries that China's government is still relying too heavily on stimulus and "old economy" growth drivers and is not doing enough to tackle risks from an explosive build-up in debt.

While China's data has been largely upbeat so far this year, many analysts widely expect the world's second-largest economy to lose steam later in the year as the impact of earlier stimulus measures starts to fade and as local authorities step up their battle to rein in hot housing prices.

Real estate investment growth accelerated to 9.1% in the first quarter from a year earlier, as the pace of new construction starts quickened despite intensified government cooling measures.

Though policymakers have pledged repeatedly to push reforms to head off financial risks and asset bubbles, the government is seeking to keep the world's second-largest economy on an even keel ahead of a major leadership transition later this year.

The government is aiming for growth of around 6.5% in 2017, slightly lower than last year's target of 6.5-7% and the actual 6.7%, which was the weakest pace in 26 years.

Economic data was up across the board in March, with factory output increasing at the fastest pace since December 2014 and firms stepping up capital investments after a slowdown last year.

Industrial output rose 7.6% in March, with steel output the highest on record, according to Reuters data, adding to evidence of a global manufacturing revival that is buoying prices of industrial materials from iron ore to coking coal.

But consumption also appears to be picking up, contributing to 77.2% of first-quarter growth, while retail sales growth picked up to 10.9% after slowing in the first two months of the year.

Still, many analysts expect economic growth to cool later this year as the impact of earlier stimulus measures starts to fade and as local authorities resort to ever-tougher measures in a bid to get soaring home prices under control.

Beijing also is continuing to rely heavily on new credit to generate growth as productivity slows, despite worries about debt risks.

China's banks extended the third highest loans on record in the first quarter, though March lending was less than expected.

At the same time, China's central bank has shifted to a tightening bias, and is using more targeted measures to contain risks in the financial system, after years of ultra-loose settings.

It has raised short-term interest rates several times already this year, and further modest hikes are expected as it tries to coax debt-laden firms to reduce leverage.

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« Reply #121 on: April 24, 2017, 03:28:06 PM »

Business NewsHome > Business > Business News
Monday, 24 April 2017 | MYT 2:02 PM
China stocks head for worst day of 2017 as regulators tighten grip

SHANGHAI: China stocks tumbled more than 1 percent on Monday and looked set for their biggest loss of the year amid signs that Beijing would tolerate more market volatility as regulators clamp down on shadow banking and speculative trading.

Recent signs of stability in China's economy "have provided a good external environment and a window of opportunity to reduce leverage in the financial system, strengthen supervision and ward off risks," the official Xinhua News Agency reported on Sunday.

"Over the past week, interbank rates trended higher, bond and capital markets suffered from sustained corrections and some institutions faced liquidity pressure. But these have little impact to the stability of the broader environment."

The Shanghai Composite Index slumped 1.6 percent to 3,123.80 points by the lunch break, after posting its biggest weekly loss so far this year last week.

The blue-chip CSI300 index fell 1.3 percent to 3,423.11.

Barring a rebound, the indexes looked set for their biggest one-day percentage loss since mid-December.

Daily declines of more than 1 percent in the indexes have been rare for notoriously volatile Chinese markets this year.

"Even the better-than-expected Q1 data could not boost the market, as investors are concerned about regulatory risks," wrote Larry Hu, analyst at Macquarie Capital Ltd, referring to stronger-than-expected 6.9 percent economic growth early in the year.

In the latest of a flurry of regulatory measures, China's insurance regulator said on Sunday it will ramp up its supervision of insurance companies to make sure they comply with tighter risk controls and threatened to investigate executives who flout rules aimed at rooting out risk-taking.

The banking regulator said late on Friday that growth in Chinese wealth management products (WMPs) and interbank liabilities eased in the first quarter, suggesting authorities are making some headway in containing financial risks built up by years of debt-fuelled stimulus.

But while the clampdown is expected to continue, most analysts believe moves will be cautious to avoid hitting economic growth.

Investors are already concerned that the economy could lose momentum in coming months as local governments launch more stringent measures to cool heated property prices.

"Market risk appetites could continue to decline if financial regulation keeps tightening," said Gao Ting, Head of China Strategy at UBS Securities.

"Investors seem to mostly be responding by adjusting their positions, particularly by rotating into high-quality blue-chips."

Banking is the only main sector that ended the morning in positive territory, while small-caps suffered massive sell-offs, with an index tracking start-up stocks falling nearly 2 percent.


In Hong Kong, stocks dipped slightly, with the bearish sentiment from China largely neutralized after the market's favoured candidate won through the first round of the French election, reducing the risk of a Brexit-like shock.

The Hang Seng index dropped 0.1 percent to 24,016.23 points, while the Hong Kong China Enterprises Index was unchanged at 10,045.78. - Reuters
Stocks , Economy , Corporate News
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« Reply #122 on: May 04, 2017, 06:46:25 AM »

967点看 2017年5月3日
























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« Reply #123 on: May 05, 2017, 03:06:16 PM »

2017-05-05 14:25








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« Reply #124 on: May 07, 2017, 07:31:58 PM »

2017-05-05 18:09







中国六部委联手 严管地方举债











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« Reply #125 on: May 08, 2017, 04:20:11 PM »

Business NewsHome > Business > Business News
Monday, 8 May 2017 | MYT 3:47 PM
China’s crackdown on shadow banking could seriously upset global markets


HONG KONG: Amid all the talk of remarkably subdued levels of volatility, signs of potentially severe stress are emerging from one of the most – if not the most – vulnerable areas in global financial markets: China’s unruly shadow banking sector.

The Beijing government’s efforts to discipline its financial system and rein in a huge credit bubble have already led to a deterioration in sentiment in the country’s equity and debt markets.

Since the drive to curb financial leverage intensified in early April, China’s banks have started withdrawing money from so-called entrusted investments – asset or wealth management products that banks outsource to third-party asset managers – which has forced non-bank financial institutions to sell their bond and equity holdings.

The Shanghai Composite Index, which on April 11 reached its highest level since January 2016 – the month during which global stock markets suffered a dramatic sell-off because of heightened fears about China’s economy and policy regime – has fallen more than 5.5 per cent over the past month.

Short-term lending rates, meanwhile, have surged since President Xi Jinping told a politburo meeting on April 26 that maintaining financial stability was “strategically important”. The overnight Shanghai interbank offered rate currently stands at its highest level since April 2015.

More worryingly, there are signs that China’s economy is beginning to slow once again. On April 30, the publication of an official purchasing managers’ index survey showed that growth in the manufacturing sector last month fell to a six-month low. A separate survey for China’s services sector also revealed that activity has dropped to its lowest level in six months.

A brutal sell-off across commodity markets is putting China’s manufacturing industry under strain and, more alarmingly for international investors and traders, accentuating the risks posed by Beijing’s efforts to tighten liquidity and rein in shadow bank credit.

While the steep falls in commodity prices – iron ore has dropped below US$60 a tonne for the first time in six months, copper prices are down more than 6 per cent since the end of March, while Brent crude, the international oil benchmark, is back below US$50 a barrel for the first time since late November – stem partly from persistent concerns about global oversupply, the sell-off is inextricably linked to measures to curb financial risk in China.

As ADM ISI, a London-based brokerage, rightly notes, “while oil’s fall owes much to doubts about the efficacy of production cut, this is as much or more about the China clampdown on credit and leverage”.

Make no mistake, the global repercussions of Chinese regulators’ efforts to tame financial risk could become a lot more severe in the coming weeks and months.

The whiff of another “January 2016” is in the air.

While Beijing’s regulatory crackdown on shadow finance is long overdue – China’s total debt as a share of gross domestic product has surged to nearly 265 per cent since the global financial crisis, while the value of wealth management products, a key part of shadow banking, has tripled to US$3.8 trillion in just three years, according to Bloomberg – the challenge of gently pricking an unprecedented credit bubble without roiling global markets and severely endangering growth in China is a daunting one.

The stakes could not be higher.

As Pimco, an asset manager, notes, Chinese credit has been the driving force behind the “reflation trade” over the past year or so. “Just as a less hawkish Federal Reserve is the backstop to market volatility, the Chinese growth ‘put’ is ultimately the backstop to [emerging market] and commodity-related credit risk,” Pimco wrote in a blog.

Among all the pressure points in markets – and there are many, ranging from concerns about economic policy under the new US administration to the governance of the ill-managed euro zone – regulatory and monetary tightening in China is the one that investors are the most sensitive to.

The betting is that Xi will prize market stability and economic growth above all else in the run-up to November’s crucial party congress at which he expects to cement his influence.

Yet it is also clear that the political impetus behind recent efforts to discipline China’s shaky financial system is considerable and is likely to intensify further, putting commodity markets under further strain.

For the time being, the fallout from the crackdown is confined to the commodity space. Global equity markets remain buoyant while EM bond and equity mutual funds continue to enjoy strong inflows.

Yet the scope for another major China-induced sell-off has increased considerably over the past month. - South China Morning Post.

Nicholas Spiro is a partner at Lauressa Advisory

Banking , Economy


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« Reply #126 on: May 10, 2017, 06:00:52 PM »

1557点看 2017年5月10日









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« Reply #127 on: May 21, 2017, 06:33:00 AM »

Business NewsHome > Business > Business News
Saturday, 20 May 2017 | MYT 8:47 PM
China's Q2 GDP growth seen at around 6.8%

SHANGHAI: China's economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal on Saturday.

The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country's top economic planning agency.

It forecast consumer inflation in the world's second largest economy of around 1.4 percent and expected an increase of about 6.5 percent in producer price inflation in the second quarter from the same period a year earlier.

"Overall, China's economy will remain stable but with a slightly slowing trend," the think tank said in the paper.

China's economy grew 6.9 percent in the first quarter from a year earlier, slightly faster than expected, supported by a government infrastructure spending spree and a housing market that has shown signs of overheating.

The think tank said it had seen contradictions between government policies to fend off financial risks and reduce corporate finance costs.

"Strengthening financial regulations has weakened the effect of monetary policy to a certain extent," it said, suggesting that a prudent and neutral monetary policy may actually manifest itself as a tightening bias when implemented.

The State Information Center also said that steady growth of the economy may be inhibited due to worsening labour and debt conditions amid deepening cuts in excess industrial capacity.

China is aiming to expand its economy by around 6.5 percent this year, Premier Li Keqiang said during the annual meeting of parliament in March. - Reuters


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« Reply #128 on: May 25, 2017, 06:33:13 AM »

Business NewsHome > Business > Business News
Wednesday, 24 May 2017 | MYT 1:51 PM
Moody's downgrades China, warns of fading financial strength as debt mounts

SHANGHAI: Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

The one-notch downgrade in long-term local and foreign currency issuer ratings, to A1 from Aa3, comes as the Chinese government grapples with the challenges of rising financial risks stemming from years of credit-fuelled stimulus.

"The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the rating agency said in a statement, changing its outlook for China to stable from negative.

China's Finance Ministry said the downgrade, Moody's first for the country since 1989, overestimated the risks to the economy and was based on "inappropriate methodology".

Moody'€s views that China'€s non-financial debt will rise rapidly and the government would continue to maintain growth via stimulus measures are exaggerating difficulties facing the Chinese economy, and underestimating the Chinese government's ability to deepen supply-side structural reform and appropriately expand aggregate demand, the ministry said in a statement.

China's leaders have identified the containment of financial risks and asset bubbles as a top priority this year. All the same, authorities have moved cautiously to avoid knocking economic growth, gingerly raising short-term interest rates while tightening regulatory supervision.

At the same time, Beijing's need to deliver on official growth targets is likely to make the economy increasingly reliant on stimulus, Moody's said.

"While ongoing progress on reforms is likely to transform the economy and financial system over time, it is not likely to prevent a further material rise in economy-wide debt, and the consequent increase in contingent liabilities for the government," Moody's said.

While the downgrade is likely to modestly increase the cost of borrowing for the Chinese government and its state-owned enterprises (SOEs), it remains comfortably within the investment grade rating range.

China's Shanghai Composite index fell more than 1% in early trade before paring losses, while the yuan currency in the offshore market briefly dipped nearly 0.1% against the US dollar after the news.

The Australian dollar, often see as a liquid proxy for China risk, also slipped.

One trader at a foreign bank in Shanghai said the spread between benchmark government bonds and those issued by SOEs in US dollars widened by 2-3 basis points.

"It's going to be quite negative in terms of sentiment, particularly at a time when China is looking to derisk the banking system, as well as at a time when there's going to be some potential restructuring of SOEs," said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank's Treasury division.


In March 2016, Moody's cut its outlook on China's ratings to negative from stable, citing rising debt and uncertainty about authorities' ability to carry out reforms and address economic imbalances.

Rival ratings agency Standard & Poor's downgraded its outlook to negative in the same month. S&P's AA- rating is one notch above both Moody's and Fitch Ratings, leading to speculation among analysts that S&P could also downgrade soon.

Moody's has Japan at the same A1 rating China is now on.

"We understand the risk and the reason for downgrade but due to China being a unique system on its own closed capital account and strong government control over all important sectors - it can tolerate a higher debt level," said Edmund Goh, a Kuala Lumpur-based investment manager at Aberdeen Asset Management.

Moody's has no specific timetable for re-visiting China's rating, but would monitor conditions on a regular basis, said Marie Diron, associate managing director of Moody's Sovereign Risk Group.

More than two hours after the announcement from Moody's, no Chinese state media had published news about the downgrade.

The slowing economy has become an increasingly sensitive topic in China, with authorities directing mainland Chinese economists and journalists towards more positive messaging.

When Moody's cut its outlook on China in March 2016, former Finance Minister Lou Jiwei said at the time the government didn't "care much" about it.

Lou said China understood rating agencies' concerns about problems such as local government debt, but the government had taken measures to address the issue and it didn't need to consult or seek support from the agencies.

Authorities have stepped up efforts over the last several months to curb debt and housing risks, and a raft of recent data has signalled a cooling in the economy, which grew a solid 6.9% in the first quarter.

China's potential economic growth was likely to slow towards 5% in coming years, but the cooldown is likely to be gradual due to expected fiscal stimulus, Moody's said.

Government-led stimulus has been a major driver of growth over recent years, but the pump-priming has also been accompanied by runaway credit growth and has created a mountain of debt - now standing at nearly 300% of gross domestic product (GDP).

Julian Evans-Pritchard, China Economist at Capital Economics in Singapore, said steps to resolve the debt overhang, such as debt-for-equity swaps at state-owned enterprises, were insufficient to deal with problem.

"As a result, it'€™s reached the point where the bad debt problem is just so large the government will have to step in to resolve it at some point and that obviously means at some point a sizeable increase in government debt," he said.

Moody's said it expects the government's direct debt burden to rise gradually towards 40% of GDP by 2018 and closer to 45% by the end of the decade.

A growing number of economists believe that a massive bank bailout may be inevitable in China as bad loans mount. - Reuters


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« Reply #129 on: May 25, 2017, 06:58:11 AM »

財经发布於 2017年05月24日 • 最后更新 2017年05月24日 22时44分










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« Reply #130 on: May 28, 2017, 06:59:11 PM »

Former HKMA chief Joseph Yam says China quite right to take a cautious approach on allowing the yuan to become freely traded
The next global financial crisis ‘could be even bigger than previous ones’, he adds, that’s why China must be cautious with its currency
PUBLISHED : Friday, 26 May, 2017, 4:36pm
UPDATED : Friday, 26 May, 2017, 10:53pm

Enoch Yiu
Enoch Yiu

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Traders suspected the PBOC intervened to prop up the yuan on Friday and squeeze short sellers to defy this week’s downgrade of China’s credit rating by Moody’s. Photo: Reuters
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26 May 2017
Joseph Yam Chi-kwong, former head of the Hong Kong Monetary Authority (HKMA), says the next global financial crisis could be even bigger than previous ones – and that’s part of the reason why China should not let its currency to be freely traded, but only allow it to be tradable via monitoring.
“In my opinion, the renminbi should not be freely convertible without monitoring, but the currency should be allowed to be tradable under appropriate reporting and monitoring,” he said on Friday.
He added it would only be safe and appropriate to allow people to convert large amounts of other currencies into yuan, if they report and declare the exact purpose of the usage to the authority, which should also then strictly enforce the use of the money.
“As an example, if someone reports he is to convert 1 billion yuan (US$145 million) to invest in the stock market and three months later he has not invested the money, the authority should order him to take the money out of the country,” Yam said.
Yam, who ran Hong Kong’s central bank from its creation in 1994 to 2009, and who acted as an adviser to incoming Chief Executive Carrie Lam Cheng Yuet-ngor during her election campaign, has a close working relationship with both the mainland authorities and The People’s Bank of China.

He is a strong supporter of China’s socialist-led market economy, which accepts more market opening up to the outside world under monitoring and controls.
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For someone like me, who has always believed in market forces, it [the government’s intervention in August 1998, to defend against currency speculators] felt like being betrayed by a friendJOSEPH YAM CHI-KWONG, FORMER HEAD OF HONG KONG MONETARY AUTHORITY
He says that’s how China has been able to weather the recent global financial crises, and achieve better economic performance than many western countries over the past 20 years.
“Please don’t misunderstand me. I still believe in market forces and Hong Kong will never have any capital controls under the Basic Law,” he said.
“But if you look back at the past twenty years, the Hong Kong stock and currency markets were hit hard by the Asian financial crisis of 1997, and the Hong Kong government was forced to take market intervention in August 1998, to defend against speculators.
“For someone like me, who has always believed in market forces, it felt like being betrayed by a friend.”
The 2007/2008 financial crisis was, he added, rooted in speculative activities by Wall Street investment banks which introduced sub-prime and other complicated products to investors.
“That was a very bad, greedy culture which led investment banks to carry out their businesses with the sole purpose of benefitting themselves, not the public or their investors,” he added.
“For many freely traded currencies, 95 per cent of trades are done by speculators, with only 5 per cent done by those who need the currency for business purposes. This is not healthy.”
But Yam said the damaging speculative culture in the world’s biggest financial market has not changed, and the monetary easing policies in the US since 2008 have simply led to trillions of dollars flooding the markets.
“These problems, together with globalisation of economies, means the next financial crisis could be bigger than the previous one,” he said.
“Hong Kong needs to make sure its system is prepared for that, while China also needs to adopt a safe approach to open up its market and internationalise its currency.”
This article appeared in the South China Morning Post print edition as:
Yuan should not be freely traded: Yam

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« Reply #131 on: June 01, 2017, 12:14:08 PM »

May 31, 2017
Qian Hai Life signals systemic risks in China’s financial sector – Will China insurance market crash?
Chinese insurers breached investment limits and took unnecessary risks, to the detriment of consumers, for profits.


Consumers were only highlighted after a leak from an anonymous email

There was a leak from an anonymous email on the 15th May. Five sealed documents and other two documents showed how Qian Hai Life (Foresea Life) requested regulators for a reprieve from restrictions on selling new insurance products.

China Insurance Regulatory Commission (CIRC) had suspended Qian Hai Life from selling new insurance products on 5th December 2016 for 3 months. This is a punishment to Qian Hai’s aggressive moves into high-risk stock market. To make matters worse, in February, then-Chairman Yao Zhenhua was banned from working in the insurance industry for 10 years. Qian Hai had used insurance premiums to invest in the stock market beyond stipulated limits.

In 1Q 2017, Qian Hai life recorded 70% decline in premium income. To date, CIRC has yet to approve any of Qian Hai Life’s new products.

Qian Hai begged CIRC to restore their business, an act to save themselves?

Qian Hai almost begged CIRC to restore their business, saying that banning new products will cause greater harm to their customers and the insurance industry. It was reported that Qian Hai Life warned the CIRC in its communications about the possibility of a liquidity crunch triggering mass defaults.

In the documents, Qian Hai Life threatened CIRC that the total surrender value of Qian Hai’s insurance products will accumulate to RMB60 billion (US$8.7 billion). If the company is not able to reinstate their right to sell universal life products, there probably will be “mass disturbances” and “systematic and regional risks”. To repay the kindness of CIRC, Qian Hai promised that they will “coordinate with the CIRC and the government’s need to deal with Vanke’s procedures for changing the board of directors”. Qian Hai’s parent company Baoneng, a real estate giant became Vanke’s biggest shareholder, another real estate giant in China, in 2016.

Qian Hai Life recorded a negative cash inflow of RMB12.4 billion (US$1.8 billion) for the quarter, compared with a negative cash inflow of 1 billion yuan the previous quarter — when the ban went into effect, its solvency reports show. The company had recorded positive cash inflows in the first three quarters of 2016.

Qian Hai Life is not the only Chinese life insurer under regulatory scrutiny

Since late 2016, CIRC has penalised Soochow Life Insurance Co. Ltd., Huaxia Life Insurance Co. Ltd., Pramerica Fosun Life Insurance Co. Ltd. and Anbang Life Insurance Co. Ltd. for violating rules on selling wealth management-type products, while Evergrande Life Insurance Co. Ltd. has been punished for investing aggressively in China’s stock markets.

Chinese insurers may now outsource investments to avoid risking breaches

Some insurers may have decided to outsource investments altogether to avoid trouble. China Life Insurance Co. Ltd. agreed to an investment partnership with Manulife Asset Management, the first such tie-up for the Chinese insurer. The partnership is in line with China Life’s strategy to partner with overseas institutions to explore foreign investment opportunities, according to a statement by the company in Chinese.

May 31, 2017
A tale of two kings

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« Reply #132 on: June 05, 2017, 06:47:54 AM »

中資大舉收購 日媒:北海道恐成中國“北海省”
 9172点阅   2017年6月04日
北海道有地要出售。《News PostSeven》
北海道有地要出售。《News PostSeven》

日本新聞網站《News PostSeven》日前報導,日本農林水產部4月公布的調查資料顯示,去年外資企業購買的日本森林面積達202公頃,是前年的3倍,多在北海道,且81%是被中國、台灣及香港人收購,北海道已快變成中國的北海省,令日本政界受到巨大衝擊。





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« Reply #133 on: June 06, 2017, 08:44:59 AM »

China gaining influence over ASEAN while US influence dwindles
Posted by admin2
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China has wasted no time stepping up its audacious bid to exert more control over ASEAN following Donald Trump’s election as US president. Southeast Asian nations find themselves in an uncomfortable position.

By John Pennington

It did not take long for the impact of Trump’s election to reach Southeast Asia. The repeal of the Trans-Pacific Partnership (TPP) and the establishment of a warm accord with Xi Jinping to combat the threat of North Korea are moves that could have been designed specifically to push ASEAN nations into China’s orbit.

China needed no second invitation to take advantage. China continued its audacious bid to swallow them up and assert control over a disunited Southeast Asian bloc as ASEAN countries feel ignored or even abandoned by the US.

China is adopting a “divide and conquer” approach

China is instead using a “divide and conquer” approach in ASEAN. As a united front, ASEAN has bigger bargaining power than if they were dealing with China one at a time. They turned their attentions to bringing individual countries into their sphere of influence to break down the ties that make ASEAN strong. China employed bilateral diplomacy to smooth over relations to keep potential flashpoints under control.

China also committed significant investment and commitment to future partnerships. Closer ties mean those countries are heavily reliant on China and are unlikely to go against Beijing for fear of reprisals. In return for infrastructure and investment, China negotiated concessions. Unsure about what support ASEAN has from the US, there is “neither the stomach nor the means” to challenge China.

Chinese investment in Southeast Asia is significant

China’s increasing investment in ASEAN (US$ billion)

Source: China’s Economic Ties with ASEAN: A Country- by Country Analysis

In total, two-way investment between China and ASEAN since 1967 adds up to more than US$160 billion. China invested more than US$5 billion in Laos, US$18.5 billion in Myanmar, more than US$10 billion in Cambodia between 1994 and 2012 and a further US$3.7 billion since. Chinese companies control Cambodia’s power supply.
China is Thailand’s largest trading partner and second largest investor. The country has just approved the purchase of three submarines from China worth more than US$1 billion and is a recipient country of the One Belt, One Road (OBOR) initiative.

The promise of future investment helped turn the Philippines into an ally

A good example of China’s approach is the way that they turned the election of President Rodrigo Duterte into a success for themselves. Despite Duterte’s recent conversation with Trump, he decided to reinvigorate Sino-Filipino relations at the expense of his ties with Washington. By making that decision, Duterte gave China the opportunity they needed.

The promise of investment in his country – for the first time in five years – has ramifications beyond just his own borders. The Hague’s legal judgment in the Philippines’ favour against China’s claim to the South China Sea has been swept aside.

Proof of that came when, during his address as ASEAN chairman, he rowed back on keeping the pressure on China to respect the judgment. Duterte will cut a deal to ignore the judgment in exchange for financial support. With the US out of the picture, Beijing will now agree on the framework for a Code of Conduct.

ASEAN capitulation over the South China Sea is a huge win for China

Duterte’s actions undermine the other countries – Brunei, Malaysia, Taiwan, and Thailand – with claims to the South China Sea and supports China. The other countries cannot stand up to China now that Duterte has effectively ceded the initiative. One of the parties having its own bilateral arrangement means the previous unilateral approach is no longer viable. Furthermore, a complete lack of US support or action in the area leaves ASEAN increasingly isolated.

China’s lobbying worked. “By any measure, this was a slam-dunk diplomatic victory for Beijing, which has sought to court Mr. Duterte by offering multibillion-dollar investments and the prospect of joint development deals in contested waters,” surmised Richard Javid Heydarian, a political science professor at De La Salle University in the Philippines.

For the moment, only Singapore and Vietnam do not appear to have moved any closer to Beijing. Instead, Singapore Prime Minister Lee Hsien Loong urged ASEAN nations to strike a balance between Beijing and Washington. Vietnam has long-standing good relations with the US and will host Trump at November’s APEC summit in Hanoi while Singapore is close to both China and the US.

One Belt, One Road and RCEP may now take centre stage

Sources: Reuters, Xinhua Finance Agency, South China Morning Post

ASEAN nations will now see China’s One Belt, One Road (OBOR) programme and its Regional Comprehensive Economic Plan (RCEP) as increasingly significant. Without the TPP to support them, they will now compete for investment that the One Belt, One Road programme can deliver.
Discussions over reviving or revising the TPP continue but OBOR offers some degree of certainty. Laos was promised US$6 billion to link its capital Vientiane with China’s Yunnan province by 2020. Work on the Singapore to Kunming line has started. China won the US$5.1 billion contract to build a 150-kilometre rail project in Indonesia.

However, for all the infrastructure benefits that OBOR will provide, the scheme would give China control of land and sea routes, further increasing its influence over the region. It puts ASEAN nations in a difficult position. They need Chinese infrastructure investment but can no longer rely on the US to act as a buffer. As a result, they lose bargaining power and influence.

It represents a fundamental shift. “Before, most Southeast Asian states wanted to benefit from Chinese regional economic initiatives and from American pushback against China,” said Malcolm Cook, a senior fellow at the Institute of Southeast Asian Studies in Singapore. “The second part of this balance is now in question. Hence, the pressure to acquiesce to China diplomatically and on security issues is stronger,” he added.

ASEAN nations may end up as pawns in a bigger power game

While world leaders concentrate on North Korea’s nuclear arsenal, Southeast Asian nations risk becoming pawns in a bigger power game. It is a return to old-fashioned politics. Trump’s administration essentially gave China freedom to do as it pleased in the South China Sea, and by extension, ASEAN, because the US needed China to keep the pressure on North Korea.

Now Trump has removed the handbrake, the balance that Loong spoke about becomes much harder to strike. China is the more stable partner as uncertainty surrounds everything coming out of Washington. What trust can ASEAN place in Mike Pence’s assertion that the US, has “unwavering commitment” towards the region?

Yet, at the same time, ASEAN needs to find a way to keep the US onside. ASEAN may welcome recent US “freedom of navigation operations” in the South China Sea. As Thitinan Pongsudhirak, director of the Institute of Security and International Studies at Bangkok’s Chulalongkorn University, said, “ASEAN is in a precarious position now with the concessions, accommodation and even appeasement with China. If China continues to be shrewd and takes ASEAN on another ride, then ASEAN will be much worse off.”

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« Reply #134 on: June 06, 2017, 08:51:46 AM »

[Brief] The uneasy nonperforming loans in China may be the trigger for the next Asian financial crisis

TOPICS:BankLoan FraudNonperforming LoanNPL

JUNE 6, 2017
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Chinese banks may have reported lower nonperforming loan figures than expected. But what lies beneath could be a complicated system that hides the risks of a weakening financial system.


Everyone is pretending not to see it, but the Chinese market has been unstable in recent years. Analysts have been sceptical about the reported low non-performing loan ratios “NPL” in recent years.

The NPL of listed Chinese banks for 2016 remained below 1.6%. While NPL increased over the last 5 years, Chinese NPLs were consistently healthier relative to other emerging nations.

Source: S&P
For the year 2016, China’s reported NPL was lower than Singapore. Many questions if the relatively low NPL levels resulted from reclassification of loans as special mention loans. Under the latter classification, special mention loans required fewer provisions than NPLs.

However, these classifications only mask the truth. In recession, these loans will default regardless of their classification. By then, listed banks will have to announce special provisions resulting in aggressively allowances and losses, unexpected.

The challenge is how Xi’s administration will handle this situation. As the central government combats outflow of capital and attempts to regain global confidence in the Chinese economy, one questions if the China Banking Regulatory Commission will work towards forcing banks to correct loan classification process.

Source: S&P
Based on a report by SNL, Industrial & Commercial Bank of China Ltd’s “ICBC” NPL of 1.6% was much lower than special mention loans of 4.5% of total loans. ICBC’s special mention loans increased by 2.5% from 2% in 2013. In the same report, Bank of China’s special mention loans grew by 3.1%, a startling figure that remains infrequently reported.

The option of auditing these reporting systems is a tougher one than to simply reengineer the classification process. Perhaps it is time to rethink the need for “special mention loan” classification?

Problem loans is also an issue for smaller Chinese commercial banks as they report default rates of more than 20%. In an FT report, analysts shared that debt levels in China are reaching “epidemic” levels.

BBVA economists Xia Le highlighted that risks in these rural banks are highest, insinuating that these banks will fall in the first instance of trouble.

It was reported in the same article that Liuzhou Bank suffered an unprecedented $4.9bn loan fraud. This amount was a third of the bank’s assets.

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« Reply #135 on: June 10, 2017, 07:10:53 AM »

网络红人 2017-06-09 檢舉



「不管在哪里都是中国人,中国永远是他们的娘家」 - 习近平





不少海外华人大赞「华裔卡」的政策十分便利,更形容该政策为「真实承认双重国籍」,又指华裔卡的试点以及未来双重国籍的放开,有利于在全球化的今天,吸引海外华裔人才、资金、技术回到中国,并增强海外华人的凝聚力。 不过,更多海外华人还是希望当局能开放双重国籍。


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« Reply #136 on: June 12, 2017, 06:33:49 PM »

Business NewsHome > Business > Business News
Monday, 12 June 2017 | MYT 5:06 PM
China Development Bank says Moody's China ratings cut has "limited impact"

BEIJING: China Development Bank Corp (CDB), one of the country's largest bond issuers, said Moody's Investors Service's downgrade of China's credit ratings has had "limited impact" on fundraising by Chinese companies overseas.

"Funds are relatively abundant in the international market and the supply of high-quality bonds falls short of demand," the state-owned bank said in a statement to Reuters.

"Yields on bonds by Chinese issuers are more attractive than those of other emerging market issuers."

Moody's last month downgraded China's credit ratings for the first time in nearly 30 years, to A1 from Aa3, reflecting its growing concern that China's financial strength is fading amid a ballooning debt pile

CDB, the biggest policy bank in the country, said that China's government has "effectively lowered debt risks" by implementing local government debt swaps, a de-leveraging campaign, and disposing non-performing loans in the banking sector.

The one-notch downgrade in long-term local and foreign currency issuer ratings "lacked sufficient estimates about China's supply-side reforms and the impact of stabilising economic growth", CDB said in the statement.

Financial regulators in Hong Kong, Singapore and Europe so far haven't made "substantial adjustment" to regulatory requirements, such as high-quality liquidity assets (HQLA), following the Moody's ratings cut, CDB said. - Reuters

Banking , Corporate News
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« Reply #137 on: June 16, 2017, 06:56:38 AM »

主页 > 国际 > 国际新闻 > 低估中国技术创新美国必将付出代价
948点看 2017年6月15日







中国欧盟商会最近对欧洲在华公司做了一项调查,60%的在华欧盟公司认为在2020年前中国公司会缩小同欧洲的创新差距,这个报告提醒欧洲公司要小心中国的技术创新挑战。 报告说,这种创新最有可能发生在服务业,在工业界的创新突破需要更长时间。

根据调查,近半数在中国的欧洲公司认为他们的业务在2016年遇到更多困难,而其中70%的公司都是在服务业和建筑业的公司,但在航空和宇航以及民航业的欧洲公司则认为在中国的业务运营并没有大改变。 报道称,中国的技术创新,特别是在电子商务和网络技术方面令外部观察者印象深刻。



“在互联网大数据和物联网时代,中国7亿人每天用移动网络做海量支付,这意味着海量信息,搜集这些信息又有助于把握潮流,并能刺激新的人工智能业务的发展。” 弗里德曼称,美国往往把中国的增长归咎于不平等贸易做法,低估了中国的技术创新,美国会为此付出代价。















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« Reply #138 on: June 21, 2017, 06:35:08 AM »

45点看 2017年6月20日









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« Reply #139 on: July 17, 2017, 11:39:28 AM »

Business NewsHome > Business > Business News
Monday, 17 July 2017 | MYT 10:22 AM
China second quarter GDP grows 6.9% year on year, beats expectations
A general view of a shopping mall under construction in Chongqing, China July 13, 2017. - Reuters
A general view of a shopping mall under construction in Chongqing, China July 13, 2017. - Reuters
BEIJING: China's economy grew 6.9 percent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.

Analysts polled by Reuters had expected the economy to expand 6.8 percent in the April-June quarter, slightly slower than the previous quarter's robust 6.9 percent pace.

The government is aiming for growth of around 6.5 percent in 2017, slightly lower than last year's actual 6.7 percent, which was the weakest pace in 26 years.

Many analysts expect the world's second-largest economy

to lose steam later in the year as policy measures to rein in red-hot housing prices and a rapid build-up in debt take a greater toll on growth.

Gross domestic product (GDP) in April-June grew 1.7 percent quarter-on-quarter, compared with growth of 1.3 percent in January-March, the National Bureau of Statistics said on Monday.

Analysts had expected quarterly growth would quicken to 1.7 percent. - Reuters
Economy , Markets


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« Reply #140 on: July 17, 2017, 12:32:18 PM »


財经 最后更新 2017年07月17日 11时54分






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« Reply #141 on: July 18, 2017, 12:15:24 PM »

China is said to tell banks to lower returns on wealth products

July 18, 2017 11:52 am MYT
SHANGHAI (July 18): China’s banking regulator told some lenders to lower the rates they offer on wealth-management products, people familiar with the matter said, as officials move to reduce financial risks and stimulate the economy.

Banks, including some big lenders, received the order from the China Banking Regulatory Commission earlier this month, said the people, asking not to be identified as they are not authorized to speak publicly. The requirement applies to on-balance sheet wealth-management products, known as WMPs, according to one of the people.

Banks have lifted yields on wealth-management products to the highest level in at least 17 months, with returns reaching an annualized 4.66% by the end of June, data from Chengdu-based PY Standard showed. That has resulted in higher costs for a key source of funding for lending and investment, at a time when the nation’s benchmark one-year deposit rate stood at 1.5%.

The CBRC didn’t immediately respond to a request for comment.

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« Reply #142 on: September 14, 2017, 01:52:24 PM »

China's economy cools again

September 14, 2017 13:31 pm MYT
THE pace of China’s economic expansion unexpectedly cooled further last month after a lackluster July, as factory output, investment and retail sales all slowed.

Key Points

Industrial output rose 6.0% from a year earlier in August, versus a median projection of 6.6% and July’s 6.4%. That’s the slowest pace this year.

Retail sales expanded 10.1% from a year earlier, versus a projection of 10.5% and 10.4% in July, also the slowest reading in 2017.

Fixed-asset investment in urban areas rose 7.8% in the first eight months of the year over the same period in 2016, compared with a forecast 8.2% rise. That’s the slowest since 1999.

Big Picture

The continued cooling of the world’s second-largest economy suggests that efforts to rein in credit expansion and reduce excess capacity are hitting home, ahead of the key 19th Party Congress in October. Still, producer-price inflation and a manufacturing sentiment gauge both exceeded estimates earlier this month, signaling some resilience.

The Shanghai Composite Index reversed earlier gains to fall 0.2%.

Economist Takeaways

"Today’s data shows that the economy clearly already peaked in the first half of this year," said Larry Hu, head of China economics at Macquarie Securities Ltd in Hong Kong. "Recently both property and exports are slowing down and that’s why the whole economy is slowing."

"Regulatory tightening in the financial sector is putting a squeeze on highly indebted firms reliant on shadow bank financing," said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc in Hong Kong. "And officials are unlikely to take their foot off the regulatory brakes any time soon. Growth therefore looks set to weaken further into year end, as regulators step up their campaign to rein in shadow banking."

"That’s still on track to a gradual moderation," Chang Jian, chief China economist at Barclays Plc in Hong Kong, said in a Bloomberg Television interview. "The government has been closing capacity, especially those that don’t meet environmental standards, and enforcement this year has been much stricter in the run-up to the 19th Party Congress."

Bloomberg Intelligence

"August’s activity data points to momentum in China’s economy starting to ebb," Bloomberg Intelligence economists Tom Orlik and Fielding Chen wrote in a report. "The economy faces significant headwinds, with a continued moderate slowdown expected into the final months of the year and beyond. Slowing growth is also an early test of the government’s commitment to deleveraging."

The Details

Output of cement, coking coal fell by 3.7% and 5.3% respectively
Production of new-energy vehicles rose by 56.4% in August, after climbing 48.6% in July
Steel production rose to a record
Property development investment rose 7.9% from a year earlier in the first eight months
Private fixed asset investment increased 6.4% from a year earlier in the first eight months
Economic fundamentals haven’t changed in the short term and property development investment remains stable, NBS spokeswoman Liu Aihua said at a briefing
August surveyed jobless rate in 31 cities remains below 5%, Liu said
Infrastructure investment slowed to 19.8% in the first eight months, from 20.9% in the first seven months

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« Reply #143 on: October 01, 2017, 07:19:23 PM »

Xi: Study capitalism but keep Marxism
Sunday, 1 Oct 2017

BEIJING: Communist Party members should study contemporary capitalism but must never deviate from Marxism, Chinese President Xi Jinping said, offering a clear signal there will be no weakening of party control weeks ahead of a key Congress opening.

Speaking at a study session of the Politburo, one of the party’s elite ruling bodies, Xi said that while times are changing and society is developing, the basic tenets of Marxism remain true, state news agency Xinhua said on Friday.

“If we deviate from or abandon Marxism, our party would lose its soul and direction,” Xi said.

“On the fundamental issue of upholding the guiding role of Marxism, we must maintain unswerving resolve, never wavering at any time or under any circumstances.”

Xi said the party should better integrate the basic tenets of Marxism with the “reality of contemporary China and learn from the achievements of other civilisations to create and develop Marxism”, Xinhua said.

“Xi also asked Party members to study contemporary capitalism, its essence and patterns,” the report added, without elaborating.

China has transformed its economy since it began landmark reforms in the late 1970s, and is now the world’s second largest economy.

Private firms are now supported and encouraged but the state-owned sector remains a major driver of growth and investment, though some industries like iron and steel are suffering from worryingly high levels of over-capacity.

Xi said the party must continuously develop socialism with Chinese characteristics, continuously enhance China’s comprehensive national strength and fully demonstrate the advantages of China’s socialist system.

This month’s party Congress, which opens on Oct 18, will see Xi further cementing his grip on power and usher in a new generation of senior leaders. — Reuters


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« Reply #144 on: October 01, 2017, 07:22:53 PM »


2017-09-30 棋胜 新闻早餐




























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« Reply #145 on: October 01, 2017, 07:23:55 PM »




































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« Reply #146 on: October 01, 2017, 07:25:06 PM »






































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« Reply #147 on: October 20, 2017, 08:50:14 AM »

Search Quotes, News & Video

China's central bank just warned of a sudden collapse in asset prices
China's central bank has said it should prevent accumulation of risk from excessive optimism
Central bank governor Zhou Xiaochuan said corporate debt is relatively high and that household debt rises too quickly
Zhou said the trading range of the yuan exchange rate was not a key issue at moment
Zhou is expected to step down early next year
Published 19 Hours Ago  Updated 12 Hours Ago
 China's central bank just warned of a sudden collapse in asset prices   China's central bank just warned of a sudden collapse in asset prices 
10 Hours Ago | 00:53
China will fend off risks from excessive optimism that could lead to a "Minsky Moment", central bank governor Zhou Xiaochuan said on Thursday, adding that corporate debt levels are relatively high and household debt is rising too quickly.

A Minsky Moment is a sudden collapse of asset prices after a long period of growth, sparked by debt or currency pressures. The theory is named after economist Hyman Minsky.

Zhou's warnings of potential risks facing the world's second-largest economy contrast with the rosier views of most Chinese officials.

"If there are too many pro-cyclical factors in the economy, cyclical fluctuations are magnified and there is excessive optimism during the period, accumulating contradictions that could lead to the so-called Minsky Moment," Zhou was speaking on the sidelines of China's 19th Communist Party congress.

"We should focus on preventing a dramatic adjustment," he said. China will control risks from sudden adjustments to asset bubbles and will seriously deal with disguised debt of local government financing vehicles, Zhou said.

Still, China's overall debt levels could decline as long as authorities keep a tight control on credit, he said.

Worries about a rapid build-up in China's debt prompted S&P Global Ratings to cut China's sovereign credit rating last month, following a cut by Moody's in May.

China's finance ministry said S&P's downgrade was a "wrong decision".

The International Monetary Fund IMF said in August it expected China's total non-financial sector debt to rise to almost 300 percent of its gross domestic product (GDP) by 2022, up from 242 percent last year.

When asked whether he would retire this year or next, Zhou said: "Either way it'll be soon." The 69-year-old Zhou, the country's longest-serving central bank chief, has spearheaded financial reforms and boosted the yuan's global profile.

Sources told Reuters earlier that Zhou was likely to retire around the time of the annual session of parliament next March, and China's top banking regulator Guo Shuqing and veteran banker Jiang Chaoliang are front runners to succeed Zhou.

Yuan band not key focus

Zhou also said that the trading range of the yuan exchange rate was not a key issue at the moment, and that the width of the yuan's current band rarely constrains supply and demand.

    China retail sales data beats, even as economy rebalances consumption 
17 Hours Ago | 04:14
"Sometimes a widening of the exchange rate's floating range is a signal that (China's) opening up will move forward. But this is not the key focus currently," he said.

The central bank is considering a widening of the yuan's trading band after the 19th Communist Party congress, Reuters reported in August, citing sources.

The central bank could widen the yuan trading range to allow it to rise or fall 3 percent against the dollar from the daily mid-point rate set by the central bank, up from the current 2 percent, according to the sources.

The foreign exchange market is currently stable, Pan Gongsheng, chief of the forex regulator, said on the sidelines of the congress, adding that supply and demand in the foreign exchange market was basically balanced.

Pan said on Wednesday that he expected yuan exchange rates to have a more stable foundation after the congress, and the central bank had "basically exited" from its regular yuan intervention.

Beijing burned through nearly $320 billion of reserves last year and the yuan still fell about 6.5 percent against the surging dollar, its biggest annual drop since 1994.

The yuan has gained nearly 5 percent so far this year.

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« Reply #148 on: November 02, 2017, 06:44:39 AM »