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Beijing Impact

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Ping An Tops CEIBS List Of China’s Private Sector Companies

Pingan

Ping An Insurance topped a list of China’s top 100 private-sector companies for 2009 released today by China Europe International Business School (CEIBS).

The report aims to give a glimpse into the performance of non-state-owned companies after the financial crisis and the increasing involvement of private companies in international capital markets.

Also in the top five in the ranking, in order, were retail chain Suning Appliance, appliance maker GD Midea, retail chain Gome Electrical Appliances and China Minsheng Bank. Numbers six and seven were electric car maker BYD – which is about 10% by Warren Buffett’s Berkshire Hathaway, and Fosun International – which invests in U.S.-listed companies such as Focus Media, Chindex International and Tangjitang Chinese Medicines.

 

McDonald Serves Up Renminbi

McDonald China

As a worldwide symbol of globalization, it seems a fitting choice by China’s policy makers to select McDonald’s for its first bond sale.

McDonald’s announced on Thursday that it would be the first foreign, non-financial company to sell yuan-denominated bonds.

The Oak Brook, Illinois-based company will raise 200 million yuan ($29 million) with three-year bonds offering 3% interest.

Although the deal is far from a ‘Super Size’ transaction, it does mark another step in China’s efforts to relax its currency controls and perhaps eventually allow the yuan, or renminbi as it’s often called, to become freely convertible.

 

China pledges to crack down on hot money inflows

China's foreign exchange regulator Wednesday pledged to continue efforts to manage illegal capital inflows in the second half of the year.

In a statement on its website, the State Administration of Foreign Exchange (SAFE) said it had investigated up to 3.5 million cases of international trade transactions, involving a total of $440 billion, during its hot money monitoring campaign, which began in February.

 

 

China aims to make yuan convertible: Official

The ultimate goal of China's exchange rate reform is to make the yuan a fully convertible currency, Yi Gang, head of the State Administration of Foreign Exchange (SAFE), said Friday. Yi, also deputy governor of the People's Bank of China, the central bank, made the remarks in an interview with Caixin media's China Reform magazine, which is posted on the SAFE website.

"There is no official timetable for a convertible yuan," he said in the interview with the magazine's executive editor Hu Shuli.

The Chinese currency, or the RMB, still shoulders the pressure of appreciation albeit the pressure has eased, as the value of the currency drew close to the equilibrium level after adjustments in the past decade, Yi said.

 

Chinese Official: Currency reform 'our own affair'

China will not bow to pressure from the outside world on revaluing the Renminbi and any changes in the nation's foreign exchange will be made on China's own terms, Chinese officials heading to the G20 summit in Toronto said at a press briefing.

The remarks come on the heels of US senators sending proposals to the Obama administration last Thursday calling for fresh pressure on China to allow more flexibility of its currency and a large-scale appreciation, despite the Chinese government's announcement on its foreign exchange reform last weekend.

 
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