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  • September 19, 2014
  • Last updated: 1:22pm
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  1. Business - Comment - MONITOR

    China's fury at Bank of Japan 'blackmail' makes zero sense

    Posted Apr 08th 2013, 12:00am by Tom Holland

    ... Tom Holland Outrage over Japan's efforts to kick-start its moribund economy gives lie to Beijing's insistence that it doesn't undervalue its own currency China's fury at Bank of Japan 'blackmail' makes zero sense China's ...

  2. Business - Comment - MONITOR

    A nice idea Mr Yam, but it will be a long time before it can fly

    Posted Feb 19th 2014, 01:27am by Tom Holland

    ... Tom Holland Ex-Monetary Authority chief's call for an end to PBOC's use of reserve requirements is unworkable as long as China maintains capital controls A nice idea Mr Yam, ... commercial banks to set aside 20 per cent of deposits at the PBOC as required reserves is not only inefficient, argued Yam, it "is in effect a tax on the banking system" which has ...

  3. Business - Comment - MONITOR

    Chinese bank valuations imply a bad loan ratio of 13 per cent

    Posted Jan 22nd 2014, 12:44am by Tom Holland

    ... of supply and demand, along with the central bank's open market operations, will play a large role in setting short-term rates on a daily basis. But it looks as if the PBOC will seek to dampen ... cent. The ceiling will be the rate at which it lends to cash-strapped banks from its new Standing Lending Facility. The PBOC doesn't disclose this interest rate. But considering ...

  4. Business - Comment - MONITOR

    Beijing's financial reforms will push up interest rates

    Posted Jan 16th 2014, 11:41pm by Tom Holland

    ... negating recent moves towards more market-determined interest rates. At some point over the coming months, however, the PBOC wants to scrap the ceilings it sets on deposit rates, dismantling its ... currently at 4.3 per cent, that implies the removal of the PBOC's ceiling on deposit rates could see China's interest rates climb by about three percentage points. That will cause ...

  5. Business - Economy - MONITOR

    The yuan is falling, but only because Beijing wants it to

    Posted Mar 03rd 2014, 02:59am by Tom Holland

    ... at the end of last year the entire stock of yuan-denominated deposits in Hong Kong's offshore market only came to 860 billion yuan. Handling such big flows causes problems for the PBOC. It can ...

  6. Business - Comment - MONITOR

    Conspiracy theories abound about China's gold purchases

    Posted Feb 11th 2014, 01:51am by Tom Holland

    ... held by the PBOC- would require 110,000 tonnes of gold, or around two-thirds of all the metal that has ever been mined. And in all probability the 5,000 tonne figure is a gross overestimate ...

  7. Business - Banking & Finance - MONITOR

    Beijing's latest rate reform makes no difference at all

    Posted Jul 22nd 2013, 12:00am by Tom Holland

    ... gaily in the paddock. For one-year loans, the floor had been set at 4.2 per cent- a sizable discount to the PBOC's benchmark rate of 6 per cent. But scrapping this minimum will not reduce ...

  8. Business - Comment - MONITOR

    Don't dismiss Mitt Romney's manipulator pledge too lightly

    Posted Nov 02nd 2012, 12:00am by Tom Holland

    ... level since 1994. What's more, there is little evidence that the People's Bank of China has been leaning against the market by intervening to slow the currency's rise. If the PBOC ...



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