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  • November 21, 2014
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  1. Fitch downgrades outlook for local-currency default rating

    Posted Apr 14th 2011, 12:00am

    ... Jane Cai in Beijing Fitch Ratings has downgraded the mainland's local-currency issuer rating on concerns of elevated real-estate valuations and inflation. The outlook for China's long-term local-currency issuer default rating has been revised from 'stable' to 'negative', Fitch said yesterday. 'The negative outlook reflects concerns over the scale ...

  2. Staff jailed for using bank's US$30m in currency scam

    Posted Nov 26th 2004, 12:00am by Staff Reporter

    ... were jailed for five years, while a sixth received a suspended sentence. It is not known how much money the bank lost as a result of the currency speculation. The Haidian District Procuratorate ... it to yuan. The group then used the yuan to buy dollars on the black market and deposited the American currency into Hu's bank account. Hu was a bank client, a close friend of bank staff and also ...

  3. Yuan holdings start to take off

    Posted Mar 19th 2012, 12:00am

    ... in yuan-denominated assets. The Chinese currency is convertible on current accounts but not on capital accounts, although Beijing has keenly promoted the internationalisation of the yuan since its landmark revaluation in July 2005. One of the keys to making yuan more acceptable worldwide is increasing use of the currency to finance trade, and this has prompted more global central banks to consider ...

  4. BOCHK tips 1m users for dual-pay credit cards

    Posted May 20th 2011, 12:00am

    ... Lulu Chen lulu.chen@scmp.com Bank of China (Hong Kong) said it had opened 725,000 dual-currency credit card accounts by March since launching the service in December 2008. The bank also launched the first dual-currency commercial card with China UnionPay yesterday, targeting Hong Kong corporate customers who frequently travel to the mainland for business. 'Given the closer ...

  5. Beware of short changing

    Posted Dec 05th 2011, 12:00am

    ... Nicky Burridge When planning a trip abroad, it is easy to leave your foreign currency purchases to the last minute. And while it might be tempting to just go to your bank or change money at the airport, there are significant savings to be made by shopping around. We compared the rates offered on four major currencies by eight providers, ranging from banks to independent money changers, ...

  6. PBOC considers forex reserves for banks

    Posted Oct 19th 2007, 12:00am by Staff Reporter

    ... Al Guo in Beijing The mainland's central bank may introduce a new policy requiring commercial banks to keep some foreign currency in their accounts to slow the rise ... source as saying that the central bank was likely to reinforce the measure by requiring all commercial banks to maintain a minimum amount of foreign currency. Those who fell short of the required ...

  7. Beijing suffers attack of nerves over its holdings of US dollars

    Posted Jul 21st 2011, 12:00am

    ... of foreign currency reserves. Yesterday Safe, as it's usually known, called on the US government to 'respect and protect the interests of investors'. Of course, the investor Safe's officials have in mind is Safe itself. No one knows exactly how much of Safe's US$3.2 trillion stash of foreign currency is denominated in US dollars. But if China's holdings ...

  8. Ask our experts

    Posted Sep 19th 2011, 12:00am

    ... reflecting the fiscally conservative condition of the economy. The currency's recent appreciation, versus the euro and the dollar, to record levels has threatened to structurally damage ... franc at around 1.20 against the euro. This devaluation announcement killed the historic notion of the Swiss franc as a safe haven, and the currency is now effectively the euro in disguise. ...

  9. Note issue smacks of a commercial gimmick

    Posted Sep 09th 2009, 12:00am by Staff Reporter

    ... A currency is the lifeblood of an economy. Its issuance and circulation are serious matters, not to be tinkered with for frivolous or commercial purposes. The HK$150 commemorative banknotes to be issued by Standard Chartered Bank mainly serve the purpose of celebrating its 150th anniversary. The occasion is, no doubt, a big one for the bank, but not for the majority of Hong ...

  10. B.E.A. profit climbs 28.9pc in first half

    Posted Aug 05th 2011, 12:00am

    ... Lulu Chen lulu.chen@scmp.com Bank of East Asia's first-half profit jumped 28.9 per cent on the back of strong mainland-related business, but analysts said they would be monitoring the bank's capital levels in the second half. Hong Kong's th ...




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