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  • September 2, 2014
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  1. News - World - CURRENCY

    Ecuador set to be first country to issue its own digital currency

    Posted Aug 29th 2014, 11:14pm by AP

    ... it may be a first step towards abandoning the country's existing currency, the US dollar- which the government cannot control. The virtual currency, which central bank officials say ... currency created would depend on demand. Deputy bank director Gustavo Solorzano said the currency was to exist in tandem with the greenback and, by law, be backed by "liquid assets". ...

    http://www.scmp.com/news/world/article/1581896/ecuador-set-be-first-country-issue-its-own-digital-currency
  2. Business - Banking & Finance - CURRENCY

    A rate too fast

    Posted Jul 04th 2013, 12:00am by Reuters

    ... flexibility to vary deposit rates. One reason that freeing up interest rates could lead to instability is that such a move would unleash fierce competition between banks for customer deposits. Markus ... as a higher-yielding alternative to traditional bank deposits, has already increased banks' liquidity risk. Wealth product funds are less "sticky" than old-fashioned deposits because investors ...

    http://www.scmp.com/business/banking-finance/article/1274917/rate-too-fast
  3. News - World - CURRENCY

    World's first bitcoin ATM opens in Vancouver coffee shop

    Posted Oct 30th 2013, 09:08pm by AFP

    ... ATMs as a business opportunity. "Nobody had an ATM, everyone was buying and selling on websites," said Demeter. Customers use a private key- like a bank PIN- to access their online account of bitcoins on the ATM. They withdraw cash equivalents for their bitcoins, or deposit cash bills, which are then converted into bitcoins and deposited into a virtual account. ...

    http://www.scmp.com/news/world/article/1343829/worlds-first-bitcoin-atm-opens-vancouver-coffee-shop
  4. Business - Banking & Finance - CURRENCY

    China doubles yuan trading range against the US dollar to 2 per cent

    Posted Mar 16th 2014, 05:01am by Victoria Ruan

    ... Victoria Ruan in Beijing victoria.ruan@scmp.com Currency will be allowed to move 2pc up or down in further liberalisation move Beijing doubles yuan trade band China's central bank has decided to double the daily trading band for the yuan against the US dollar from tomorrow, marking a step forward in giving the currency more flexibility. The People's Bank of China ...

    http://www.scmp.com/business/banking-finance/article/1449679/china-doubles-yuan-trading-range-against-us-dollar-2-cent
  5. Business - Money - CURRENCY

    Yuan investments

    Posted Oct 29th 2012, 12:00am by Jasper Moiseiwitsch

    ... investment product of the day is bank certificates of deposit (CDs), for which yuan rates beat Hong Kong dollar rates by a wide margin. HSBC pays 3.05 per cent for a 12-month yuan CD, versus 1.4 per ... Hong Kong banks saw a huge boom in yuan deposits following key liberalisations in 2010, but initially did not know what to do with the money. Companies did not want yuan loans, so banks could ...

    http://www.scmp.com/business/money/article/1070452/yuan-investments
  6. Business - Banking & Finance - CURRENCY

    Yuan tumbles to 11-month low, with fears it could fall further still

    Posted Mar 19th 2014, 11:52pm by Jeanny Yu

    ... against the greenback, but market players fear the correction is not over yet. In three days of trading since the central bank doubled the trading band for onshore yuan, the currency has fallen ... and offshore yuan stood at 6.1870. The market, including both foreign exchange and equity investors, reacted strongly to the yuan's fall yesterday, fearing the People's Bank of China is being ...

    http://www.scmp.com/business/banking-finance/article/1452745/yuan-tumbles-11-month-low-fears-it-could-fall-further-still
  7. News - World - CURRENCY

    Mt Gox finds 200,000 ‘forgotten’ bitcoins after bankruptcy filing

    Posted Mar 21st 2014, 10:46pm by Reuters

    ... it had. In its bankruptcy filing, Mt Gox also said US$28 million was "missing" from its Japanese bank accounts. On Thursday, a judge in Chicago overseeing a class action against Mt Gox ...

    http://www.scmp.com/news/world/article/1454300/mt-gox-finds-200000-forgotten-bitcoins-after-bankruptcy-filing
  8. News - Hong Kong - CURRENCY

    Bitcoin value makes it worthwhile target for hackers

    Posted Mar 06th 2014, 06:43pm by DANNY LEE

    ... to a software security company. While the virtual currency reels from a US$600,000 heist that forced Canada-based Flexcoin bank to close down this week, Goh Su Gim, from Finnish-based security software ... by manipulating transactions. This week, the theft of 896 bitcoins by hackers forced Flexcoin, a Canadian bank specialising in bitcoin, to collapse. "A lot of the recent attacks on trading platforms ...

    http://www.scmp.com/news/hong-kong/article/1441960/bitcoin-value-makes-it-worthwhile-target-hackers
  9. Business - Banking & Finance - CURRENCY

    Slowing down the yuan

    Posted May 17th 2013, 12:00am by BLOOM

    ... in order to transfer cash from abroad. Lenders on the mainland need to buy about US$57 billion to comply with new loan-to-deposit ratios for overseas currencies, Bank of America said. David ... required Chinese lenders to limit foreign-currency loans to 75 per cent of deposits by the end of June. Banks were sent into "knee-jerk" purchases of dollars for preparation to fulfil ...

    http://www.scmp.com/business/banking-finance/article/1239264/slowing-down-yuan
  10. News - Hong Kong - CURRENCY

    Vendors 'can't be forced to take HK$1,000 notes' says Monetary Authority

    Posted Jan 22nd 2014, 05:43pm by SAMUEL CHAN

    ... HK$1,000 notes issued by the Bank of China and HSBC surfaced last month. Many shops and restaurants have since put up notices saying that no HK$1,000 notes would be accepted, often regardless ... that the authority and banks will speed up the process of replacing the 2003 series of HK$1,000 notes, which began when the 2010 series of banknotes was introduced. But it adds that actual progress ...

    http://www.scmp.com/news/hong-kong/article/1411126/vendors-cant-be-forced-take-hk1000-notes-hkma-says

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