China News Direct

 
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Banks in China Sold More Forex in Nov. the First Time
(Dec 29, 2011) For the first time banks in China have sold more foreign currencies for customers than they have bought, reflecting an outflow of foreign capital which may be repeated in December. In November 2011, commercial banks in China settled US$128.9 billion of foreign currencies for customers and sold US$129.7 billion for ...
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China's Funds for Forex Declined for Two Months
(Dec 20, 2011) The balance of funds outstanding for foreign exchange in China declined by RMB27.9 billion from the end of October to RMB2.55 trillion at the end of November, showing an outflowing situation two months in a row. The market inclines to think the anticipation for a depreciation of the yuan has ...
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Market Expects Bigger Loan Growth for China in 2012
(Dec 20, 2011) New lending and M2 money supply are expected to grow slightly bigger next year in China which needs liquidity to keep the economy from faltering. The market expects a bigger scale of lending at about RMB7.5-8.5 trillion in 2012 in order to keep the economy running at a stable pace. ...
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Loan Growth Slowed to 15.6% in China Ended Nov '11
(Dec 15, 2011) Interbank rates trended down in China this November when M2 money supply increased by 12.7% and M1 money supply grew 7.8% year-on-year, however, on a month-on-month comparison, money growth had slowed down. At the end of November 2011, China had a balance of M2 money supply of RMB82.55 trillion, an ...
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Industrial Bank Forecasts Required Reserve Ratio Cut by Jan '12
(Dec 14, 2011) Industrial Bank forecasts a 0.5-1.0 percentage point decrease in required reserve ratio in China before the Lunar New Year in late January 2012 on society's strong demand for year-end cash. The extremely low volume of funds matured on the open market in this year-end and the exceptionally low amount of ...
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Beijing Active in Cross-border RMB Settlement
(Dec 14, 2011) Beijing had cumulatively settled over RMB500 billion of cross-border RMB transactions ended November 2011 thanks to increased circulation of RMB in the world. Beijing city had settled 11,840 cases of cross-border RMB settlements worth a total of RMB506.19 billion. Despite fewer settlements of cross-border RMB transactions in November, the settlement ...
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Central Officials' Spending Checked Through Credit Cards
(Dec 13, 2011) Spending by central Chinese government officials on official reception, traveling, property management and even public utilities will be revealed next year when 16 spending items are required to be settled through official credit cards, a move made by the central government to improve financial management and track spending of government ...
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China's Small Loan Market Opens to Foreign Banks
(Dec 12, 2011) Foreign-invested banks will be able to grab a piece of the micro and small business loan market in China starting this week and Bank of East China (China) and Standard Chartered Bank (China) are the forerunners. The micro and small business loan market, which was once closed to foreign banks, ...
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Shandong Has Cleared RMB200Bn Cross-Border Settlement
(Dec 09, 2011) Commercial banks in Shandong province cleared cross-border trade of RMB200 billion for 1,500 companies from January to November this year, perfecting a cross-border RMB clearance industry which involves more companies and countries now. From January to November 2011, the 433 bank branches of 34 banks in Shandong handled RMB207.39 billion ...
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Bank of East Asia (China) the First to Issues RMB IC Cards
(Dec 09, 2011) In Shanghai, Bank of East Asia (China) issued new RMB IC credit cards today, becoming the first foreign-invested bank to do so. The IC cards are commemorative cards issued jointly with China UnionPay. The cards are embedded with one of the most advanced PBOC 2.0 chips and are dual-use credit ...
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