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Banking

Chinese Accountants: No Cause for Panic?

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By David Cao
David Cao
13 December 2010
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The news that Hong Kong’s stock exchange will start allowing locally listed Chinese companies to start using Chinese accounting standards and mainland auditors might raise a few eyebrows.

Those not in favor of the decision cited concerns that bringing mainland audit firms to Hong Kong could
erode investors’ confidence in the quality of Hong Kong’s capital markets and that the new regime will reduce the regulatory power of Hong Kong watchdogs.

Read more: Chinese Accountants: No Cause for Panic?

China Raises Reserve Requirements in Latest Cooling Effort

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By David Cao
David Cao
10 December 2010
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China raised banks' reserve requirements for the third time in a month Friday, taking another step to the cool its economy after new data showed a sharp increase in exports and a continued pickup in the property market.

The move by the central bank to raise the reserve-requirement ratio by half a percentage point will reduce the amount of money China's banks have available to lend, though it will likely have a less dramatic impact than the interest-rate hike that some economists had expected.

On Saturday, China's statistics agency is due to publish data that economists expect will show accelerating consumer price inflation, reinforcing the case for tighter policy. China also remains under pressure from other nations to allow its currency to appreciate more quickly.

Read more: China Raises Reserve Requirements in Latest Cooling Effort

China's Current-Account Surplus Soars

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By David Cao
David Cao
29 November 2010
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China's current-account surplus in the third quarter more than doubled from a year earlier, its foreign-exchange regulator said Thursday, indicating the country still faces challenges in rebalancing the economy away from a reliance on external demand.

The current-account surplus—the broadest measure of China's trade balance with the outside world—was $102.3 billion in the third quarter, the State Administration of Foreign Exchange said in a statement.

In the second quarter the surplus was $72.9 billion, up 35% from a year earlier, which was a sharp rebound from the first quarter, when it fell 32% from a year earlier.

Read more: China's Current-Account Surplus Soars

China Lifts Bank-Reserve Rules

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By David Cao
David Cao
21 November 2010
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China again tried to drain cash from its banking system, increasing banks' reserve requirements for a second time in as many weeks in its intensifying push to rein in inflation.

The Friday move by the central bank, the fifth this year, follows a Wednesday announcement by the State Council, the executive arm of China's government, of several measures—including price controls if necessary—aimed at containing food and commodity prices. It also comes on the heels of a rise in the so-called reserve-requirement ratio just last week, on Nov. 10, and last month's hike in benchmark interest rates, which was the first in nearly three years.

The move comes as the U.S. shows increasing impatience with China's economic policies; U.S. Federal Reserve Chairman Ben Bernanke on Friday argued that China and other emerging markets threaten the global recovery by keeping their currencies weak and allowing their economies to overheat.

Read more: China Lifts Bank-Reserve Rules

CCB chief calls on central banks to add RMB to their reserves

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By David Cao
David Cao
18 November 2010
Hits: 1800

Guo Shuqing

China's yuan should be "immediately" included in the special drawing rights (SDR) basket of the International Monetary Fund (IMF), a top Chinese banker said on Tuesday, adding that the greater status of the yuan will help stabilize the global financial system.

"The IMF should put the yuan in the SDR basket immediately," said Guo Shuqing, chairman of China Construction Bank, the world's second-largest lender by market value, and former head of the country's foreign exchange regulator.

Guo said that overseas central banks, including those in the European Union, Japan and the United States, should hold a certain amount of yuan as currency reserves through agreement with China.

Read more: CCB chief calls on central banks to add RMB to their reserves

More Articles …

  1. Moody’s Upgrades China’s Debt Citing “Resilient Performance”
  2. ICBC Asia Holders Approve Privatization
  3. Beijing Tug of War Guides Yuan's Path
  4. China Central Bank Still Worried About Inflation
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Page 15 of 28

Business China

  • China Space Pioneer apologizes after test rocket crashes
  • China's rail freight volume hits record high in April 2022
  • China domestic travel bounces back to health
  • CES Asia 2020 canceled amid COVID-19 concerns
  • Danke Announces Updates to its Board and Senior Management

Real Estate

  • 21 Chinese cities tighten Real Estate Policy
  • LANZHOU NEW AREA new ghost town in China
  • Chinese invest $110 billion in US real estate
  • China's listed real estate companies post $461b of inventories for 2015
  • Beijing eases restrictions on foreigners buying apartments

Society

  • China Police issues Wanted Poster for 3 suspects affiliated with the U.S. National Security Agency (NSA)
  • China's new efforts for birth rates: Subsidies, services, social shifts
  • China will remove hukou-based marriage registration restrictions nationwide
  • Digital cat promotes eco-friendly items Sichuan China
  • China’s DeepSeek Overshadow an AI Summit in Paris

Manufacturing

  • 2025 Huawei launches latest foldable phone with unusual design
  • Chery Revives the Legend: Electric QQ Aims to Reclaim Glory in the EV Era
  • Cargo drone TP1000 undergoes debut test in Qingdao
  • Xiaomi YU7 SUV Test Car 258 exposed on Weibo
  • EngineAI's Robot Step Into New Era

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